Need some answers and some advice? We are here to guide you through all of your options so you get the MOST out of the federal loan programs available to you . Give us a call! 800.861.5038
Unfortunately, the price is about to go up on federal education loans! Congress passed the Budget Deficit Act on February 2, 2006, cutting $11.9 billion from the federal student loan program. In order to protect yourself from this substantial rate hike you will need to consolidate your loans NOW to secure this year's lower interest rate. Call us! There is no cost and we'll guide you through it.
We provide FREE education and awareness programs to make paying for college a little bit easier for parents and students. Your future is the greatest investment you will ever make. Get the facts!
Call a Counselor to Go Over Your Student Loan Debt Profile
800.861.5038
Or send us an e-mail
info@collegeguidancecenter.org
Figure out how much you owe and to who
Loan Forgiveness
Learn about repayment options
Learn ways to delay your payment
Protecting your credit
If you're the average American student, you owe about $19,000 in loans after graduation. Quadruple that amount if you're the average grad school graduate. Some students naively believe that they can outrun or ignore their loans, but ignorance is bliss only for the moment. Lenders are sticklers about being paid back, anal about timely payments, and prepared to completely mess up your credit history.
Worried? Take comfort in the fact that the majority of college graduates are in the same boat. Nevertheless, student loan repayment is a big, complicated deal. We'll help you decipher the messy jargon and figure out a plan of action.
If you are like most students, you went through college or graduate school idly aware of the amount your education was costing you, where the money was coming from, or thinking about the fact that eventually you would have to pay it back. Reality is catching up to you fast! So how much and to whom do you owe this money?
If you were wise enough to keep most of the notices your lenders have been sending to you, the answers are all right there. Start sorting through your old mail to find out:
There are many types of loans that exist out there. Stafford , Perkins, HEAL, and PLUS loans. Any of those sound familiar? Start to make a list of all of your loans. The PLUS loans are actually your parents responsibility, but the rest of them are all yours! Return the favor to your parents (who went into debt for your education) and help them figure this loan stuff out along with you- or have them call us! They don't have the advantage of the financial aid office to run into with questions about their PLUS loans.
Order Your Student Loan Summary from the College Guidance Center. We’ll look up your loan information for you and tell you where you stand!
Click Here to Request Your Student Loan Summary
Unless you die, you won't be able to get away from paying off your loans. But! There are certain fields of study that will help you pay back your loans with the services you do.
Volunteering loan forgiveness
Law school loan forgiveness
If you went to Law School , it's likely that you owe between $80,000 and $125,000 in loans. Fortunately for you, more than 30 law schools in the U.S. allow loan forgiveness to students who take on public interest or non-profit positions. For a list of these schools and more information, visit National Association for Public Interest Law
Med school loan forgiveness
National Health Service Corps offers a program in some states that will help you pay off your colossal med school loan and give you an annual salary in exchange for practicing medicine in underserved areas. This is an INCREDIBLE deal, so check out the Office of Statewide Health Planning and Community Development website or call (916) 654-1833.
Occupational or physical therapy education loan forgiveness
When you apply for a job in the occupational/physical therapy field, ask about your employer's loan forgiveness package. Because there is such a high demand for occupational and physical therapists, many hospitals and private health-related organizations will offer to pay off some of your student loans if you agree to lend them your valuable expertise.
What happens if you don't pay?
Ignoring your monthly loan repayment bill: The federal program has several options to help you safeguard your credit no matter how bad your financial state is. You should never be looking at default but let's go through what happens to you if you decide to completely burry your head in the sand when it comes to paying your loans back.
The first monthly bill arrives in your mailbox. You put it on your desk and forget to pay.
Next month you receive the bill that reminds you of what you were going to look into a month ago but never had the extra time.
Two weeks later, you'll start getting phone calls and more notices. You lender is required to make at least four phone calls and send four of those letters before sending a final demand letter (about 5 months after the loan payment was due). This letter will tell you that unless you pay up now, a default claim will be filed on your loan.
After a default claim is filed, your lender will turn your case over to a guaranty agency and you'll get a nasty phone call from them. If you don't negotiate some sort of deal within 60 days, your guaranty agency will report you to the national credit bureaus .
Defaulting on you student loans will ruin your credit and you will end up paying . The government has the right to deduct money straight from your income, and it's unlikely that you'll ever date again. A recent law just passed allowing the government to now garnish your social security.
Options for paying
Here's the general deal on loan repayment: After graduation, you'll get 6 months of freedom from loan repayment (during which you should consolidate to lock the lower "grace rate"). Here are your four main payment options. Keep in mind that you can switch from one to another, depending on your financial status, and there are NO PREPAYMENT PENALTIES with any of the plans:
If you need to hear some numbers before making a decision on a payment schedule, just call us.we'll help you find what payment plan works best for you.
Deferment
If you find that you simply can't keep making monthly payments, no matter how small, you can choose to defer your loans. Which means that you won't need to pay a dime during the deferment period (usually a year at a time). Interest, however, will continue to accrue if your loan is unsubsidized ("subsidized" means the government will take care of the interest on this portion.) Catch? Not everyone qualifies for a deferment. Call us and we can go over your eligibility with you!
Forbearance
Forbearance is a also a break from your loan repayment, but unlike deferment, interest on your entire balance continues to accrue and it's easier to apply for. Just call up your lender and state your case. Usually these can be taken care of over the phone and you don't need to fill out a lot of paperwork.
Managing your credit while in college is as difficult as managing it after college. If you think you'll accumulate consumer debt and will, or already have student loans, consider their overall effects. Make careful decisions based on long-term goals as these debts are reflected on your credit report and can have a long-standing impact on your future goals.
Credit cards
Obtaining and using credit wisely
Select the right card : Bankrate.com is one online tool that will compare cards for you.
Opt out of pre-approved offers
You can stop the barrage of offers in your mailbox by simply calling 888.5.OPTOUT to remove your name and address from the prescreening lists used by the three major credit bureaus -- Transunion, Experian and Equifax.
Know your cards (credit limit, know the grace period (interest free period, interest rate)
Pay on time, every time! Consider auto-debit and terms and conditions-late penalties.
Rebuilding credit
If you are unable to resolve your credit problems on your own, ask a credit counselor for help or go to the National Foundation for Credit Counseling .
Credit reports
Unraveling the mysteries of credit reporting
How to maintain a good credit score:
Order your report: Explain ordering 1 every 4 months ( www.freecreditreport.com )
Card fraud and identity theft
Preventing and coping with fraud and identity theft
If you become a victim of identify theft, the Federal Trade Commission recommends the following:
If you suspect you are the victim of identity theft, contact the Federal Trade Commission's Identity Theft Hotline at 877.ID.THEFT. For more information about account fraud and identity theft visit the Federal Trade Commission . They offer an extensive library of resources and information.