Jason-Spencer-Student-Loan-Relief-Dallas

Jason Spencer Student Loan FAQ’s on Consolidation from Dallas Texas

Posted on Posted in Jason Spencer Student Loan Relief

FAQ’s ABOUT CONSOLIDATION

  1. Are there any minimum balances required to consolidate?

The Federal Direct Consolidation Loan Program does not have a minimum balance requirement. (When FFELP lenders were able to consolidate federal education loans, some lenders required a minimum balance of $5,000 or $7,500. Since July 1, 2010, only the direct loan program has been able to consolidate federal education loans.)

  1. Does consolidation affect my credit rating?

No. Education debt is considered “good debt”, as it represents an investment that generally increases your ability to earn money to repay debt. Even though consolidation may increase the term of the loan, it does not appreciably change repayment behavior. (Defaulting on your education loans, on the other hand, will negatively impact your credit rating.)

  1. how do I go about consolidating my loans?

Visit the federal direct consolidation loan web site at loanconsolidation.ed.gov to consolidate your loans. This is a self service web site that allows borrowers to consolidate their loans online. Borrowers can also call 1-800-557-7392 (TDD 1-800-557-7395).

The US Department of Education will then contact the lenders to determine loan payoff amounts and issue a new consolidation loan to pay off the loan balances on the borrower’s existing loans.

Until you receive notification that your original loans have been paid off, continue making payments on those loans. You don’t want to go into default on those loans, since that would prevent your consolidation loan application from moving forward.

  1. Are there any ways to save money through consolidation?

Previously, some lenders would offer small discounts as an incentive for borrowers to consolidate with them. Most lenders stopped offering discounts during the subprime mortgage credit crisis. Since July 1, 2010, all new federal consolidation loans have been made through the direct loan program, so there is no longer any competition among lenders to attract borrowers. However, the federal direct consolidation loan program offers a 0.25% interest rate reduction for borrowers who agree to repay their loans through auto-debit.

Before July 1, 2006, federal education loans had variable rates. A consolidation loan was a useful tool for locking in the current rate on a variable rate loan. Consolidation loans earned a reputation for saving borrowers money because locking in the interest rate prevented the interest rate from rising. Lenders would compare the locked in rate with the maximum possible interest rate or the historical average interest rate. However, since July 1, 2006 all new federal education loans have had fixed rates. Consolidation is no longer needed to lock in the interest rate, since the interest rates are already fixed. Thus consolidatiton does not save money. (Some borrowers consider consolidation loans to save money because the borrowers can then choose an extended repayment term, which reduces the monthly payment. But this comes at a cost of increasing the term of the loan, which increases the total interest and total payments over the life of the loan. For example, if a borrower switches the repayment term on an unsubsidized Stafford loan at 6.8% interest from 10 years to 20 years, it cuts the monthly payments by about a third, but more than doubles the total interest paid over the life of the loan.)

  1. Can parents consolidate PLUS loans? Should they?

Yes, parents can consolidate PLUS loans. Consolidating a PLUS loan can yield some savings if the Parent PLUS loan has an 8.5% interest rate, since consolidation reduces the interest rate from 8.5% to 8.25% due to the cap on the interest rates of consolidation loans. However, one must consider the impact of consolidation on available student loan discounts.

Since July 1, 2010, all new PLUS loans have had a 7.9% fixed rate, so consolidation does not reduce the interest rate on more recent PLUS loans. In fact, it will increase the interest rate from 7.9% to 8.0%.

  1. I have just one loan. Can I consolidate?

Yes, so long as the loan being consolidated is not itself a consolidation loan. To reconsolidate a consolidation loan, you must be including additional loans. Otherwise, you can consolidate even just a single loan.

  1. I consolidated a few years ago. Can I consolidate again?

Consolidation loans may only be reconsolidated when you are adding more loans to the consolidation. If you do not have other federal education loans to include in the new consolidation loan, you cannot reconsolidate a consolidation loan unless you are consolidating the loans to move them from the FFEL program to the direct loan program. Note that reconsolidating a consolidation loan does not relock the interest rates on the loan.

