Home > Tag Archives: Student Loan Forgiveness

Tag Archives: Student Loan Forgiveness

Be Smart About Student Loan Consolidation

using a company to consolidation loans

Student loans can be a necessary evil. In many cases, students have to take loans to establish careers, but loan repayment can be really hard on new graduates. It was a long time ago, but I still remember the anxiety that came with getting our first loan repayment bills. Added to that was the knowledge that our interest rates would be going up soon. We panicked and consolidated as soon as possible. Because we didn’t know any better, our consolidation was through private loan companies. In my case it didn’t matter because my job was not and will probably never be eligible for government student loan forgiveness. However, in Jim’s case, we missed out on $6000 he could have gotten in teacher loan forgiveness. Because we were not smart about student loan consolidation, he consolidated the wrong loans with the wrong company, and we were out of luck. Sharks In The Water It has been over a decade since we finished school, and there are now all kinds of new rules and options for student loan consolidation and forgiveness. With no guarantee of a high paying job after college, it’s very easy to see why new graduates would jump at ...

Read More »

6 Overlooked Ways to Get a Grip on Student Loan Debt

paying off student loans

Finding a way to deal with your student loan debt isn’t always easy. Many borrowers settle into regular monthly payments for years before recognizing many other repayment options can help reduce their debt, save them money, and eliminate unnecessary headaches. But there are a lot of programs that can help you address your student loan debt without negatively impacting your credit or financial standing. Many student loan repayment programs are hard to find, and most borrowers simply overlook them. You can avoid making the same mistake by knowing the options that are available, and save money while you move closer to financial freedom. The following are 6 overlooked ways to begin overcoming the burden of student loan debt. 1) Seek Forgiveness One way you can overcome your outstanding student loan debt is to qualify for debt forgiveness. These programs are run by federal and state governments as well as banks to help borrowers. Forgiveness programs benefit borrowers who work in a field that serves the community. This includes paid and volunteer work as well as industries like health and legal assistance. Public Service Loan Forgiveness (PSLF) programs can be applied towards Federal Direct Loans. Other loans such as the Perkins Loan Program or the Federal Family Education Loan Program (FFEL) ...

Read More »

How We Lost $6000 in Student Loan Forgiveness

May is the first month in well over a decade when the Eyes on the Dollar household hasn’t had to make a student loan payment. While we certainly took our eyes off the dollar in paying those loans back, I wanted to share some final thoughts on student loans and why I think it’s important to consider all of your options before you do something big like consolidating or even paying them off. We’ve made our share of financial mistakes, but a huge one was losing $6000 because we consolidated the wrong loans. Hopefully you can use our mistakes to save yourself some serious money. Student Loan Forgiveness If you work full time in certain occupations, you could be eligible for loan forgiveness. Keep in mind, this is for the US only, and I don’t have enough room to include all the details. You’ll need to research them if one seems like it could work for you. Public Service Loan Forgiveness– This is the newest loan forgiveness program that was put into place in 2007. Basically if you work for the federal, state, or local government or for a tax exempt non-profit organization, you could be eligible for this program. ...

Read More »