Loan Relief: Student Loan Help and Relief
Debt anxiety is a killer and when your loan payments are driving you crazy the usual response is to avoid confronting your financial woes. Unfortunately, not confronting your debt woes is the worst choice, especially when there are legitimate debt relief options available to consider when your loan payments are driving you crazy. When you are drowning in debt, it can feel like you are in the bottom of a pit, the freedom of escape is nowhere to be seen. Your loan payments are bearing down on you month after month, interest rates are increasing due to missed payments, overtime at work is no longer available, and the calls from the circling vultures of credit collection agencies has begun. It can feel like there is no solution to your very valid debt anxiety, and that there is no one left to turn to, but that is not the case as debt relief is available.
Federal student Loan Relief
consolidation- This consolidation program for students is handled by the Federal authorities. This is actually a fixed interest rate program for refinancing. It will basically work by taking all your current federal student loans and combine them to get one loan. This kind of debt consolidation will not only give you instant relief, but also offers many long-term benefits.
You first must determine if you have only federal, or only private college loan debt as many lenders who provide student consolidation loans will only make them for either federal, or private, or both. There are plenty of lenders out there who can make you a consolidation loan for both, and these are the types of lenders you want to look for if you are graduating with a mixture of federal and private debt.
Deb Repayment relief- Individuals choose the federal loan consolidation as an option for student loan forgiveness just for the simple reason that this offers substantial payment relief. Besides consolidating your monthly payment to one installment, you will get to pay a much lower interest rate. The good thing is that there might be some significant decrease in the principal sum as well. Furthermore, the time period for payment can be prolonged as much as 30 years resulting in the installments monthly becoming smaller, compared to what you had been paying prior to the consolidation. As a result, you can save money to spend on additional immediate expenses and avoid problems with loans in the further.
College loan refinancing with a consolidation loan has become increasingly more and more popular because of the advantages it affords students, so don’t hesitate to join the masses and apply.
Learn more about Obama Mortgage Relief Plan Qualifications.