  1. I have not yet graduated. Can I consolidate my loans?

No. The early repayment status loophole was repealed, effective July 1, 2006. In addition, the ability of Direct Loan borrowers to consolidate during the in-school period was also repealed on this date. You can only consolidate during the grace period or after your loans enter repayment. (If you drop below half time enrollment status, your loans will be eligible for consolidation. Summer enrollment and accelerated programs, however, generally do not qualify you to consolidate your student loans.)

  1. I qualified for a 2.25% discount on my unconsolidated Stafford loans (i.e., 0.25% interest rate reduction for direct debit and 2% interest rate reduction after 48 months of on-time payment). If I consolidate, will I lose these benefits? Is it still worthwhile to consolidate?

A consolidation loan is like a refinance. It is a new loan that pays off the original loans. The new loans does not have any of the special discounts that were provided on the original loans. If you consolidate your loans, you will lose any existing loan discounts.

To determine whether it is worthwhile to consolidate, you need to compare the value of the loan discounts you will get if you consolidate with the value of the loan discounts you retain if you don’t consolidate.

  1. I don’t remember who my lender is. Help!

The financial aid administrator at your college may be able to help. You can also look up your lender online. See FinAid’s Lost Lender page for information about the National Student Clearinghouse’s Loan Locator service and the NSLDS Student Access.

  1. Can I consolidate private education loans? Can I consolidate my Federal and private loans together?

You cannot consolidate private education loans into the Federal consolidation loan program. However, some lenders offer private consolidation loans for those loans. We do not recommend including federal education loans in a private consolidation loan, as this often increases the interest rate. You will also lose several important benefits of the federal education loans, such as flexible repayment terms and generous loan forgiveness and cancellation provisions. Consolidate your federal loans separately, with the federal consolidation loan program.

Note that in most cases the private consolidation loan is a variable rate loan, so you aren’t locking in a lower rate, just switching lenders. The new loans will have a new variable interest rate based on the borrower’s current credit score.

However, if a borrower has been in repayment for a few years and has been making all payments on time as per the agreement, their credit scores may have improved. This may allow a borrower to consolidate to get a better interest rate. (Typically, a borrower’s credit scores decrease with each year in school, since each year brings a higher loan balance.)

Some borrowers will seek a private consolidation on their own as a form of cosigner release. The new loans, which does not include a cosigner, pays off the old cosigned loans, effectively releasing the cosigner from the obligation to repay the loans. (Some lenders offer a cosigner release option which will release the cosigner from the obligation to repay the debt after 12, 24, 36 or 48 months of on-time payment, provided that the primary borrower satisfies credit criteria. Borrowers report that it is difficult to qualify for cosigner release.)

There is at least one lender that offers a fixed rate private consolidation loan, but only to low-risk borrowers. (In general, lenders offering consolidation loans are concerned about adverse selection, where a borrower who is struggling to repay his or her loans believes that consolidation will solve the problem. The last thing any lender wants is to “buy” a default.)

 

Is there a minimum balance required to get a Direct Consolidation Loan?
No, there is no minimum balance required to get a Direct Consolidation Loan.

I have a PLUS loan and a Direct loan. Can I consolidate these together?
Yes, as long as you are the borrower of both loans, you can include both of them in a Direct Consolidation Loan. As a matter of fact, you can consolidate any of the following types of loans into a Direct Consolidation Loan:

  • FFELP loans (Stafford, PLUS, SLS, and prior Consolidation loans)
  • FDLP, or Direct, loans (Direct subsidized, Direct unsubsidized, PLUS, and prior Consolidation loans)
  • FISL loans
  • Perkins Loans (formerly National Student Defense Loans)
  • Health Professions Student Loans (HPSL), including Loans for Disadvantaged Students (LDS)
  • Nursing Student Loans (NSL)
  • Health Education Assistance Loans (HEAL)

Note: if you consolidate a parent PLUS loan with the other loans listed above, the resulting consolidation loan is not eligible for repayment under the Income-Based Repayment Plan.

