Category: Student Loans

income-contingent-loan-repayment-plan-attorney

How You Can Use Income Contingent Loan Repayment Plan To Pay Off Your Parent Plus Student Loan

Are you a parent who took out a Parent Capital Plus Loan to put your child through college?  Paying back that Parent Plus Loan can be tough and you can jeopardize your own retirement.

If your having trouble making payment, you might want to consider an income contigent Parent Plus Loan Repayment Plan.  To accomplish you will have to consolidate your loan into a direct consolidation loan by contacting your student loan servicer.

What Is My Payment If I Quality For An Income Contingent Parent Plus Repayment Program?

Income Contingent Repayment caps the payment of 20% of your borrower’s discretionary income.  Remember discretionary income is usually less then the gross amount of income and it’s a term of art in the student loan world?

What Are The Pro’s And Con’s?

The Income Contingent Repayment Plan will result in a lower monthly payment and will allow Parent Plus Loans to be discharged after 25 years.

However, the problem is that the accrued interest charges will increase over time.

You can determine whether an Income Contingent Parent Plus Loan Repayment plan is right for you by comparing how much the forgiveness is worth compared to the added costs.

What Should I Do?

Contact the Student Loan Law Resolution Center at (727) 828-9955 for a consultation.

U.S. Senators Student Loan Debt Legislation

Wouldn’t It Be Nice If Student Loans Could Be Refinanced Like A Mortgage?

Student loans are unlike any other type of loan that exists in the United States.  For example, if you purchase a house and take out a mortgage at a fixed rate, you can refinance your mortgage by paying off the old mortgage and getting a mortgage note at a lower interest rate or shorter period of time.  Unfortunately, you can’t do the same with student loans!

U.S. Senators Are Proposing Legislation To Give College Graduates The Ability To Refinance Student Loans

Members of the United States Congress, including United States Senator Kirtsen Gillibrand, have recognized that most college graduates are burdened by student loans and are struggling to repay the debt.

In fact, she noted that National student loan debt surpasses auto loan and credit card debt and that graduates are having a hard time paying off the loans.

Senator Gillibrand and Senator Warren have proposed legislation in the past to permit graduates to refinance their loans at a lower interest rate.  While the legislation hasn’t passed, we applaud their ongoing effort and urge the United States Congress to address this ongoing issue of crushing student loan debt!

How You Can Control Your Student Loan Debt

Research by the Pew Research Center revealed that Americans under 40 who graduated college without student loan debt have seven times the net worth, nearly $65,000.00 of those who have student loan debt at $8,700.00.  The study also shows that households with student debt are more likely to have car debt and credit card debt.  There are many ways of “getting rid” of your student loan debt over time, including placing your federal student loans in an income driven based repayment plan.

Call Student Loan attorney, Nancy L. Cavey who can prepare a road map for your financial future. Call today at 727-828-9955, for a complimentary consultation.

Student Loan Repayment Assistance Programs LRAP

Student Loan Repayment Assistance Programs LRAP And Your Ability To Participate In the Public Service Loan Forgiveness

Did you know that occasionally, loan assistance programs don’t allow you to participate in both public service loan forgiveness and income driven repayment plans? You should look at these options closely because many times public service loan forgiveness and income-driven plans don’t prevent you from participating in an institutional government or employer loan repayment assistance program.

Make sure that you contact the administrator of your loan repayment assistance program before you enroll in an income driven repayment plan or public service loan forgiveness program.

Whether you enroll into a repayment program or not, let us see what we can do for you in terms of your payments once you get into the program. LRAP is a newer term that you will be seeing pop up a lot more now! LRAP stands for Student Loan Repayment Assistance Programs.

What Can I Do To Learn More About What Options I Have With An LRAP?

Call LRAP Student Loan attorney, Nancy L. Cavey who can help you figure out your federal and private student loans and provide you with a road map in managing your student loan debt.  Call today at 727-828-9955 for a complimentary consultation so we can begin the process of relief from you student loans.

