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Consolidation and Affects on Credit

DO YOU QUALIFY FOR STUDENT LOAN FORGIVENESS?

2019

Easy to qualify programs for student loan relief
After graduation my loan payments where sky high
…I made the call and walked away with my loans forgiven!

You Should Call

833-782-7133

Consolidation and Affects on Credit

Daniel Morgan

Updated – Aug 29th 2019

consolidation and affects on credit

 

Are you thinking about buying your first house or maybe you are seeking to get a loan to start your own business. Truly the list goes on, there are many goals you could have great interest. In Which, your credit report and credit score will end up being the determining factor in your approval or rejection process. Which is one reason we want to discuss consolidation and affects on credit.

Rental rates, insurance rates, automobile loans, home mortgage loans and even job placement all are subject to your credit report and credit score. With good credit, you will have a much better chance loan approvals and lower interest rate offers on many of these financial products with lenders, banks and financial institutions.

However, a low or bad credit score in most cases will result in much higher interest rates which will cause you to pay more for a product than its value. A low or bad credit score can result in bank penalties, cancellation charges, credit card rejections and loan application denials.

The question you and many others may be asking is: Does my student loan affect my credit score? And the answer is YES!..your student loans are affecting your credit score in a variety of ways, many of which you may not have been aware of….

So “how does student loans affect your credit score?”

Student loans generally fall into the same category as automobile loans and home mortgage loans.

These kinds of loans are considered as installment loans. An installment loan typically starts with a balance that is paid back over time and has a set number of repayments for that time period.

Does it matter if your student loan is private or federal?

NO, all installment loans are calculated and regarded in the same way on your FICO score, therefore the type of student loan you have does not have an impact on how the loan is evaluated.

Student loans do not have their own their own credit category system.

Is getting more student loans bad for my credit?

Getting more student loans is not ideally bad for your credit score but doing can have a negative impact on your credit report.

Your credit score and your credit report are not always regarded or evaluated the same way.

For example, you may have a 700 credit score, but your credit report may document a number of reported outstanding debts, unpaid balances and a not to impressive payment history.

For Example, Home mortgage lenders and banks evaluate your debt-to-income ratio. This process is used to compare your total monthly debt expenses to your total income.

When this ratio is calculated to be to high, stating that there is too much debt in relation to your income, chances are you will be turned down for your mortgage loan application.

So therefore, ultimately your student loans can affect your credit score, they have a greater impact on affecting your eligibility to take out other loans and establish a good credit report.  

Want Your Loan Consolidated?

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Your Student Loan Monthly Payments are Important element

So we know that your student loans themselves does impact your credit, but what about the student loan payments?

Probably the most impactful aspect of student loans on your credit is your monthly payments. More specifically, if you are making your payments on time and in full, part or interest only. This is important to understand regarding consolidation and affects on credit.

Changes to your credit score can depend on many factors. Payment history represents 35% of your credit score. This is the most regarded part of your FICO score, by being late on a single payment can cause your credit score to fall.

For example:

Philip currently has a credit score of 670. If Phillip becomes just 30 days delinquent on lets say his student loan payments, his credit score could drop 50 to 90 points from that one account.

Carla, who has a great credit score of 790 could suffer even more than Philip. With a 30 day delinquency Carla’s score would drop by about 100 to 120 points.

Also, if your student loans enter into default or gets sold to a collection agency your credit score as well as your report will suffer an even greater negative impact, often taking your credit score from very good to very bad in an instant. Just another note on Consolidation and Affects on Credit. ‘popmake-{getitnow}’

How student loans can positively affect your credit

Your student loans do not have to be a bruise to your credit, in fact it may be possible for your student loans to become a credit score improvement agent.

Let’s say your credit is not so good, you have paid on your student loans and as a result your credit score has encountered significant drops. You may want to consider refinancing or consolidating your student loans. When you consolidate your student loans a lender can payoff your delinquent student loans and give you a new loan.

The new loan will be somewhat of a new start, providing you a second chance to make your payments on time, build new credit history for your student loans and reduce your income-to-debt ratio, if your payments are eligible to be reduced.

Need your monthly payments reduced?

Fine out if you can get total loan forgiveness!

