Education Loan for CA student

Beware!

debtreliefThere are countless ads online from companies offering to help you manage your student loan debt…for a fee, of course. But, did you know that you can get help with your student loans for free?

If you’re a federal student loan borrower, the U.S. Department of Education provides free assistance to help:

  • Lower Your Monthly Payment;
  • Consolidate Your Loans;
  • See If You Qualify For Loan Forgiveness; and
  • Get Out of Default

Lower Your Monthly Payment

Are you out of a job or not earning very much? The federal government makes it easy for you to switch to a more affordable repayment plan at any time at no cost.

Your loan servicer – the company that collects your payments, responds to your customer service inquiries, and does other tasks related to your federal student loan – can help you decide which repayment plan best suits you. Click here for a list of servicers’ contact information and to find out how to look up your servicer.

Consolidate Your Loans

Some people find it simpler to group all their student loans into a single loan with one interest rate and one monthly payment. If you choose to consolidate your federal student loans with the U.S. Department of Education, you, too, may be able to take advantage of flexible repayment plans, including ones that base your payments on your income and family size.

April JordanSee If You Qualify For Loan Forgiveness

Loan forgiveness is the process by which a borrower is released from their obligation to repay all or a portion of the principal and interest on a student loan. This also is known as discharge or cancellation. Loan forgiveness programs were created to encourage people to take certain types of jobs, to help borrowers with lower income jobs, and to compensate for permanent disabilities.

Many student loan companies advertise that they can help you get your loans forgiven. And sometimes, they simply are using the Department of Education’s free resources to help you, but are charging you to do so.

In fact, your loan servicer can help you determine if you qualify for loan forgiveness … for free.

Get Out of Default

If your loan is already in default, the debt relief companies know it and may target you with online and mobile ads, phone calls, and maybe even letters to your home address. By being in default, you’ve already incurred added interest, and you’re subject to collection fees. There’s no reason to add additional fees by signing up with a debt relief company.

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