 

Can I consolidate private education loans with federal student loans? If so, are the interest rates the same as those for federal loans?
Private, or alternative, loans cannot be consolidated into a Direct Consolidation Loan. However, if you do decide to take out a Direct Consolidation Loan, your Direct Loan servicer will consider your total education loan debt when determining the maximum length of your repayment period under the Consolidation loan. Access the Direct Consolidation Loans website for more information about this.

 

I have a Perkins loan in addition to my Stafford and/or Direct loan. Should I consolidate these together?
It’s your decision, but make sure you think it out before taking this step.

One factor to keep in mind is that Perkins loans may lose certain borrower benefits if they are included in a Consolidation loan. For example, you may lose certain loan cancellation or deferment benefits. Talk to your school (the holder of your Perkins loan) for more information.

 

Do I lose any borrower benefits on my Direct subsidized and Direct unsubsidized loans if I consolidate?
Consolidation loans do not have all of the deferments that Direct subsidized and Direct unsubsidized loans do. However, the deferment options most frequently used by borrowers (the in-school deferment, unemployment deferment, and economic hardship deferment) are also available for Consolidation loans.

 

Is there a minimum balance required to get a Direct Consolidation Loan?
No, there is no minimum balance required to get a Direct Consolidation Loan.

I have a PLUS loan and a Direct loan. Can I consolidate these together?
Yes, as long as you are the borrower of both loans, you can include both of them in a Direct Consolidation Loan. As a matter of fact, you can consolidate any of the following types of loans into a Direct Consolidation Loan:

  • FFELP loans (Stafford, PLUS, SLS, and prior Consolidation loans)
  • FDLP, or Direct, loans (Direct subsidized, Direct unsubsidized, PLUS, and prior Consolidation loans)
  • FISL loans
  • Perkins Loans (formerly National Student Defense Loans)
  • Health Professions Student Loans (HPSL), including Loans for Disadvantaged Students (LDS)
  • Nursing Student Loans (NSL)
  • Health Education Assistance Loans (HEAL)

Note: if you consolidate a parent PLUS loan with the other loans listed above, the resulting consolidation loan is not eligible for repayment under the Income-Based Repayment Plan.

Can I consolidate private education loans with federal student loans? If so, are the interest rates the same as those for federal loans?
Private, or alternative, loans cannot be consolidated into a Direct Consolidation Loan. However, if you do decide to take out a Direct Consolidation Loan, your Direct Loan servicer will consider your total education loan debt when determining the maximum length of your repayment period under the Consolidation loan. Access the Direct Consolidation Loans website for more information about this.

I have a Perkins loan in addition to my Stafford and/or Direct loan. Should I consolidate these together?
It’s your decision, but make sure you think it out before taking this step.

One factor to keep in mind is that Perkins loans may lose certain borrower benefits if they are included in a Consolidation loan. For example, you may lose certain loan cancellation or deferment benefits. Talk to your school (the holder of your Perkins loan) for more information.

Do I lose any borrower benefits on my Direct subsidized and Direct unsubsidized loans if I consolidate?
Consolidation loans do not have all of the deferments that Direct subsidized and Direct unsubsidized loans do. However, the deferment options most frequently used by borrowers (the in-school deferment, unemployment deferment, and economic hardship deferment) are also available for Consolidation loans.

 

Jason-Spencer-Student-Loan-Relief-Dallas

Student Loan Relief Help From New Government Legislation by Jason Spencer Dallas

Posted on Posted in Jason Spencer Student Loan Relief

Are you seeking student loan help? Well, you’re not alone says Jason Spencer Dallas.

In the U.S. alone, student loan debt totals more than a trillion dollars. Incredibly, the government owns about 85 percent of that debt, as a result of loans that are disbursed via government student loan programs according to Jason Spencer Dallas. The amount of outstanding student debt held by the U.S. government increases by more than $100 billion each year.

Unfortunately, a large percentage of college graduates are seeking student loan help and student loan relief programs. The reason? Well, it’s due in large part to the ailing economy and the hyper-competitive job market, which makes it extremely difficult for many graduates to get a job that will enable them to survive and pay back their student loans.

