Grads1st talks about the student loan repayment situation. The amount of student debt in the country is rampant. Twenty-five percent of all Americans have an education loan. The amount of outstanding debt totals over 1.3 trillion dollars and is rising. This beats debt from credit cards and in the country only trails mortgage debt.
If you're in default on your loans and you want to get them caught up on your own, you'll need to first apply over at the Department of Education, find out what are the programs for which you qualify, prepare all the documents with the right supplemental information. Only then, when your loans are all consolidated, will you be put into your repayment plan that you qualified for. Income and family size are what these are based off.
If you're not current on your loans and your wages are being actively garnished, we'll step in and call up the collection agency for you and immediately put an end to garnishments. We'll then work to find you a rehabilitation plan that you can afford that will get you back to current on your loans, then we'll get you onto a new repayment schedule that fits your situation. This will help rebuild and restore your credit and put an end to your wage garnishment.
We'll work hard to get you a rehabilitation plan - working right with the agency who handles collections - and get your loan status back to current. This new rehabilitation program is designed to end the garnishments of your wages and reverse the hit to your credit score.
We'll do all the heavy work to help you prepare and submit your consolidation application. We'll get you enrolled in the program that best fits you and saves you the most money in addition to making sure that all the supplemental info is included. We're not finished until you get a brand new payment plan and everything is approved.
There are several different repayment plans which are available to you. We'll find the best program that is available for you based on your loan type, family size, loan status and financial situation.
Your application will be assessed for eligibility for any of the forgiveness programs that may be available to you based on your unique circumstances.
A few of those programs are the Teacher Loan Forgiveness plan, the Total Permanent Disability Loan Forgiveness and the Public Service Loan Forgiveness.
Below are some of the options you may have depending on which repayment plans you qualify for.
One option will be having your payments capped at just ten percent of any discretionary income, with the maximum length being 240 months. If you have anything remaining at that time, it will be discharged.
Another option is that you'll pay a set amount every month for ten years until your balance is paid in full.
You could have your payments capped at a maximum of fifteen percent of discretionary funds for no longer than 300 months. Anything remaining after that will be discharged.
Another option for which you may qualify is having your payments start out small and then increase every couple of years. If you expect your income to grow, this may be for you.
Another one is where payments will be no more than twenty percent of your discretionary income for no more than 300 months. The rest will be discharged.
This last one is very clone to the graduated plan, but the term is increased to 300 months.
With Grads1st, you'll find out in as little as fifteen minutes which programs that you are qualified for. Check us out today!
