Profession Loan Forgiveness Options - Part 2
Last month i was discus public service loan forgiveness, now another sequence..
National Health Service Corps:
This forgiveness plan is available to licensed primary care medical, dental, and mental and behavioral health providers who are working at high-need sites.
If you qualify, you could receive up to $60,000 for an initial 2-year commitment. Eligibility for additional repayment is given by applying for additional years.
Profession Loan Forgiveness Options
Qualifications for the following programs are based on your career. Not all careers are eligible for forgiveness programs, and this list is not all- inclusive. The funding and requirements for each program are subject to change. You may find more career-based forgiveness programs with an online search or by talking to your employer.
Faculty Loan Repayment Program(FLRP):
You must be a U.S. citizen or a lawful permanent resident. This repayment program is available to degree-trained health professionals from disadvantaged backgrounds serving on the faculty at accredited health profession colleges and universities.
Military Loan Forgiveness Options
All of the following forgiveness plans require you to be a member of the U.S. military. This is not an exhaustive list. The funding and requirements for each program are subject to change. Additional qualifications are presented throughout.
Active Duty health Professions Loan Repayment Program:
You must be a fully qualified health professional as determined by the U.S. military branch in an identified skill shortage area. You must also be serving as a commissioned officer who is serving on active duty not in the reserve unit.
Those who qualify for this program are eligible to have up to $40,000 forgiven.
Student Loan Debt Consolidation – Most Successful Remedy for Peace of Mind
It is hard to find people who are not aware about this notorious word ‘Debt”, especially in the developed countries that are predominantly consumer oriented economies.
Debt in general encompasses many things such as utility bills, house rent, education loan, student loan, credit card liabilities, car loan and many other consumer loans. Out of this long list, certain items belong to hard necessities, which cannot be done away with. However, the most important components of debt comprise of a variety of loans. When I speak of debts, it includes student loan debts as well.
Student Loan Repayment Programs
Many students are concerned about getting stuck with enormous monthly payments when it comes time to pay off their loans. When it comes to private student loans, lenders set their own terms, including repayment conditions. There is no standard payment program for private loans. If you are experiencing financial problems and have trouble making your payments, talk to your lender to see what your options are.
Federal student loans, including Direct and Federal Family Education Loan (FFEL) program loans, can be repaid in several different ways:
Student Loans Consolidation – A Smart Way to Avoid Bankruptcy
With ever-rising education expenses and lower disposable incomes of the parents, students are in a mess. Education expenses including room, board, tuition’s, books, conveyance, college fees and coursework expenses can add up to a whooping total bill that can be as high as 40 to 50 thousand dollar every year. Borrowing Money or education loan is the easiest solution for fulfilling the dreams of degrees, diplomas and doctorates. Several students find themselves in the mountain of debts upon leaving the colleges. What is the solution?
There are two simplest alternatives to get rid of mountainous debts:
The first method requires that you should not at all raise any debts. If you don’t take loans, you don’t need to bother about repayment of loans. Well, it is easier said than done. It depends on the overall financial soundness of the parents and the willingness of the parents to spend huge amount of money on the education of their children. However, in majority of the cases, it may not be possible and practical to study with self-finance.
Minimize your debt burden with pick a good college
Student loans for some are sometimes the difference between an education and a life that is impeded due to a lack of education. Many families simply cannot afford the expenses associated with sending their children to a good college for tertiary level education. According to FinAid.org two of three students attending a four year college rely on student loans to finance their college education. Here are some pointers on how to pick a college to minimize your debt burden.
Conduct Your own Research
According to FinAid.org, a no loan policy for some if not all students are offered at 73 colleges and universities including Stanford University, Wellesley College and Emory University. These policies enable the school to attract and retain the best students regardless of their economic background. Students can therefore focus on achieving a quality education and go into fields like teaching and other professions without having to worry about how lucrative their salaries will be and of they can afford to pay for their student loans.
Positive and Negative Debt Consolidation Loan Consequences
There are both positive and negative debt consolidation loan consequences. A consolidation loan will take all of your outstanding balances from credit cards and car payments and combine them into one loan. Your monthly payments will be less with one loan than with several smaller ones which will free up so cash for you each month.
