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Student Debt Relief

Student Debt refers to loans taken out to pay your education costs such as tuition, books and housing etc. Student Loans are wonderful, making it possible for to afford the high costs of higher education. Those who otherwise could not afford to, can attend classes and achieve higher career goals. Once the student graduates if he or she can land a job in his/her area of study, great! Let the repayment begin! Unfortunately, not everyone graduates and even if they do, great paying jobs are not always available. Those who struggle to get to the level of income required to repay the notes desperately need Student Loan debt relief.

If you are considering bankruptcy to free you of the high Student Loan debt, think carefully. Before you jump into this course, you need to know Student debt is not automatically discharged by a bankruptcy trustee. Student debt may be cancelled, forgiven or discharged by the Student Loan lender upon approval of your submitted application for loan forgiveness, but that is only under certain circumstances.

If you are considering bankruptcy to free you of the high Student Loan debt, think carefully. Before you jump into this course, you need to know Student debt is not automatically discharged by a bankruptcy trustee. Student debt may be cancelled, forgiven or discharged by the Student Loan lender upon approval of your submitted application for loan forgiveness, but that is only under certain circumstances.

Student Loan forgiveness, also referred to as student debt relief, may be more widely available than you thought. There are several factors that qualify former students for the Student Loan forgiveness program. Did your learning institution close before you could get your degree? Were you falsely certified by your high school or due to identity theft? Do you have a debilitating disability? These are only a few of the related potential qualifiers for Student Loan forgiveness. You can apply for these yourself, but each cause has many disqualifiers. It could be a good idea to discuss your whole situation with an experienced debt counselor to find out which of your life circumstances best affects your options in the Student Loan forgiveness programs.

Understanding the details of repayment is how student debt relief counselors can save you time and money. Experienced student debt relief counselors know the student debt repayment options. There are various student debt relief options such as an extended repayment period, which drops the monthly payments, as well as income-based payments, deferments, or consolidation.

  • Extended Student Loan term: the term of your Student Loan is the amount of time set for you to pay off your entire loan. By increasing the number of months in which you repay your loan and by re-amortizing your Student Loan, your lender can reduce the amount of your monthly payments. This does not change your Student Loan interest rate, but it can make each of the monthly payments more affordable.
  • Income based payments: Income driven repayment plan sets your monthly Student Loan repayment at an affordable amount based on your current income and family size. There are four different types of income-based Student Loan repayment plans:
    • Revised pay as you earn (REPAYE plan)
    • Pay as you earn (PAYE plan)
    • Income-based (IBR Plan)
    • Income-Contingent (ICR Plan)

     To qualify for any of the income-based Student Loan repayment plans, you will need to complete an application and it must be verified and approved.

  • Student Loan Deferment/forbearance: If you are offered a Student Loandeferment or forbearance, your lender is authorizing you to skip your normal Student Loan payments for a specified period of time, usually 6 months. Depending on your situation and how well documented your qualifying financial hardship is, you may not be liable for the interest accrued during this period. This option, is meant to grant you enough time to get back on your feet so you can resume payments. If the financial hardship is ongoing, it may help you to speak to a counselor to figure out which option is better for you.
  • Consolidation: Refinancing all your Student Loans to combine them into one loan with one monthly payment is called Student Loan debt consolidation. Combining into one Student Loan spread out over a long period can resolve your high monthly Student Loan payments. The nice thing about this option is that it can reduce your monthly payments into a more reasonable single monthly payment. The bad thing about this option is that the interest rate and length of time to repay your note may go up. If you choose this option, make sure you pay attention to the new loan terms to keep the cost of your education from being higher than it already is.

Those are the basic types of student debt relief, but each has qualification and eligibility requirements. Our student debt relief counselors have the experience we can offer you to figure out which option will benefit you best. Debt Relief Zone network offers tools and resources to help you on your path to freedom from your student and other debts. Call, chat or click on our form to find out today which is your path to freedom!

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Disclaimer DebtReliefZone.com is a privately operated consumer advocate service that offers consumers valuable news, and resources, as well as access to personal debt professionals nationwide for debt related issues. DebtReliefZone.com is not a government agency or affiliated with any government agency or any government programs is not a counseling agency or service and is not a lender, bank or banker. 12373 Kinsman Rd., Newbury, Ohio 44065