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Information on Nelnet Student Loans

Nelnet student loans are one of the numerous U.S. private student loans. Nelnet works together with the Department of Education, helping college students to pay to their tuition and other education-related expenses and to achieve their educational goals. Nelnet has favorable and simple terms and application conditions and are among the most popular private student loans because of their low interest rates.

Nelnet Student Loan Servicer

You can borrow your student loan directly from the Nelnet, but they also provide customer service for other lender’s loans, including student loans issued by the Department of Education. Nelnet provides customer service on your account if: you borrowed money directly from them, if Nelnet services your Direct Federal student loan borrowed from the Department of Education, your lender selected Nelnet to service your loan, sold out your loan to the Department and selected Nelnet to service the loan or in case your lender sold your loan to Nelnet and Nelnet is now the owner and servicer of the loan.

Nelnet Student Loans Eligibility Requirements

To qualify for Nelnet student loans, you must meet the following eligibility requirements:

  • You must be enrolled in an eligible school at least on half-time basis;
  • You have to apply with the creditworthy cosigner;
  • You as a borrower, as well as the cosigner must be at least 18 years old;
  • You must be a U.S. citizen;
  • You should not have any of your student loans into default and no bankruptcies for the previous 7 years.

Nelnet Student Loans Benefits

The main advantages of this private student loan option are favorable borrowing terms and conditions. Furthermore, applying with a co-borrower may increase your chances of getting the loan and help you to save some money. In addition, Nelnet offers the loan consolidation program which allows you to replace multiple student loans with just one and to make one singly payment a month which will decrease your monthly repayments.

How to Apply

To qualify for Nelnet Student loans you will have apply by to filling out the FAFSA (Free Application for Federal Student Aid) application. You will need to file in a new FAFSA after January 1 each year you go to school.

Nelnet Student Loan Stages

During your student loan’s life, from the time you take it out to the time you pay it back, there are generally three stages: in school period, grace period and loan repayment period. Borrowers of the Federal Stafford Loans typically go through these three stages. Borrowers of other student loan options such as parent PLUS loans or GradPLUS loans for graduate and professional students have somewhat different experiences.

However, your school will work directly with Nelnet to make sure your lender knows which stage you are in. Your servicer will be in touch with you and communicate based on your needs at that time. To help you understand the student loan life process, there is an overview of the stages of the student loan life cycle below.

Federal Stafford Loan Stages

In School Period

No payments are required during your period in school, as long as you are enrolled att least half time, which could take two to four years.

Grace Period

After leaving school, you’ll be provided six months grace period. This period is intended to help you get ready to make your student loan repayment, by finding a job or fit the loan payment in your budget in other way.

Repayment Period

Repayment period can take one to twenty years. In general, Stafford and PLUS loans must be paid off within 10 years from the start of loan repayment. Nevertheless, a grace period, periods of postponing your payments due to deferment or forbearance, and  time  when the payments weren’t due (while you were in school)  will not count toward the 10-year repayment term. You may extend the repayment term if you meet the requirements for the Extended Repayment plan, Income-Based Repayment plan, or Income Contingent Repayment plan. On a consolidation loan, the repayment period may extend up to 30 years depending on the initial balance of the loan.

Federal GradPLUS Loans

Federal GradPLUS loans are loans for graduate and professional students. There are no payments required while you are enrolled in school at least half time, but you can make early payments if you like, there is no early payment penalty. Also, you’ll enjoy six months deferment period after you graduate or drop below half-time student status (for GradPLUS loans loan postponement is called a six-month deferment, not grace period). You’ll receive your monthly student loan billing statement about three weeks before your payment is due. When you start making payments, your Nelnet student loan is considered to be in repayment.

Federal PLUS Loans for Parents

Federal PLUS student loans are designated to parents of dependent students to help them with their child’s education costs. PLUS loans are typically disbursed in groups of funds directly to the school, usually in two installments, half during a fall semester and the other half during spring semester.

At the earliest, your first PLUS loan payment would be due 60 days after the school receives the last set of funds. Although Federal PLUS Loans don’t have a grace period, you can postpone payments while you or your student is in school—but note that the loan will continue to accrue interest. Nelnet servicer is going to send your monthly student loan billing statement about three weeks before your loan payment is due. When you start making payments, your loan is considered to be in repayment.