833-782-7133

Key things to take away and remember:

  • Student Loans are installment loans and are report just as other loans for your credit report and credit score.
  • Getting additional student loans has a greater impact on your credit report rather than your credit score.
  • Your student loan payments will make the greatest impact on your credit score. Make your payments on time or seek professional help to help make your payments more affordable
  • Student loan consolidation can help improve your credit if your credit score has already previously been negatively impacted by the student loans.

Now you that you have a better understanding on Consolidation and Affects on Credit. You can decide if consolidation is an option for you. 

 

Why Use a Student Loan Refinancing Calculator?

2019

Easy to qualify programs for student loan relief
After graduation my loan payments where sky high
…I made the call and walked away with my loans forgiven!

You Should Call

833-782-7133

Why Use a Student Loan Refinancing Calculator?

Daniel Morgan

Updated –Sept 29th 2019

Most people know what a calculator is, but few are aware of the power of a Student Loan Refinance calculator.

Students or former students may be interested in our student loan refinancing calculator  If they are interested in refinancing your student loan.

With our new state of the art calculators we can help student compare and discover the best student loan refinancing options for their person student loan needs.

Which is why use a student loan refinancing calculator is important to discuss. 

How do I use the Student Loan Refinancing Calculator?

  • To get the best accuracy out of the student loan refinance calculator you will need to know each of your student loan balances
  • You will also need to know your current student loan interest rates to input into the calculator, which will calculate your student loans weighted average
  • Double check your information to make sure you have not left any student loans out that you are interested in refinancing. Also make sure you are entering all of the correct student loan interest rates

Can you refinance
your student loans?

CALL TO FIND OUT

833-782-7133

Questions: Student Loan Refinancing Calculator

1. How do i Calculate my student loan interest rate?

To get your student loan interest, add all of your interest rates and multiple them by the number of interests. This is will give you your “weighted average interest rate”

2. Will the Student Loan Refinancing Calculator tell me what my refinancing rate will be if i am eligible for a new rate?

No. The calculator with provide you with estimates of your savings based on interest rates you put in the system. To find out what your  refinancing rate will be, request a contact from a student loan consultant

student loan refinance calculator

Need your monthly payments reduced?

Fine out if you can get total loan forgiveness!

833-782-7133

Refinance Without A Degree

DO YOU QUALIFY FOR STUDENT LOAN FORGIVENESS?

2017

Easy to qualify programs for student loan relief
After graduation my loan payments where sky high
…I made the call and walked away with my loans forgiven!

You Should Call

833-782-7133

Refinance Without A Degree

Daniel Morgan

Updated – Oct 25th 2019

refinance without a degree

We all have goals in live, many of us the goal of going to college, get our degree and move on to the career of our dreams. Our desired hope is that by getting a degree we will be rewarded with better job opportunities and better wages. However, secondary education can be very expensive.  With work, family and many other responsibilities dropping out and sometimes become the only option. Refinance Without A Degree will be at the core of our topic in this article.

We all have goals in live, many of us the goal of going to college, get our degree and move on to the career of our dreams. Our desired hope is that by getting a degree we will be rewarded with better job opportunities and better wages.

However, secondary education can be very expensive.  With work, family and many other responsibilities dropping out and sometimes become the only option. Refinance Without A Degree will be at the core of our topic in this article.

Unfortunately, those who are forced to drop out for whatever the reason will still be required to make payments on their student loan debt.

Refinancing your student loans can help in this situation, but a refinance without a degree can be pretty canny

No Degree Refinancing

Refinancing your student loans can make student loan debt much more manageable. Student refinancing can help with interest rates, alternative repayment options and possibly the lowering of your monthly payments. With all these benefits together, you may be able to free up more of your income to better budge. And a less stress on your financial responsibilities

 
Private Student Loan Refinancing

When it comes to refinancing private student loans without a degree challenges will present themselves. Most lenders for private and/or federal student loans that you look to refinance with a private lender like a bank usually require completion of your degree program to be qualified for refinancing of your student loans.

