Pay off student loan debt and lead a stress free life
Problem:
I live in Georgia and have just received a notice of student loan default. My total Federal student loan debt amount is around $30,000. One of my friends told me that either I can pay off student loan debt through
Georgia debt settlement programs or can try out other options such as loan forgiveness. I was told that debt settlement can help in reducing the total debt by a considerable amount. Is it true? Which one is the best option?
Solution:
If you have defaulted on the Federal student loans, then you should explore various debt relief options available in the market. You can pay off Federal student loan debt in various ways such as Federal student loan rehabilitation program, loan forgiveness, student loan consolidation, etc.
The government provides Federal student loan rehabilitation program to help struggling debtors pay off their loans. This program is available to those students who have taken out Stafford loans and Perkins loans. Under this program, the US Department of Education will work with you to rehabilitate the loan. However, after enrolling in the program, you have to make payments on time for 9 consecutive months.
Since you have student loan debt, and you cant pay it off through a Georgia debt settlement program, therefore one way to reduce your debt is by applying for Loan Forgiveness. The Federal government agrees to forgive a portion of student loan debt under certain circumstances. For instance, if you work in social organizations such as Americorps, Peace Groups or Army National Guard, then you may be eligible for loan forgiveness. Government might even agree to reduce a portion of the debt if you work as a teacher in low-income neighborhood or you are a nurse.
Student debt consolidation loans can also help you eliminate debts. You can get consolidation loans for almost all kinds of Federal loans such as Guaranteed Student Loans, Stafford, Perkins, etc. The consolidation loans help you to merge your debts into a single monthly payment. As the interest rates on these loans are low, therefore it becomes easier for the individuals to make the monthly payments. Although the interest rates may be low yet you can end up paying more in the long run as the loan term has been extended to an indefinite period.
With student loan consolidation, youll only have to make affordable payments for a consolidation loan. There is no need to worry about making multiple payments every month. As far as loan forgiveness is concerned, youll be able to take advantage of that only when you work in some social organizations. There is also no guarantee about how much of the loan amount will be forgiven. Considering this, I would suggest you to go for Federal student consolidation loans to get rid of student loan debt comfortably.
Pay off student loan debt and lead a stress free life
By: Jason Holmes
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