Nelnet Student Loans Forgiveness Options

Teacher Loan Forgiveness Program

Nelnet student loans offer loan cancellation option for teachers for Federal Stafford loan borrowers with the intention to support growth of the teaching profession. You can qualify for this loan forgiveness opportunity if you teach full-time for at least five consecutive academic years in so called low-income schools that serve low-income families. You may qualify for up to $17,000 of student loan with this loan cancellation option.

Public Service Loan Forgiveness (PSLF)

If you work in public service, you may be eligible for cancellation of your remaining federal student loan balance after making qualified 120 payments made under the Income-Based Repayment Plan, Income-Contingent Repayment Plan, or the Standard Repayment Plan. Eligible loans for this forgiveness option include Direct Stafford Loans (subsidized and unsubsidized), Direct PLUS Loans (for parents and graduate or professional students), and Direct Consolidation Loans.

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Student Loans Forgiveness Opportunity with Sallie Mae

Student loans are designated to give assistance to students in paying for their educational expenses, which is beneficial to millions of students in the terms of their pursuit for successful career. However, student loans can lead into a deep financial crisis if you let your debts pile up and it can take years to repay your loan. Though, there is a loan forgiveness program offered by the federal government intended to help a selected group of college graduates to repay their student loans. This group includes nurses, teachers and law students who choose to work in areas in high demand such as high need healthcare facility, low-income schools or as public interest attorneys with deprived individuals. Student loan forgiveness is offered to these professionals in exchange for certain number of years service in the fields above-mentioned. Sallie Mae Loan holders may apply for this loan cancellation program if they meet certain eligibility requirements.

Are you Eligible for Sallie Mae Student Loan Forgiveness?

To qualify for the Sallie Mae Student Loan Forgiveness, you must meet certain criteria:

  • You must have started your student loan with Sallie Mae after June 30th, 1985 and no later than July 1st, 2009;
  • Your student  loan debt cannot be over $100,000;
  • Your Sallie Mae loan must be in good standing;
  • You cannot presently be an enrolled student at a qualified institution.

In addition, every of the particular loan holder categories must meet additional conditions in order to qualify.

Nurse Student Loan Sallie Mae Forgiveness

RNs, LPNs, nurses with advanced degrees, and particularly nurse faculty are all in high demand in the USA today. In order to qualify for this cancellation opportunity, professionals in this field must:

  • Be holders of student federal loans and
  • Work in a high demand healthcare facility

Teacher Student Loan Sallie Mae Forgiveness

To be eligible for teacher loan cancellation, borrower must:

  • Work in a designated low-income public school or private non-profit school for at least five consecutive years or
  • Teach one of critical need study area, such as math, science or bilingual courses
  • Works with disabled children
  • Works In early childhood programs.

Law Student Loan Sallie Mae Forgiveness

Field of public interest law is in high need and attorneys who work with disadvantaged individuals are eligible to apply for their student loan cancellation.

How to Apply for Student Loan Sallie Mae Forgiveness

  • First make sure that your student loans meet the criteria
  • Make 120 required payments under one of Direct Loan repayment programs such as Standard Repayment Plans, Income Contingent Repayment Plans and Income Based Repayment Plans
  • Find employment as a teacher in certain schools or fields for at least five consecutive years , as a nurse in high need healthcare field or a public interest layer
  • Fill out a forgiveness form from the Department of Education
  • Get your teaching certification from the school’s administrator or your employer in order to qualify for Sallie Mae student loan cancellation
  • Following your loan forgiveness application is finished send it to your loan servicer for the further processing
  • If your loan provider finds that you are eligible for student loan forgiveness, you will be mailed a confirmation for the cancellation balance.

Don’t miss the opportunity to get your student loans cancelled. If you find that you qualify, apply today for your Sallie Mae student loan forgiveness.

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Basics of Student Loan Forgiveness and Repayment Programs

While costs for a college education continue to rise, people aren’t making much more money than they did a few years ago. Because of this, many family’s budgets are stretched beyond the ability to pay for a college education out of pocket. In this situation how many people take out student loans to help pay for their education at a university. Many people who have completed college are left with large student loan balances that could take many years to repay. While large student loans can be an issue, some people can actually qualify for student loan forgiveness.

