Student Loans in 2016- Step by Step Student Loan Relief Guide!

1. Create a plan to become debt-free! Get Your Monthly Payment Reduced - Call 866-376-9846 Top rated debt relief company Get free savings estimate & find out if you qualify now! LEARN MORE TRY DEBT CALCULATOR SUBMIT PRESS RELEASE Student Loans in 2016- Step by Step Student Loan Relief Guide! Posted on July 15, 2016 by Paul Paquin Student loan debt in 2016 can be conquered and students do have options. Balances can be settled or forgiven and student loan debt payments can easily be reduced. It doesn't take rocket science to destroy this debt plague, but it does take some simple instruction which Golden Financial Services will provide in the following post. Student Loan Debt exceeds the 1.2 trillion dollar mark as of July 15th, 2016. 11.6% of borrowers have fallen behind on their payments as of 2016. The average student loan debt monthly payment is over $200 per month. Now let's jump into the solutions! converted by Web2PDFConvert.com

2. Student Loan Debt Statistics for 2016 *** Info-Graphic Just to summarize this post: A.Federal student loan relief options include loan forgiveness, consolidation and repayment plans. Federal student loans cannot be settled for less than the full amount, like with private student loans, however loan forgiveness options are available for federal student loans. B.Private student loans are more complex. They cannot be consolidated, but they can be reduced and paid off through numerous routes. Lets Get Started: THE 2016, STUDENT LOAN DEBT GUIDE TO REDUCE & RESOLVE THESE DEVASTATING LOANS!! STEP ONE: Review, analyze and diagnose: A person must be able to distinguish which loans are federal and which are private. To do this Golden Financial Services recommends visiting; https://www.nslds.ed.gov/nslds/nslds_SA/, where a person can retrieve all of their federal loans with ease. By finding out which loans are federal, makes it easy to determine that the remaining undiagnosed loans are private. By simply pulling and reviewing a credit report, will illustrate any additional loans outside of the federal student loans retrieved at NSLDS.ED.Gov. Golden Financial Services can offer you a free credit report at 866-376-9846. STEP TWO: (for federal loans) Federal student loans can be consolidated or if they were already consolidated a student has the option to qualify for a repayment plan. Most students are confused with how to go about this process, but in reality it's easy. Simply visit: https://studentloans.gov From there; A. Login with the FSA id, or create one if you don't have one. B. Now click on the relevant option: converted by Web2PDFConvert.com

3. What Can I Do When I Log In? Complete a Consolidation Loan Application and Promissory Note This is the option that allows a person to consolidate their federal student loans into a new loan, getting one affordable monthly payment. Use the Repayment Estimator (get quote on all student loan relief plans) START HERE TO GET A FEEL FOR THINGS! "This tool uses your loan information from National Student Loan Data System (NSLDS) to estimate initial monthly payments, repayment plan eligibility, repayment plan cost comparison and total interest paid." Apply for an Income-Driven Repayment Plan Allows you to make affordable payments, based on your income. This electronic request can be used for the Pay As You Earn (PAYE) , Revised Pay As You Earn (REPAYE) , Income-Based Repayment (IBR) , or Income-Contingent Repayment (ICR) plans. Some of these options include hardship programs. Once a person enters their income and family size, based on these factors, amongst a few other factors, will determine the monthly payment. Income will be verified through either a person's pay stubs or tax return, so be accurate! Tip: Consolidating delinquent federal student loans will get all existing loans paid off in full and it will report on a person's credit that the loans have been paid in full within 60 days on average after the consolidation is completed. However, any derogatory information reported prior to the consolidation, will still report on a person's credit. The only way to get these marks off of a person's credit report would be to first do what's called a loan rehabilitation program, typically requiring 9 months of good payments on renegotiated terms. Learn about loan rehabilitation here. http://www.studentloanborrowerassistance.org/collections/federal-loans/getting-out-of-default- federal/rehabilitation/ Tip: The income based hardship programs must be re-certified each year. These are the most popular plans supplied by the government for anyone with a hardship. Example: If a person qualifies for the zero dollar per month payment, due to their low income and family size, their loan servicer will want to make sure the following year that their income did not go up, or if it did go up a person's payment would go up. Zero Dollar Per Month Federal Student Loan Consolidated Payment Approved ********** Example Letter: Zero dollar payment BIG Mistake to Watch Out For: Often, student's forget to resubmit their updated income the following year then getting kicked out of the converted by Web2PDFConvert.com

4. plan and their payment shoots back up. Consolidation loan servicer's will allow a person to setup email reminders to ensure this gets done. Ripoff Student Loan Relief Companies will charge consumers a fee up front, and fail to re-certify their clients program the following year, putting consumers deeper in debt! Tip: If a person is delinquent on their federal student loan payments, immediately request 90 days forbearance prior to consolidation or requesting a repayment plan. This will give a person sufficient time to consolidate their federal student loans without having to worry about getting sued or wages garnished. Forbearance is a way to buy time! STEP THREE: Loan Forgiveness Options: When a person consolidates their loans online here; https://studentloans.gov, the student loan quoter will outline their student loan debt repayment options. There are typically 6-7 programs available, ranging from the standard plan which usually provides a higher monthly payment, to the income based hardship and pay as you earn plans which offer the lowest payment. There are even graduated repayment options, which basically enable a person to start with a low payment, and their payment will increase over time, assuming that person is confident that their income will increase over time. A person could have over $50,000 of student loan debt, qualify for a zero dollar per month payment and then after 250 payments get their balance forgiven? Let's assume a person did qualify for the zero dollar per month payment and for the next 250 payments their income did not change, now it's time to get their remaining balance forgiven, so how much did they end up paying? Yeah, easy math, zero dollars! Here, (https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action), students can try this free and easy to use, student loan quoter provided by the StudentLoans.Gov, to see what type of loan forgiveness they may qualify for. Tip: If a person works in public service, this box must be checked, and they will be able to qualify for loan forgiveness after only 10 years, verses 250-300 payments (20-25 years). STEP FOUR:Private Student loans: Private student loans are much more complex to deal with. First, it is important to understand the complexity of private student loans which can be learned inside the following videos produced by Paul Paquin, CEO at Golden Financial Services. Part One: Understanding Private Student Loans - WATCH VIDEO video: Part Two: Understanding Private Student Loans - WATCH VIDEO video: STEP FIVE: Time to take action! Once a person understands the complex makeup of private student loan debt, next it's time to review their options and then determine the best plan of action. Visit this next page, to learn the next steps to resolving private student loan debt. https://nomorecreditcards.com/how-do-i-consolidate-my-private-student-loans-debt-help-guide/ Private student loan debt relief involves a complex type of debt and requires a separate post to continue on this student loan debt relief guide for 2016! Sources: https://studentloans.gov https://studentloanhero.com/student-loan-debt-statistics-2016/ Share article on socal media or email: converted by Web2PDFConvert.com

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