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Help from an Ombudsman, Part 2
With the variety of payment plans available, a host of payment postponement options, not to mention loan assistance repayment programs and help from other sources such as the FSA ombudsman's office, it's ludicrous to let your student loans slip into default—or stay there if they're already in default status.
Some student loan repayment plans only require you to pay $5 a month—hardly an exorbitant sum, no matter what your income. For those of you experiencing severe financial difficulties due to unemployment or other circumstances, alternatives exist for you also through deferments or forbearance. You simply have to know what your options are, find out what type of relief you qualify for, and then reach out to your lender or loan servicer for help. Hopefully, no matter what your personal difficulties may be, you now are armed with the information and strategies you need to make sure you can handle your student loan debts from this point on.
For college grads of all ages, the goal is to manage those student loans effectively while you're in the repayment phase, and then pay them off completely as quickly as you're able to do so. It's only by implementing a carefully crafted plan of eliminating your college debt that you'll go from being buried in student loans to financially free. But if you had the wherewithal to make it through two years, four years, or maybe even eight years of schooling to get a higher education—a rigorous process in which most students actually drop out—you can also beat your student loan debt!
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.
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How EdFed Helped others!
Thanks, its nice to know that I can get answers back so quickly. - Cheryl K. Los Angeles, CA
Student Loan Consolidation Info - How to Choose the Right Loan Company
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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.
Our Select 2/Graduated Payments repayment option allows for interest-only payments for the first 2 years of repayment. In the third year, payments increase to level installments of principal and interest payments for the remaining term of the loan.