Student Loan Forgiveness

So what exactly is student loan forgiveness and how does it work? Student loan forgiveness is a process in which the lender eliminates part of the debt that the borrower has in place. Once the that has been forgiven, the borrower does not have to worry about repaying it at any point in the future. There are many different types of student loan cancellation that are available to individuals who have outstanding debt.

Medical Loan Forgiveness

In order to become a doctor, you have to go to medical school, which takes many years to complete MD education. Because of this, doctors are often left with very large student loan balances after they get done with college. With the medical loan forgiveness program, doctors can get a big portion of their student loan debt forgiven in exchange for working in a specific geographic region. Most of the time, doctors are needed in rural areas at hospitals and clinics. As long as a doctor is willing to go to these areas and work for a certain number of years, he can get part of his MD student loans cancellation.

Teacher Loan Forgiveness

Another way that you could get part of your student loans forgiven is if you work as a teacher. The teacher loan forgiveness program makes it possible for certain school teachers to get part of their debts forgiven if they work in a qualifying school district and many States like Georgia, Texas or Arkansas have their own programs of loan cancellation in addition to federal program. If you serve a school district that helps many low-income families and children, you may be able to get up to 30 percent of your student loans taken away. This can be a sizable forgiveness amount, depending on how big your loans are overall.

Volunteer Work

In many cases, you can get your student loans forgiven by participating in volunteer work. If you have Stafford loans or Perkins loans and you volunteer for the Peace Corps or AmeriCorps, you can get up to 70 percent of your loans forgiven, depending on how long you are in the program. With this option, you need to make a difference in the lives of people all around the world, while getting rid of your student loan debt at the same time.

Legal Forgiveness

If you get a law degree and then work in a non-profit company or charity after law school, you could get part of your loans forgiven. Many law schools will actually forgive part of your loan if you work in one of these types of entities after you graduate.

Compared to Repayment

Some businesses and other entities will actually repay part of your loans in exchange for your service. While this provides the same results as loan forgiveness, it is technically not the same thing. With loan repayment, the company that you work for simply pays off some of your loan. For example, the military loan repayment program offers members of the military up to $10,000 to repay their student loans.

Tax Considerations

If you are thinking about getting part of your student loans forgiven, you should pay attention to the tax factors involved. Depending on what type of loan forgiveness you take advantage of, you may have to pay taxes on it. When you get loan cancellation for being a teacher, working as a lawyer, working as a doctor or volunteering for the Peace corps, you will not have to be responsible for taxes on that forgiven debt.

However, if you get part of your debt forgiven because the school closed or because of an unpaid refund, you may have to pay taxes on that amount. If you have debt forgiven because of debt or disability, the amount that is forgiven is taxable.

Considerations

Overall, the student loan cancellation programs are definitely helpful if you qualify for them. If you are thinking about pursuing one of these programs, just make sure that you find out if you’re going to be liable for paying taxes on the amount that has been forgiven. If you are sure that you can handle the taxes that come with the forgiven debts for you will not be responsible for taxes, then move forward with the student loan forgiveness program.

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Suggestions to Obtain Student Loans for Bad Credit

Many people face difficulties in getting approved for a student loan if they have a poor credit score due to the improper payment of debts. Even if they have received the help from debt settlement attorney to pay off their debts, their credit score does not seem to improve. If you are in a similar situation and you need a student loan, then read along to find out suggestions for obtaining student loans for bad credit. It is difficult to get student loans for bad credit but not impossible.

How to get student loans for bad credit

College education is expensive. In most cases, it becomes necessary to get student loans in order to pursue college education, medical school or law university. If your bad credit is creating obstacles in getting a student loan, follow the suggestions given below in order to obtain one:

1.) Strive to improve your credit – Give adequate effort to boost up your credit before you apply for a student loan. You can slowly improve your credit report, by adding positive information on it. It can be done through the following ways – staying within credit limits of your credit cards, staying current on payments, paying off outstanding debts and avoiding unnecessary expenses. Lead a frugal lifestyle and cut down on all unnecessary expenses. You can prepare a budget for this. A budget will help you pay your bills on time and manage your finances more efficiently.

