Student Loan RELIEF
A RELIEF Consolidation Loan allows you to consolidate "combine" multiple federal education loans into one loan.
The result is a single monthly payment instead of multiple payments.
Most of your student loans can be included.Unfortunately, private education loans are not eligible for consolidation. If you are in default, you must meet certain requirements before you can consolidate your loans.
Most of your student loans can be included.Unfortunately, private education loans are not eligible for consolidation. If you are in default, you must meet certain requirements before you can consolidate your loans.
Saving Over The Life Of Your Loan
Preparing and processing your documents correctly to assist you in getting the most savings over the life of your loan.
Income Driven Repayment plans
Q: How are monthly payment amounts determined under income driven repayment plans?
A: Generally, your payment amount under an income driven repayment plan is a percentage of your discretionary income, and the percentage is different depending on the plan and when you took out your federal student loans.
A: Generally, your payment amount under an income driven repayment plan is a percentage of your discretionary income, and the percentage is different depending on the plan and when you took out your federal student loans.
Q: How do I estimate my eligibility and payment amount?
A: Use our Repayment Calculator to estimate your eligibility for all repayment plans, including income driven plans, give us a call at (321) 204-3680 or Start now.
Q: How long will I be in repayment under each plan?
A: Income driven repayment plans have different repayment periods. #Income-Driven Repayment PlanRepayment Period1IBR Plan for those who are not new borrowers on or after July 1, 2014Any outstanding balance is forgiven after 25 years of qualifying repayment2 IBR Plan for new borrowers on or after July 1, 2014. Any outstanding balance is forgiven after 20 years of qualifying repayment4. Pay As You Earn PlanAny outstanding balance is forgiven after 20 years of qualifying repayment5ICR PlanAny outstanding balance is forgiven after 25 years of qualifying repayment
Q: Who is eligible for income driven repayment plans?
A: Nearly everyone we have spoken to qualifies for one of the Income Driven Repayment plans. Even if you make a respectable amount of income, under the ICR Plan, there is not an initial income eligibility requirement. Any borrower with eligible federal student loans may make payments under this plan.
A: Nearly everyone we have spoken to qualifies for one of the Income Driven Repayment plans. Even if you make a respectable amount of income, under the ICR Plan, there is not an initial income eligibility requirement. Any borrower with eligible federal student loans may make payments under this plan.
Q: Would I qualify for an Income Driven Repayment plans if I took out Parent Plus loans for my child?
A: Yes. In order to qualify for an Income Driven Repayment plan with a Parent Plus loan you would be required to repay under the ICR Plan.
A: Yes. In order to qualify for an Income Driven Repayment plan with a Parent Plus loan you would be required to repay under the ICR Plan.
Q: Will I always pay the same amount each month under an income driven repayment plan?
A: It is possible but not guaranteed. Any borrower who repays under any income driven repayment plan is required to recertify their loans annually, similar to being required to file your taxes annually. If your income increases your payment may increase for the following year. The same is true if your income decreases, your monthly payment could decrease. Whether your income increases or decreases don’t worry. Learn more about why our clients love Ongoing Support and how we help in dealing with Major Life Changes!
A: It is possible but not guaranteed. Any borrower who repays under any income driven repayment plan is required to recertify their loans annually, similar to being required to file your taxes annually. If your income increases your payment may increase for the following year. The same is true if your income decreases, your monthly payment could decrease. Whether your income increases or decreases don’t worry. Learn more about why our clients love Ongoing Support and how we help in dealing with Major Life Changes!
What about student loan forgiveness?
While your debt may grow if your affordable payments are low enough, anything you still owe after a maximum 20 years of qualifying payments will be forgiven. This is why interest isn’t a factor many people with federal student loans need to consider.
You may qualify for Forgiveness based on your current financial situation.It’s unfortunate that your servicer won’t properly explain what you qualify for. What do you expect? Remember, this is YOUR responsibility. Not theirs.