Granted, studies still reveal that having a college degree places you in a better position in the job market, as the percentage of unemployed graduates is about half the rate that you’ll see among adults who only have a high school diploma.

But once you factor student loans into the mix, the advantage becomes much less pronounced. Home ownership rates among college grads with student loans are much lower. The credit scores of those with student loans are actually decreasing with age, whereas those without the burden of student loans are seeing a dramatic increase in average credit score over time.

An analysis of the actual amount of money repaid each year has risen slightly in recent years, but a disturbing trend has been detected too. There is a rapidly rising differential between the amount of money that is actually repaid relative to the amount that is estimated to be repaid in a given year. In 2012 alone, the actual amount repaid fell short of the estimated prediction by about 30 percent.

With all these facts, it’s probably no surprise that student loans have the highest delinquency rate among all common of consumer credit, a category which also includes auto loans, credit card debts and mortgages. And student loan delinquency isn’t just growing among 20- and 30-somethings; it has risen significantly — by more than 25 percent in 2012 alone — in all age groups. The average is about 35% delinquency — that means that 1 in 3 college graduates with student loan debt has been unable to make a payment in the past 90 days.

So it’s no wonder there has been a rapid rise in the number of student loan relief programs and student loan forgiveness initiatives.

As many debtors have already discovered, federal student loans are like taxes in that they’ll follow you to the grave. Bankruptcies won’t do you any good; those student loan debts will follow you until you pay them.

But there is one exception that’s available to those who work in a ‘public service’ profession. The U.S. government now offers a Public Service Loan Forgiveness Program, also called the PSLF Program. This student loan forgiveness program enables those who work full-time in a public service field to apply for forgiveness of their debt from student loans that were taken out under the William D. Ford Federal Direct Loan Program. (Notably, Perkins Loans and other loans, such as the Federal Family Education Loan or ‘FEEL’ Program are not eligible for student loan forgiveness.) Individuals are eligible to apply for student loan forgiveness after they’ve made at least 120 payments.

Public service employees who are eligible for student loan forgiveness under the PSLF Program include teachers, nurses, social workers and other similar professions where the individual gives back to society, but often, earnings simply aren’t sufficient to allow for a comfortable financial situation with the burden of student loans.

In rare cases, some or all of an individual’s federal student loan debt may be discharged if an individual is unable to find a job related to their program of study and can prove extreme hardship, but this is typically a very rare event.

There are also a wide array of different student loan debt relief programs available to individuals who are struggling to pay their student loans.

Student loan consolidation is one common solution that’s offered to graduates who have run into trouble and struggle to afford multiple student loan repayments. In this case, the graduate may opt to take out a loan that pays off multiple student loans, thereby decreasing the amount of interest that they’re paying each month. This allows the graduate to make a single, lower monthly payment with only one interest payment instead of multiple interest payments.

Student loan consolidation aside, there are other student loan debt programs that work to negotiate with borrowers to reduce penalties and interest rates, when possible.

There are also a wide range of student loan relief programs, offered by private organizations and private employers. These relief programs typically work by supplementing a portion of each monthly payment, and this, in turn, reduces the individual’s monthly payment burden. Many employers are offering loan assistance as a perk to recent college graduates.

These student loan relief programs can also be used in conjunction with student loan forgiveness programs too.

Student debt is a very serious problem, but there are some programs available to graduates who are struggling to make ends meet.

by Jason Spencer Dallas

Jason Spencer Dallas

Wipe The Sweat Of The Loans Off Your Forehead! by Jason Spencer Dallas Texas

Posted on Posted in Jason Spencer Dallas Texas, Jason Spencer Student Loan Relief

Wipe The Sweat Of The Loans Off Your Forehead! by Jason Spencer Dallas Texas

“Loan, Loan, and a Loan” – A word you must have heard offered to you from a thousand financial institutions while you were planning to get those big titles engraved onto your nameplate before or after your name says Jason Spencer Dallas Texas.

