Tag Archives: StudentLoans

The Struggle to Repay Student Loans

U.S. News & World Report recently posted an article on people who are struggling to pay back student loans; when faced with defaulting on loans and potentially getting hit with wage garnishment and other harsh debt collection measures, they’re turning in desperation to unscrupulous debt relief companies. Many of those companies charge money for services that can be obtained for free from the US government.B People already in debt find themselves losing even more money and receiving misleading advice on debt consolidation or repayment, all because of the desperation felt when struggling with loans that seem too huge to pay off. You don’t need to turn to shady debt relief companies for help. If you’re struggling with student loan debt, there are different options for repaying loans. The possibilities include legitimate repayment plans and debt consolidation options. Another option is to apply to have the loan deferred. Unemployment, military or…
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Student Loan Consolidation – Part 2

Today we continue our series on Student Loans, written by Sader Law Firm attorney Megan Dennis. PART 2: LOAN CONSOLIDATION When a person first finishes school, one of the main topics of conversation amongst their peers will be the much dreaded student loan repayment. Some people will brag about the low interest rate they locked in by consolidating their student loans. Others will indicate that they opted to keep their loans “as is” and make the payments separately. So what exactly is consolidation? It is combining some or all of your student loans into one new loan. Only certain student loans are eligible for consolidation. Private student loans are not eligible for consolidation. For a complete list on what loans are eligible for consolidation, please visit the U.S. Department of Education’s website. The pros of consolidation: It can lower monthly payments and can lock in a fixed interest rate. The…
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Part 1 – Repayment of Student Loans

Today we begin our series on Student Loans, written by Sader Law Firm attorney Megan Dennis. PART 1: REPAYMENT You have a choice as to what repayment plan to enter for your student loans. While most people choose a plan when their student loan repayment commences, you can change the plan at any time. Your student loan servicer will have the most information as to what plans are available to you and can give you the information on how to make a change to your payment plan. So how do you know which repayment plan to pick? There are lots of factors to consider, including the length of the repayment, what types of loans you are repaying, what the monthly payment amount is, and the amount of interest you will pay over the life of the loan. The most common types of repayment plans are as follows: Standard Repayment: Available…
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