Eligibility Requirements Student Loan Repayment Program

The Eligibility Requirements For The Student Loan Repayment Program

The Repay program allows all direct loans of student borrowers the ability to cap their monthly payments at 10% of their discretionary income.

What’s Discretionary Income?

Discretionary is defined as the adjusted gross income above 150% of the applicable poverty guideline divided by 12.

What Do I Need To Know About My Eligibility For The Repaye Program?

Repaye program is available to all Direct student loan borrowers regardless of when they took out their student loan.

Borrowers and repaye whose only eligible Direct loan debt is for undergraduate education can have the outstanding loan forgiven after 20 years of repayment.  Borrowers eligible for Direct loan program receiving graduate or more professional education will have their balances reviewed after 25 years!

Income driven repayment plans have become complex!  It can be difficult to pick the right income driven repayment plan for you.

You owe it to yourself to sort out your loans and determine which loans are eligible for which income repayment plan.

Contact the Student Loan Resolution Center to help learn more about what income driven repayment options are right for you and to chart the course for your financial future. Learn about us here.

Call today at 727-828-9955 for a complimentary consultation.

Anastasia Dawson USF Student Loan Ian Locklear Tribune Staff

Student Loan Law Resolution Center Featured in Tampa Tribune

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.

Continue reading “Student Loan Law Resolution Center Featured in Tampa Tribune”

Income Driven Repayment Plan Student Loans

Why the New Income-Driven Repayment Plan Request Form Will Drive You NUTS!

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.

Continue reading “Why the New Income-Driven Repayment Plan Request Form Will Drive You NUTS!”

us department of education

The United States Department Of Education Gives The Boot To Coast Professional, Enterprise Recovery Systems, National Recoveries, Pioneer Credit Recovery And West Asset Management

The Department of Education (ED) contracts with 22 private collection agencies to assist them in the collection of student loans. However, it is not uncommon for these private collection agencies to:

1. Give false information to student loan debtors about their options.

2. Engage in unfair and deceptive practices that violate the Fair Debt Collection Practice Act (FDCPA) and Unfair, Deceptive or Abusive Acts or Practices Laws (UDAP).

ED’s offices performed a review of the 22 private collection agencies to ensure that these agencies were complying with the terms of their contract. Guess what?

Continue reading “The United States Department Of Education Gives The Boot To Coast Professional, Enterprise Recovery Systems, National Recoveries, Pioneer Credit Recovery And West Asset Management”

Undergraduate Student Loan Benefits

What’s An Undergraduate Stafford Student Loan And What Should I Do If I Can’t Pay Back My Stafford Loans?

An undergraduate Stafford loan is a fixed rate student loan for undergraduate students attending a college or university that participates in the Federal Direct Loan Program.

Stafford loans aren’t based on credit! Stafford loans can be used to pay your tuition and other eligible school expenses.

What are the benefits of Undergraduate Student Loan Benefits?

Benefits include a low fixed interest rate. Up to $12,500 per year depending on your release status and years in school – no payments while you’re enrolled in school and during the grace period.

What’s the difference between a Subsidized and Unsubsidized Stafford Loan?

A subsidized Stafford loan is a federally guaranteed loan based on your financial need. Interest does not accrue on the loan while you’re in school at least half-time. On the other hand, unsubsidized Stafford loans are federally guaranteed loans that are not based on your financial need. Interest does accrue from the time your loan is dispersed to the school but payments can be deferred until 6 months after graduation.

What happens if I can’t afford to pay my Stafford loans when I leave school?

You’ll need the assistance of a student loan attorney to help place you in an affordable Income Based Repayment Plan. Most borrowers are automatically placed in a 10-year fixed repayment program when they leave the school. Because of the economy, many borrowers simply can’t afford to make that fixed payment.

On the other hand, there are great Income Based Repayment Plans that will provide a reasonable and affordable payment based on your income and financial circumstances. Don’t let your student loan debt limit your horizons. Contact Income Based and PAYE Student Loan attorney Nancy Cavey today to help you manage your undergraduate Stafford loans. Call us today to learn about your options.