Did you know your Student Loan Rights are different than the rights you have with private loans? Whether or not you choose student loan consolidation, you should know your loan rights.
1. You have the right to counseling when it comes to your loans.
Student loans are serious. With the large amount of information that comes along with borrowing for school, the government wants to make sure you understand (completely!) what you are getting into as far as loan terms and conditions. With that being said, students who apply for and take out federal loans are required to complete entrance and exit counseling before they sign for their loan, as well as when they complete school and are ready to start making payments.
2. You have the right to contact the company servicing your loan.
The Department of Education contracts your loan servicers to handle billing and be there to answer all of your questions. The servicer sends out all kinds of paperwork explaining the terms of your loans. In fact, your Master Promissory Note includes all of your rights and responsibilities. But that doesn't mean you understand everything. That's one reason you have to take the entrance and exit counseling. Even so, you have the right to contact your servicer anytime to ask questions or clear up any confusion you may have during the duration of your loan. The same goes for getting student loan relief via a loan consolidation company.
3. You have the right to consolidate your student loans.
If you hold more than one federal loan, you can utilize consolidation programs to put all of your loans into one loan therefore having only one payment to make every month. Consolidation offers people a way to lower their payment and eliminate the hassle of paying multiple lenders.
4. You have the right to loan forgiveness if you are eligible.
Did you know that individuals teaching elementary or secondary school for 5 consecutive years in an institution serving low-income families are eligible for the Public Service Loan Forgiveness Program? So are certain types of volunteer work, public service, military service or medical practice.
5. You have the right to may payments based on what you earn.
When you have federal student loans, you have options for repayments plans. With the "pay as you earn" plan you are able to pay 10% of your income based on the size of your family and your total income. With the "income-based repayment plan" your payments are based on 15% of your discretionary income. With the "income contingent repayment plan" your payments are 20% of your monthly discretionary income if you are considered a low income earner. Under any of these plans, if the borrower hasn't paid their balance off by the end of their loan term (usually 20-25 years) their remaining balance is forgiven.
National Student Loan Relief helps individuals gain financial relief from their Federal Student Loans. Contact us at 1-800-680-8533 or go to http://www.nslrelief.com for more information.
Article Source: http://EzineArticles.com/?expert=Laura_J_Solomon
Article Source: http://EzineArticles.com/7835008
1. You have the right to counseling when it comes to your loans.
Student loans are serious. With the large amount of information that comes along with borrowing for school, the government wants to make sure you understand (completely!) what you are getting into as far as loan terms and conditions. With that being said, students who apply for and take out federal loans are required to complete entrance and exit counseling before they sign for their loan, as well as when they complete school and are ready to start making payments.
2. You have the right to contact the company servicing your loan.
The Department of Education contracts your loan servicers to handle billing and be there to answer all of your questions. The servicer sends out all kinds of paperwork explaining the terms of your loans. In fact, your Master Promissory Note includes all of your rights and responsibilities. But that doesn't mean you understand everything. That's one reason you have to take the entrance and exit counseling. Even so, you have the right to contact your servicer anytime to ask questions or clear up any confusion you may have during the duration of your loan. The same goes for getting student loan relief via a loan consolidation company.
3. You have the right to consolidate your student loans.
If you hold more than one federal loan, you can utilize consolidation programs to put all of your loans into one loan therefore having only one payment to make every month. Consolidation offers people a way to lower their payment and eliminate the hassle of paying multiple lenders.
4. You have the right to loan forgiveness if you are eligible.
Did you know that individuals teaching elementary or secondary school for 5 consecutive years in an institution serving low-income families are eligible for the Public Service Loan Forgiveness Program? So are certain types of volunteer work, public service, military service or medical practice.
5. You have the right to may payments based on what you earn.
When you have federal student loans, you have options for repayments plans. With the "pay as you earn" plan you are able to pay 10% of your income based on the size of your family and your total income. With the "income-based repayment plan" your payments are based on 15% of your discretionary income. With the "income contingent repayment plan" your payments are 20% of your monthly discretionary income if you are considered a low income earner. Under any of these plans, if the borrower hasn't paid their balance off by the end of their loan term (usually 20-25 years) their remaining balance is forgiven.
National Student Loan Relief helps individuals gain financial relief from their Federal Student Loans. Contact us at 1-800-680-8533 or go to http://www.nslrelief.com for more information.
Article Source: http://EzineArticles.com/?expert=Laura_J_Solomon
Article Source: http://EzineArticles.com/7835008
No comments:
Post a Comment