You know that when you take out a federal student loan, your going to have to repay the loan at some point. But, did you know that you don’t have to start paying your loans right away? There is a waiting period after graduation and before payment begins. It’s known as the grace period. Repayment will start after your grace period is over. But there can be a different grace period for different loans.
You may have heard radio ads or seen television commercials touting consolidation of student loans as a solution for everyone’s student loan problems. Consolidation is similar to refinancing and it may be a good strategy to get lower monthly payments or to get out of default. But it’s not always a good idea to consolidate your student loans.
You or your parents may be attempted to take out a private student loan. Unfortunately, many borrowers will take out a private student loan without first exhausting their federal student loan options.
You may have both federal and private student loans and it’s crucial that you know the difference. It’s often confusing to tell the difference between the loans because the same lenders are often involved. Schools will sometimes put their names on the loan, and you may be getting bills and correspondence from people you have never heard of about your student loan.
Today the Student Loan Law Resolution Center is featured on the front page of the Tampa Tribune!
You can read the article here: http://www.tbo.com/news/education/usf-grad-says-in-suit-he-didnt-deserve-student-loans-20160328/
As with any of our clients, we hope for a successful outcome for their situation.
Student loan refinancing is all over the news these days. You may have borrowed federal and private student loans and found that while you can handle the federal student loans, you’ll have tough time with private student loans. Unfortunately, there is no way to refinance federal student loans within the federal student loan system.
There are some unique private student loan refinancing options these days which might provide both immediate and long-term solutions for private student loan borrowers.
Did you know that for profit schools enroll nearly 1 in 5 college students in Florida. That’s close to 30,000 students. Yet, as a student loan lawyer, I know that for profit schools take advantage of students.
The Department of Education (ED) has created a new income-driven repayment plan request for the Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), Income-Based (IBR) and Income-Contingent (ICR) repayment plans under the William D. Ford Federal Direct Loan (Direct Loan) and Federal Family Education Loan (FFEL) program.
A brand new payment option for student loan borrowers went into effect in December 2016. It does not replace or eliminate other plans like ICR, IBR, Payee or Public Service Loan Forgiveness.
While it has been suggested that REPAYE can reduce payment terms by as much as 33% from current income based plans, the capitalization of interest can make this new payment option hard to swallow and not reduce payments! REPAYE may not be right for you and before you rush into this program you should understand the pros and cons.
There are a number of income based repayment plans that allow for affordable student loan payments and ultimately forgiveness of the student loan debt.
One program is the PAYE Program!