However, still are some lenders that will refinance a loan of a borrower that did not graduate. Typically, a person that qualifies for this may have a different application process to complete

Student Loan refinancing with a federal program

Unlike attempting to refinance a student loan through a private lender, refinancing through a federal program is much more forgiving. People that refinance their loans with the federal government are not approved or rejected for the student loan refinance based on if they graduated, received their degree, did not graduate or did not receive their degree. So, refinance without a degree on federal terms is a better situation.

Private student loans are not eligible for federal student loan refinancing programs.

For a person that did not graduate but is stuck with the obligation of repayment of their student loans. Federal student loan refinancing may be a primary option if they have federal student loans.

Based on studies, non graduates have a more difficult time meeting the minimum payment initially issued by their servicer. This could be due to low income, unemployment or other factors. Federal student loan refinancing can help such a person with alternative repayment options, deferment programs, forbearance. And plans based on income.

Many non graduates finds these programs very beneficial during difficult times.

Can you refinance
your student loans?

CALL TO FIND OUT

833-782-7133

Repayment Programs (Income Driven)

If you have federal student loans, you will usually enter a standard 180 month repayment 6 months after you leave school, whether you graduated or dropped out early. However, if your payments are too large for you to handle, you may be eligible for an income-driven repayment plan.

Income-driven repayment plans:

  • income-based repayment
  • income-contingent repayment
  • Pay As You Earn
  • Revised Pay As You Earn

With each of these options your monthly loan payment is capped at a percentage of your discretionary income, and your repayment term is extended. That can dramatically reduce your payments, freeing up more money in your budget for your essentials.

Forbearance
  • Forbearance is a option that will allow you to pause or postpone your payment for 30 days, 60 days 90 days and up to 12 months.Many people get deferment and forbearance mixed up. When your student loans are in forbearance, your loans will accumulate interest during this time. You can qualify for forbearance if your payments total more than a certain percent of your gross income. Or, if you are suffering a financial hardship, or fighting with sickness or serious health issues.

 

Deferment
  • Deferment gives a borrower the ability to stop their student loan payments for up to a full year at a time. Usually, a borrower is reward up to 4 deferments.  Generally a person would seek to apply for a deferment if they are unemployed and does not see employment coming in the foreseeable future. And, or experiencing severe financial hardship seemingly for an extended period of time. Moreover, in some cases depending on your student loan type, the federal government may cover your interest on the payments for you.

Handing your student loans with no degree

If you are a student that withdrew from your degree program or dropped out for reasons important to you and your family. Do your research to find out what you can qualify for. Refinancing your student loans may be a viable option for you. Presenting the possibility of more attractive interest rates, alternative income sensitive repayment options. And payment stopping options like forbearance or deferments.

Refinance without A degree is a possibility for sure, you just have to fine what situation is best for you.

Need your monthly payments reduced?

Fine out if you can get total loan forgiveness!

833-782-7133

Student Loan Grants

DO YOU QUALIFY FOR STUDENT LOAN FORGIVENESS?

2019

Easy to qualify programs for student loan relief
After graduation my loan payments where sky high
…I made the call and walked away with my loans forgiven!

You Should Call

833-782-7133

Student Loan Grants

Daniel Morgan

Updated – Sept 28th 2019

STUDENT LOAN GRANTS

Most of us have at least a few major goals like having enough money for retirement, starting a new business or saving enough money for down payment on a new dream home. But more many of us at the top of that list sits the goal of paying off our student loans. In this article we are going to talk student loan grants.

Surprisingly, not many of us are aware or have little knowledge about the possibility of grants to accomplish this goal of paying off their student loans

Believe it or not, there are many grants for student loans that can be used to pay off your student loan debt.

After Graduation Funding

We all are aware that grants exist but generally we associate them with the act of looking to access funds to accommodate payment to attend a college or university. However, grants are available for individuals that work in specific fields or industries.

These grants for student loan payoff can help soothe a great deal of pressure from paying student loans.

Locating a Grant

There are many directions you can take for seeking a grant for student loan payoffs. The U.S. Dept Of Health and Human Services of the federal government has many grant options.

You can also search for grants by state. Sometimes the state works independently from the federal government and offers their own federal programs for grants. The goal is to encourage grads to build their careers in certain fields with and areas of need in our country.

If you work for a non-profit organization in certain fields there are also options to help with dealing with your student loan debt.

