Student Loan Debt Help

Student loan debt reduction primarily recognizes a student borrowers’ lack of ability to put down a full payment on their outstanding student loans or borrowings. Those students who have completely exhausted their interest relief under the program for Interest Only Relief may now qualify for our debt reduction program. In addition, those students who have been out of post-secondary studies for at least five years can also qualify for our student loan debt reduction program. This helps these students to thereby reduce the loan principal to a level that is slightly more affordable.

If the case is such that annual payments, on an average, are exceeding fifteen percent of the income of a family, then the principal amount of the student loan can be reduced. The maximum amount of assistance that can be given is the lesser amount of up to half of the loan amount, or up to ten thousand dollars. The eligibility criteria that must be met by a student who wishes to avail the student loan debt reduction are multifold.

To be eligible for our debt reduction program, it is required that the borrower must have completely exhausted all the available interest relief. The period for the borrower to repay the loan must be at least fifteen years and his or her loan must be in good standing. It is also required that the borrower must be able to demonstrate that he or she has an income that is robust and consistent enough to support the payment, post-reduction.

Our student loan debt reduction division is in place simply because most debt reduction/debt settlement companies in the U.S. do not want to deal with the complexities of these quasi-government loans. We also recognize that in today’s economic environment, it is imperative to be a leader with trained professional consultants who understand the issues and stay current with the ever-changing laws regarding student loans.

Student loans are now a staple of our society as the boon to those students who are under the intense financial burden for loans, coupled with rising academic competitiveness and pressure of studies, continues to excel. Now more students can look towards higher studies and a promising career without the fear of large loans and repayment issues.

Student Loan Debt Repayment Options

When it comes to paying off student loans, you have several some options available to you through our debt relief program. It is very important that you have a budget and understand what your budget is for paying back this loan(s) in order to develop a realistic financial plan that you can stick with.

Again, most student loan lenders will give you a grace period after graduation to allow you time to find that job you dreamed about. This is usually about six to nine months following the end of your education. However there are some lenders that will require you to start making repayment immediately. These types of student loans usually only require you to pay the interest only to begin with. This is why is critical to know what type of student loan(s) you have as well as a solid budget you can stick with.

If you are struggling to make payments, contact a debt relief company right away and find out if they work with student loans. A majority of companies do not work with student loans as they are quasi-government secured loans. We at Nationwide, on the other hand, are one of the few debt reduction companies that can assist you with your student loan(s). Below are some options available to you for student loan debt relief:

Look into alternative repayment programs. For example, look and see if you can get an extended loan term to decrease your monthly payments by extending your loan over a longer time period.
If you qualify, you can apply for an economic hardship deferment to see if you can reduce or suspend monthly payments. We will assist you with that.
Whatever you do, do not ignore the loan(s) or just stop making payments altogether. This could further damage your credit report, lead to wage garnishments, or have bill collectors trying to chase you down.
There are special programs for people who have suffered an accident or disability, and sometimes even qualify for a loan cancellation under special circumstances.
Military personnel may also qualify for a cancellation of a student loan(s), depending upon their military status and circumstances surrounding their hardship.
You may be eligible for a loan modification, forbearance or deferment as well, depending upon the status and type of student loan(s).

Most importantly, if you do not know where to turn for help, contact our offices right away. We have a division within the company that deals specifically with student loans, and we can help you. Call us toll free at 800-890-6658.

What Happens if I Default on My Student Loan Repayments?

If you are one of the select few, who through no fault of your own, happen to fall behind on your student debt loan(s), take heart. There are several things the lender/creditor can do.

For example, they could make the loan due and payable in full immediately. This obviously does not help the matter, as you are defaulting for a reason, usually because you do not have the money. Calling the loan due immediately does not solve the problem.

Secondly, the lender/creditor could turn you account over to a collection agency, or worse and an attorney’s office that specializes in collections! Here is where you start getting those threatening letters, etc.

In either event, you will begin to incur late charges, fees, possible higher interest rates, and of course the dreaded damage to your credit report. Hey, it happens. It is not the end of the world.

If this happens to you, call us immediately. As one of the few debt reduction companies in the U.S. that has its own student loan division, our team of experts will help outline a plan of action for you that the lender/creditor most likely will find amenable given your particular situation. The loan(s) have already entered into a default status, all we need to do now is work out a compromise.

After you have made twelve student loan debt payments and received “rehabilitation” status, you will no longer be considered in default. Credit bureaus will then look favorably on you and eliminate the default record from your credit reports.

Student loan debt relief can be accomplished by working with debt professionals who know the ins and outs of these specialized loans. To speak with one of our qualified consultants, call us toll free at 800-890-6658 now!

Can a Debt Relief Company Help You with Your Student Loan(s)?

Are you like hundreds of thousands of other young adults who are looking for debt relief with their student loan(s)? Graduating for collage is by far one of the greatest accomplishments you will receive before reaching the age of 25. However, to do it, you had to beg, plead and oh yeah, BORROW to get it done. Student loan debt is the third largest collection of debt after government debt and personal debt. In addition, if you are an “average” person, you more than likely have more that $25,000 in loans that need to be paid back.

The excitement of graduating from college can soon turn to a nightmare if you cannot find steady employment within the first six to nine months. Unless you move back home, finding a way to earn a steady income can be a daunting task. That is why most student loan “managers” will allow you a grace period, usually six to nine months, following your graduation, before you have to start paying back on these loans.

More often than not, more than 50% of all graduating seniors will struggle to pay back their loans, and a small percentage of those will default entirely. This is very unfortunate, as the first thing that it affects is your credit report…the very same thing a new employer looks at for hiring someone out of college. Second, there are numerous alternatives that are available to you, including a debt relief program, that can guide you through these options.