Bruce Mesnekoff’s View about Hillary Clinton recently released a student loan forgiveness plan

1. Hey Bruce Mesnekoff, Can we talk and know your view about Hillary Clinton’s Student Loan forgiveness plan, What do you think about you, How it will reform our industry? How our students get benefits from it. As per our discuss on Phone call to Student Loan Help Center, CEO, Mr. Bruce Mesneoff Said Refinancing Of Loan must be part of any discussion about student loans. Interest on loans is a particularly huge concern. For many people, refinancing is all about finding a lower interest rate. A lower interest rate often means that you will pay out less money in the long-run. However, in order for one to get a lower interest rate through refinancing with a private company, it often means giving up some government benefits like certain forbearance options, income-based repayment options, and loan forgiveness programs Current Industry and Loan conditions are not good, but yes whatever Hillary suggests Its good so far because student loan debt is fast becoming the next financial crisis in the United States and will likely receive some attention at the Democratic National Convention that kicks off in Philadelphia this week. There are over 43 million Americans living with student loan debt who owe a total of roughly $1.26 trillion. For the class of 2016, the average graduate left school loaded with $37,172 of student loan debt. It has reached a point where students and parents have accepted the fact that wrapped up in that college diploma is a financially suffocating amount of student debt. Upon graduation, the average monthly student loan payment totals around $350 monthly or $4,200 annually. Compare these numbers to the average new graduate salary of around $50,000 and one may be inclined to write this off as a nagging, albeit manageable, burden. For instance, engineers and computer science majors will likely earn more than $50,000 a year. However, education and humanities majors often average closer to $35,000 a year. A $4,200 annual bill on a $35,000 income over 30 years can completely stifle a young professional’s financial growth. Bruce Mesnekoff’s Friend and Partner Jeff Hardy said I work with a lot of Doctors, teachers and dentists who could potentially qualify for the Public Service Loan Forgiveness Program that could forgive student loans tax-free after or up to 120 qualifying payments. However, once they refinance, they lose the ability to qualify for the program.” By refinancing, you could also lose the option to have the debt forgiven upon your death. This would potentially transfer your student loan burden to your family. However, lowering your interest rates by refinancing can offer tremendous benefits. You could cut your monthly payments in half, knock off 20-30 years of payments, and reduce total out-of-pocket payments by tens of thousands of dollars just by reducing your interest rate by up to 3%. Before you refinance or apply to forgiveness plan to get a lower rate, make sure you shop around a bit between companies. Rates and repayment options will vary, and you may not always qualify for the advertised interest rates. Bruce Mesnekoffpoints out that, “The initial allure is that private companies are offering low interest rates for refinancing student loans. But, the advertised rates often reflect the interest rates for 5 or 10- year repayment plans, not the longer 15 or 20-year or 25 years plans that most people can afford for monthly payments. These shorter plans offer lower interest rates but higher monthly payments, which can make it difficult to contribute to a retirement plan or save up to buy a house.” It is imperative that

2. you look at a variety of companies and assess whether you can afford the new monthly payment before deciding to refinance. Refinancing can even be a decent way to consolidate loans. rather than creating three or four completely different payments every month, you may consolidate them into one payment. With some student loan rates near 8 and 9 percent, refinancing seems like a no-brainer. If you can refinance from 9 percent to 5 or 4 percent, you can likely reduce your monthly payment and substantially reduce the number of years for repayment. However, make sure you shop around and understand the repayment terms and any benefits you might be giving up by refinancing federal loans with a private company. If you have a financial advisor, talk to them about your student loans. While the government might provide some additional relief in the future for student loans, you should still look around at the repayment and refinancing options available to you. There are ways to improve your student loan situation now, but always remember to weigh the benefits of refinancing against the risks before making a decision. Although student debt reform is getting a lot of attention, plans like Hillary Clinton’s contain some avenues for student debt relief, however it doesn't seem that refinancing alone are going to be enough to mend the issue. Basic changes can still be required at the collegial level to curb the staggering growth of student debt. Click to subscribe official YouTube Channel of Bruce Mesnekoff Follow us on Bruce Mesnekoff Twitter Like us on Facebook Official Bruce Mesnekoff