Current Existing Grants for Student Loan Payoffs

Here is a list of student loan grant programs individuals can pursue for student loan payoffs.

Nurse Corps Repay Program
  • Nurses can have up to 85% of their student loan balance paid off with this program. The Nurse Corps Repay Program is offered by the Services Administration as well as Health Resources.

    To qualify you must be:

    A licensed Registered Nurse (RN)

    A Nurse Practitioner

    Work in a nursing facility with a degree in nursing

National Institute of Mental Health Loan Repayment Program
  • Students that graduate with a degree in healthcare and earn careers in social, clinical, or behavioral research with in a non-profit organization can get grants for student loan payoffs from the (NIMH) National Institute of Mental Health Receivers of this grant can use the money to pay of graduate, undergraduate or medical school debt. Those rewarded can receive up to $35,000, to apply applications are online. Applications are accepted from Sept 1st – Nov 15th
Iraq-Afghanistan Service Grant
  • This grant is for individuals that had a parent that died as a result of serving in the military either in Iraq or Afghanistan. Those who qualify can receive up to $5,413.77 dollars for student loan debt. To qualify you have to less than 24 years of age or have been attending as at least a part-time student during the time of the parents death.

To qualify, you have to less than 24 years of age or have been attending as at least a part-time student during the time of the parents death.

Pennsylvania Primary Health Care Loan Repayment Program

Grant is specific for dentist and physicians that are willing to practice in economically challenged areas of the state of Pennsylvania. Receivers of this grant can receive from $30,000  up to $100,000 to go toward the balance of theirs student loan debt

There must be a 2 year service agreement for practice in the state to qualify. Applications must be submitted by Dec

Do You Know All Your Options?

CALL TO FIND OUT

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Contraception and Infertility Research Loan Repayment Program
  • Students that enter into the field of reproductive research can receive up to $35,000 a year to assist with student loan repayment under the Contraception and Infertility Research Repayment Program. This program was structured to encourage students to work in the reproductive research field

    Receivers must commit to two years of research in contraception and infertility. Visit the website to apply

New York State Young Farmers Loan Forgiveness Incentive Program
  • Students that seek a career in farming can receive up to $10,000 a year for up to 5 years to payoff their student loan debt if they attend a college or university in New York and agree to operate a farm in the state of New York for a minimum of 5 years.

    Applicants must apply within two years of graduating from school and private and federal student loan borrowers are eligible for this grant. Applications will be available in Oct.

John R. Justice Student Loan Repayment Program
  • Grant is for individuals that are state public defenders or state prosecutors. If so you may be eligible for the john R. Student Loan Repayment Program. Receivers can receive $10,000 a year for up to six years to payoff their student loan debt

    You must agree to work as a public defender or state prosecutor for a minimum of three years to apply for this grant. Additional qualifications may be required, visit your state agency website to find out more.

North Dakota Science, Technology, Engineering, and Mathematics (STEM) Student Loan Grant
  • If you attend a  college or university in North Dakota and got your degree in Science, Technology, Engineering or Mathematics you could qualify for the North Dakota Science, Technology, Engineering, and Mathematics (STEM) Student Loan Grant.

    Many receivers of this grant have been able to save on thousands over the life of repayment of their student loans and finish paying off their student loans in rapid time.

    To apply for the North Dakota Science, Technology, Engineering, and Mathematics (STEM) Student Loan Grant you can submit your application after May 1st.

Alternatives if you don’t qualify for student loan grants

Public Service Loan Forgiveness

Borrowers that work for the government or a non-profit but are qualified for any of the student loan grants, you may be eligible for Public Service Loan Forgiveness. With Public Service Loan Forgiveness, after ten years of service while making qualifying 120 payments on your federal student loans, the government will give you forgiveness on the remaining balance.

Alternative Repayment Options

If you still find yourself not falling into any of the categories above and are having trouble making your monthly payments and your student loans are federal government student loans, then seek to look into income driven repayment plan programs.

These programs can be a tremendous help if you find that you do not qualify for student loan payoff grants or Public Service Loan Forgiveness.

Plans Include: Income Based Repayment, Income Contingent Repayment, Pay As You Earn, and Revised Pay As You Earn

Student Loan Consolidation

And finally, if you can do not find that the alternative repayment plans are not an option you could consider student loan consolidation.