The consolidator might be able to get your lenders to waive late fees that you have incurred and agree to take a smaller payoff to settle the debt. The creditors will stop calling you which will be a great stress relief and you could be debt free within three years.
Live within your means
As a result of this experience, you will have learned to live within your means, create a spending budget and not let credit card debt get out of hand again. These are the positive consequences.
You might get a secured consolidation loan or an unsecured consolidation loan. If you own a home, you will most likely get a secured loan which means that your house is your collateral. You will take out a second mortgage to pay off your debt. If you don’t own a home, then your consolidation loan will be unsecured.
Unsecured loans typically have very high interest rates because the lender is taking a huge risk in lending you money because you have such bad credit. If you miss a payment on your consolidation loan you will incur high late fee and couples with the high interest rate, you may find yourself deeper in debt than you were prior to consolidating your loan.
To avoid these negative debt consolidation loan consequences, you should sit down with a credit counselor who can help you make a budget. The counselor will tell you to cut up all of your credit cards so you won’t be able to use them. If you have to buy something you will have to start using cash. If you don’t have the cash, then you can’t buy the item. It is as simple as that!
Example of How Debt Consolidation Companies Work
You know that you have been thinking about debt consolidation for a while. You’ve seen the ads on television, and it sounds as if it might be the answer to your problems. Your creditors are calling you at home and at work for payments that you simply cannot make, and you are at the end of your rope, but you don’t know how debt consolidation works. I will show you an example of how debt consolidation works.
First, you have to find a debt consolidator. They won’t find you, so you can start by putting “debt consolidation” into an Internet search engine to find a list of consolidators. Each consolidator will charge you a fee for the service that they will provide to you. The fees will vary from consolidator to consolidator so you need to find one with the lowest fees.
Once you have chosen a debt consolidator, you will have to provide them with a list of every credit balance that you have. This includes every credit card, car payment, mortgage, and student loan that you may have. Without having your full financial picture, the consolidator won’t be able to help you properly.
The consolidator will work on your behalf with each of your creditors. He will try to get the lender to accept a payout of less than what you owe, and will attempt to get whatever late fees you have incurred removed, which will reduce the amount you owe. This takes time, and you may still be getting collection calls during this period. Once you have received your loan, then the creditors will stop calling because they will have received their money.
The consolidator will put an entry onto your credit report history so that past and future creditors can see that you were working with a debt consolidator to pay off your outstanding balances. Some will view this as negative and some will view it as positive. Debt consolidation can be the answer you are seeking, but it is still a debt that must be paid.
Learn About Debt Consolidation Problems
You’ve probably heard the commercials on the radio or television about the ease of debt consolidation. The advertisements make it seem as if debt consolidation is easy and a good way to get out from under your debt.
It seems as if the consolidator will fix all of your money problems with a few phone calls, will prevent collection phone calls, and all you will have to do is make one small monthly payment. The reality is that debt consolidation is hard to do and there are consequences if you fail to achieve your goals.
What is Debt Consolidation?
Think of debt consolidation as taking all of the money that you owe and adding it up so that you have one giant loan rather than several smaller ones. The interest rate on the new loan is usually smaller than the rates that you were paying on the smaller loans, which is why your monthly payment is lower. Debt consolidators claim that they can reduce the amount of your debt, but this may not really happen. Creditors in this uncertain economy are less likely to wheel and deal on money owed to them and would prefer to wait and see what you are really capable of paying.
A debt consolidator cannot prevent your creditors from calling you about delinquent payments. They can and do add a not to your credit report that you are working with them to reduce your credit, but because a consolidator is not a lawyer, creditors do not have to stop trying to collect their money. If you contract a lawyer to handle your debt consolidation, then the creditor must cease collections calls to your home. read more: http://www.paymystudentloans.com
If your debts are consolidated, work very hard at paying off your bill. Do not look at your new lower monthly payments as a windfall. Remember how you got into debt in the first place and stop using your credit cards. If you must buy something, use cash.