College Loan Consolidation, Federal Loan Consolidation, Private Loan Consolidation, Student Loan Consolidation

America's Top Student Loan Provider




How to Negotiate Your Own Monthly Payment, Part 1
 
Besides consolidating your loans, there is another underused method to lower your monthly student loan payments when you're cash-strapped. It's not very talked about, and most college grads have no idea this option is available to them. I'm talking about negotiating with the federal government for a reduced monthly payment. Many people mistakenly think this is not possible. But the truth of the matter is that it is not only possible, it's perfectly acceptable under federal law. You just have to learn how the system works, which is exactly what I'm about to reveal.

Let's say your finances are really tight because you got sick and had medical bills that your insurance company wouldn't cover. Moreover, you have two children. They're both under five years old and one of them has special needs. So you pay for day care expenses every week and for a highly skilled, reliable, and experienced caregiver/special education teacher to watch the kids while you work.

And let's also add into the mix that you live in a rural area—or maybe even in a big city—but you have one whopper of a commute to work, so your transportation costs are much higher than normal.

In any event, my point is that you don't have a cookie-cutter life that fits nicely into some government prescribed formula about what your "normal" monthly expense are or should be. If your lifestyle happens to be expensive—and I'm not talking about because you're buying designer bags or living high on the hog—then you may be able to get some relief from the Department of Education.

The secret lies in obtaining and properly filling out one critical form called a Statement of Financial Status. This form isn't particularly onerous; it's just two pages, plus one page of instructions. You can find it online at the Department of Education: www.ed.gov/offices/OSFAP/DCS/forms/fs.pic.pdf.

To complete the form, you'll be asked to declare your income and show evidence of it with two paycheck stubs and two years worth of tax returns. You'll also need to list all your monthly bills, itemizing what you owe to whom and in what amounts. If you make quarterly or annual payments—on things like auto insurance or property taxes— break that down into a monthly amount and include that in your tally of monthly expenditures.




 


Article Title : How to Negotiate Your Own Monthly Payment, Part 1
Comment not found for this article.
 
Comment

Related articles
• How to Negotiate Your Own Monthly Payment, Part 2
• Student Loan Consolidation - Solution to Your Big Monthly Payment Problems
• How to Negotiate with Creditors, Part 1
• What to Do If You Receive a Wage Garnishment Notice, Part 1
• Repayment Assistance Programs, Part 1

Share this story:
  • BlinkList
  • blogmarks
  • del.icio.us
  • Digg
  • Facebook
  • Google
  • Sphinn
  • MySpace
  • NewsVine
  • Simpy
  • StumbleUpon
  • Technorati
  • E-mail this story to a friend!
  • Print this article!
  • Faves
  • Furl
  • Netvouz
  • Slashdot
  • Spurl
  • Yahoo! Buzz
 



EdFed introduces… Awareness… Learnal
At, EdFed, we proudly introduce 'articles on student loans' and 'Learnal - the journal to learn from', our free newsletter on student loan management, which is sure to keep you informed of the latest events and happenings in the student loan market. To receive your copy of the above just use the RSS feed below and add this to your "My Yahoo", blogs, newstickers, and other similar channels accepting distributable content.
Click here to sign up for our Weekly Newswire now!

How EdFed Helped others!
EdFed saved me thousands of dollars! They gave me a low-fixed interest rate, borrower benefits, and low monthly payments. My loan counselors walked me through each step of the application process, and I felt very comfortable with my choice to consolidate with EdFed. I recommended EdFed to several of my classmates, and they too have had great experiences. I am so glad I found out what EdFed has to offer, there really is a difference between lenders!
- David G.  Dallas, TX
* Your Name: * Your E-mail Address:

We respect your privacy.
* Your Friend's name: * Your Friend's E-mail address:
Include a Message:
+ Privacy Policy

Student Loan Consolidation Info - How to Choose the Right Loan Company

This column is sponsored by Granted, America's top job search engine. The Career Resources column is presented by Granted, America's leading job search engine dedicated to getting people jobs.

Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

read more
CONSOLIDATION NEWS
Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

news desk
CALCULATORS
Stafford Loan Payment Calculator
PLUS Loan Payment Calculator
Loan Consolidation Payment Calculator
Articles
Calculators
FAQs
Glossary of Terms
Loan Comparison Chart
Scholarship Search
Our borrower-benefits package is designed to help you save by reducing your interest rate by 1.25%. Using auto-debit to make your monthly payments will ensure you make on-time payments and thus help you toward the goal of 36 on-time payments, guaranteeing you thousands of dollars in savings.
US School Directory
Comprehensive List of Schools at which EdFed Assists Students.
EdFed is a FFELP lender with lender identification number 834241.
© Copyright 2016 EdFed. All Rights Reserved.

Home · About Us · Contact Us · News · Sitemap
Career Advice · Tell a Friend · Privacy Policy · Resume Service
Resume Distribution Service · Post Resume · Job Search Course
EDFED NEWSLETTERS
Sign up for the latest news on student loans.
Email Address:
+ Most Recent Newsletter
+ Newsletter Archives