Student loan consolidation can help in many ways from lower interest rates, reduced monthly payments to better loan terms and single loan accounts to manage easier.

With student loan consolidation you can save a lot of money and if you still have a balance at the end of your student loan consolidation term, you could still receive loan forgiveness after 300 months.  

Need your monthly payments reduced?

Fine out if you can get total loan forgiveness!

833-782-7133

Additional Student Loan Help Information

As mentioned there are many options a borrower can look into for student loan grants, forgiveness or repayment options. Some options offers help for both federal and private student loan borrowers alike.

Be sure to check with your state and visit your state website for more information on these student loan grants offers for student loan debt payoff.

For information on repaying student loans, check out our article on student loan forgiveness programs.

Student loan forgiveness teachers

2019

Easy to qualify programs for student loan relief
After graduation my loan payments where sky high
…I made the call and walked away with my loans forgiven!

You Should Call

833-782-7133

Student Loan Forgiveness Teachers

Daniel Morgan

Updated – Sept 29th 2019

student loan forgiveness teachers
Teacher Loan Forgiveness
Teacher Cancellation Forgiveness

What are the basic qualifications?

How to qualify for Student Loan Forgiveness Teachers

A qualified borrower would need to teach full-time for at least five years or more consecutively. Borrower must actively teach in specific elementary, secondary and educational services agencies that serve in low income communities and meet additional qualifications. But, this is not the case for every Student Loan Forgiveness Teachers program.

Which loans qualify?
The qualified loan types for teacher loan forgiveness is
  • Direct Subsidized Loans
  • Direct Unsubsidized Loans
  • Federal Subsidized Stafford Loans
  • Federal Unsubsidized Stafford Loans
  • Direct Consolidation Loans
Parent PLUS loans do not qualify unless they are consolidated into a new Direct Loan.

Get Your Free Forgiveness Consultation?

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Teacher loan forgiveness requirements
  • Must not be in default on your student loans
  • Must not have an outstanding balance on or before Oct 1, 1998
  • Loans must have been made before the end of your five years of teaching
  • Must have been employed for the full five years on full time employment and must be in consecutive years. At least one of those years must be after the year of 1997-1998
  • Must be employed in a school district that qualifies for Title I Funding

General Student Loan Forgiveness

This student forgiveness loan program is for borrowers that consolidate their student loans in a federal student loan consolidation program, but are not qualified through Public Service Loan Forgiveness or does not operate out of the profession of teaching.

Borrowers that enter into an income driven repayment plan will receive general student loan forgiveness after 300 months of making monthly payments. Also, With certain income driven plans a borrower can qualify for student loan forgiveness after 240 months.

Borrowers must have federal student loans to qualify for general student loan forgiveness.

Need your monthly payments reduced?

Fine out if you can get total loan forgiveness!

833-782-7133

How to apply for student loan forgiveness

Also, How do I get Started with the Student Loan Forgiveness Program?

If you are interest in fasfa loan forgiveness programs, the best thing to do is to consult with a student loan professional.

Professional assistance is a good option for learning what direction would best for you in your pursue of how to qualify for student loan forgiveness programs. Furthermore, all of these student loan forgiveness programs have standards and specific requirements.

Also, find out all you need to know so you do not waste your time reaching for something you may not have the requirement met for.

Still, if you believe there is any chance you are meeting all the requirements and fall into the laws and regulations to obtain student loan forgiveness then definitely go for it.
Freedom from paying on your student loans could open the door for much more access to other goal financial goals and desires.

It is possible to get a federal student loan forgiveness program, or as some refer to as a fasfa loan forgiveness. Sometimes all you just have to do is reach for it.

Parent PLUS Loans & Refinance PLUS Loans

DO YOU QUALIFY FOR STUDENT LOAN FORGIVENESS?

2019

Easy to qualify programs for student loan relief
After graduation my loan payments where sky high
…I made the call and walked away with my loans forgiven!

You Should Call

833-782-7133

Parent PLUS Loans & Refinance PLUS Loans

Daniel Morgan

Updated – Oct 9th 2019

Parent PLUS Loans & Refinance PLUS Loans
So what is a Parent PLUS loan?