2.) Take advantage of federal loans – You can visit the Free Application for Federal Student Aid (FAFSA) website in order to determine whether you’re eligible for government loans or not. Such loans are available with flexible terms and conditions and low interest rate below the market. As long as you fulfill their criteria, you may become eligible for a government backed loan, even with bad credit. As compared to private loans, federal loans are better options especially in cases of student loan for bad credit.

3.) Try for home equity loans – You can try to get a home equity loan by keeping the equity of your house as collateral. Make use of your home’s equity in order to fund your college education. However, due to your bad credit, you may be offered a home equity loan with high interest rate. In such a case, you can negotiate with the bank to lower the rate of interest. You can consult your local bank where you have conducted transactions before. This process can help in obtaining a student loan for bad credit without involving exorbitant interest rates.

4.) Seek the help of a co-signer – Student loan for bad credit can also be obtained by finding a co-signer. You can ask any of your family members or any other loved one, to become a co-signer on the loan as long as he/she has a decent credit history. Banks may agree to grant you loans if you get a creditworthy co-signer or a co-borrower. Οtherwise the borrower need to consider for a loan without cosigner which is more difficult to get.

5.) Get aid from your school – Consulting the financial office of your school can prove to be very helpful. You can get ample amount of information about student loans for bad credit. The representatives of the financial office can tell you about the places where you can apply for student loans. Even with poor credit, you can manage to get a loan by getting help from your school.

A bad credit can restrict your chances of getting approved for a student loan. However, that does not mean that you’ll not get a student loan at all. Apart from following the above mentioned suggestions, you can conduct extensive research about trusted financial institutions which are willing to grant student loans for bad credit. Once you get approved for such a loan, make sure you’re very careful with your finances so that you do not land up in a huge pile of debt when your college ends.

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The New Obama Student Loan Forgiveness Program

Obama’s student loan debt forgiveness plan

The promises that a quality college education will guarantee a great paying job are lost with a downturn of the U.S. economy. The unemployment rate has remained above 9% for the last two years as employers are practicing a hiring freeze or reducing their payrolls. In the last several years, college students have spent thousands of dollars in college tuition to get a quality education and a degree that promises to pay these loans back. Now these graduates cannot find the jobs they need to fulfill their obligations.

Graduates having trouble paying their student loans have many options. Some of these options include deferments and forbearances, where payments can be postponed for any number of reasons until graduates can find a job and begin earning income.

Another option has also been recently made available. The Obama student loan forgiveness program can help help those student that have too much student loan debt. Under this plan students that are making satisfactory payments for twenty years can have their remaining loan balance forgiven, regardless of how much it is. What’s even better news is that people that work in public service, such as teachers, can have their remaining loans forgiven after 10 years, which is good news for public service workers in Georgia.

The Obama student loan forgiveness program covers student loans like FFEL, Stafford loans, Direct loans and the Perkins loans. It is not covered for private student loans. Georgia residents should fill out the application for the Obama student loan forgiveness program sooner rather than later. The ten year repayment period begins as soon as the application is completed and signed. Those people who are already in public service cannot count their previous years of service.

Another option many graduates can take advantage of is the income sensitive repayment plan. This repayment plan limits your monthly student loan payments to 10% of your total income after taxes and other basic expenses are taken into consideration. This is the one solution for many college graduates that are facing limited income after graduation. In some cases, if income is low enough, the monthly student loan payment can be zero, but it can still count towards the 120 qualifying payments.

While many Americans will attempt to put their student loans into deferment or forbearance, it’s worth doing a little bit of research to find out if you qualify for the newly passed student loan forgiveness program. In fact, you may discover any number of programs that could apply to your situation should you not qualify for the new Obama plan. The last thing anyone should do is allow their loans go into default as this would disqualify any type of repayment plan. Making payments on any plan also gives a person the chance to save or rebuild their credit score too.

Many Americans have student loan debt and are making payments over many years. The student loan debt forgiveness plan can help by limiting the duration of the loan payments for 20 years or even cut it in half for public service workers. Even better is that many students can take advantage of the income sensitive repayment plan and have their monthly payments reduced even further.

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