Parent PLUS loans are student loans taken out by a parent to help a child or grand child afford the cost of college attendance. Often, these type of loans will allow a parent or guardian to borrow the total amount or cost for the student’s college education. we are going dialogue on the topic of Parent PLUS Loans & Refinance PLUS Loans and what you can do about them.

Unfortunately, these Parent PLUS loans can come with a fairly high cost. Most Interest rates for Parent PLUS loans are very high, because of this more borrowers become more drawn toward refinancing the Parent PLUS loan at some point. Currently, Parent PLUS loans are 6.31% for loans disbursed on or after 7/1/16 and before 7/1/17.

However, there is light at the end of the tunnel, there are multiple options for refinancing Parent PLUS loans.

Let’s go ahead and take a look at a few of these options for borrowers seeking to refinance their Parent PLUS loans.

1. Consolidating Parent PLUS loans

The consolidating of your Parent PLUS loans can provide some great benefits. With that being said, the consolidating of your parent plus loans can also bring limitations to other benefits and you could lose out of benefits as well.

Consolidating a Parent PLUS loan can limit your repayment options. Borrowers that consolidate their Parent PLUS loans are ineligible for income driven repayment plans, these plans include (income based, income contingent, pay as you earn, and revised pay as you earn)  

However exceptions can exist, for example: if a borrower has other federal student loans such as subsidized or unsubsidized stafford loans and they consolidate those loans together with their Parent PLUS loan, then the new loan will become eligible for income driven repayment options.

The loss of these repayment options can become a regret in the future if you at some point run into a financial hardship of some sort.

Borrowers that consolidate their Parent PLUS however are eligible for repayment plans such as the standard, graduated and extended graduated repayment plans.

Generally, these repayment plans are for 10 or 15 years in terms of repayment time period.

Can you refinance
your student loans?

CALL TO FIND OUT

833-782-7133

2. Refinancing Parent PLUS loans

You may be a parent that is already comfortable with the monthly and interest terms you have on your parent PLUS loan right now but, better conditions can always be obtained

The refinancing of a parent plus loan is usually done with a private lender or bank. Borrowers looking toward the refinancing option usually are seeking to get their student loan interest rates lowered.

Just as with parent plus loan consolidation, a credit check will be conducted.

The advantage of a parent refinance the loan instead of the student is that a parent usually has more employment history as well as credit history. Because of this a parent will be eligible for better and more attractive interest rates. Over time with a lower interest rate a parent borrower can save a great deal on interest paid.

For borrowers that don’t mind more or less losing most of their federal student loan rights and benefits, they would certainly benefit from looking into how to refinance Parent PLUS loans.

Still, be mindful that some of these federal rights and benefits include alternative repayment terms, forbearance, deferment and student loan forgiveness programs.

Need your monthly payments reduced?

Fine out if you can get total loan forgiveness!

833-782-7133

3. Parent Refinance to the Student

Currently a small number of banks and lenders are allowing the child or student to refinance the Parent PLUS loan in their name.

Basically in this option the student completes an application to apply for a private loan. What makes it work is that a student can get approved for a lower interest rate on the private loan. Then use that money to pay off the Parent PLUS loan with its much higher interest rate.

However, credit is a factor with this method. A borrower will need to have good credit and a steady salary.

Generally, online lenders are the best to use with this option. Online lenders will allow the borrower to choose a payment that fits their budget. As well as, choose how long they would like the payment term to be. Usually terms are three to seven years.

The best part about this method is that the parent becomes completely free of the financial obligation of paying back the parent plus loan debt. Is the refinance of Student loans for parents for you?

Is the refinance of Student loans for parents the right option you?

Maybe, if you are not sure if Parent PLUS loan consolidation or refinancing Parent PLUS loans is right for you. Then, think about checking out all of your options. You just may be able to save more money on interest. Or, retain a lower monthly payment by making the decision to refinance Parent PLUS loans.

But i think we call can agree that less money on student student loans can mean more money for traveling, investments or retirement goals.

More available money to payoff other lingering credit hindering debts is always a plus. Refinancing your Parent PLUS loans maybe just the thing you need. now that you understand the Parent PLUS Loans & Refinance PLUS Loans process.