The time was different then and the time is different now. Most young lads don’t quite understand the waiting dangers from a simple Student Loan. They don’t quite see the vicious tentacles of a massive debt waiting to pounce on them once they graduate from the top notch educational institutions. Well, you may have never heard of a full proof particular method of Loan relief except forgetting the world, toiling day and night and giving back the investors their money accompanied with a handsome amount of extra bucks commonly known as interest (Blah Blah). Well enough of the horrific talks.

Can we stop now? Yes, we must. Let’s get straight to the point.

Do ask yourself the following questions:

 

  1. The Struggle: Are you struggling to get your student loan debt cleared?
  2. The Debt Collector: Is your debt collector harassing you and taking a heavy toll on your Student Loan Credits?
  3. The Financial Freedom: Are you not being able to maintain a proper equation between your earnings, spending, and clearing of your Student Study Loan.

 

Well by now ‘You’ must have understood ‘What’ I am hinting at.

Yes, it’s about your financial stability according to Jason Spencer Student Loan Relief.

It’s seriously about your Economic Well-Being. It’s definitely about a relief from your debts and its vicious skyrocketing interests.

 

We present before you a wonderful solution to your problem.

 

Your final resort towards a much-needed relief from the loan harassers. We offer to you the services of ‘Student Loan Relief.

 

Student Loan Relief: You must be thinking who we are. Thoughts of what we are must have crossed the network of your thoughts. Well, let me clear your doubts.

 

What are we? Jason Spencer Student Loan

 

 

Student Loan Relief works at par with the Education Department and helps passed out students, by decreasing the number of the monthly installment steps towards clearing your study debt. We can always find some or other way of significantly reducing or sometimes completely wash your records of all your debts that are still left unpaid. According to your way of handling your real life financial equations, our counselors and consultants can always put two and two together and come up with the best program for the proper management and handling of your Student Study Loan credits.

 

It must be really delightful for you to know that currently, we have in our site a list of over 233 or more Congressional Bills and State Governmental Bills and Policies, which can be used in your favor to eventually reduce the amounts of your Federal Loan according to Jason Spencer Dallas Texas.

 

It’s for our expert team of financial consultants to connect the dots together and set forth a strong case in your favor for a decrease of interests, principal or provisions of temporary relief during times of need. We will take care of your needs. A friend in need is a friend indeed. When it comes to providing a much-needed relief from your Student Study Loan, well you can consider us your best friend.

 

 

In’s and OUT’s of our Services:

 

Well by now you must have garnered some idea as to what we are.

Now it’s time I tell you who we are and gives us the right to fight in your favor. Well, we are a team of Financial Aid Advisers who can analyze your cases and come up with the best possible recipe of ingredients which can help reduce your debt amounts and monthly installment amounts and in some cases vanish the above said money usurping words. We look for certain loopholes in the system through our identification of certain Congressional and State Governmental Bills and Policies which can turn the tables in your favor and provide you the relief you have been wishing for long.

 

We have currently two thirty-three of such valuable bills in our list. Let us know if you have identified anymore. Based on these bills and policies we currently offer over three hundred different programs. Our financial counselors and consultants can always come up with the best mix of policies to suit your purpose.

 

 

Whom are we helping?

 

It’s a commonplace story of every household. Right from our childhood, we have been tempted towards more, more and more. This rat race for achieving more and be financially powerful has but worked against us and put us in dire situations each time. More than a three-fifth of the American population start their life in the gripping tentacles of debt. If you, unfortunately, fall into this category, then we are exactly the ones, you are looking for. Extend your hands and we will extend ours towards you.

  • Student Loan Relief has been specifically designed to help loan defaulters and gallant young men whose study loans and debts have been skyrocketing to unnatural unfathomable boundaries.
  • Our Financial Consultants and Advisors can help you frame up a valid and effective case for the reduction in taxation and interest amounts of your debts.
  • We work through consolidated approaches to finding out Congressional and State Governmental Bills and Policies which can provide provisions for relaxations of the Student Federal Loans.

 

You must order our services immediately if you want a permanent solution for the relaxation of your loan amounts according to Jason Spencer Student Loan Relief.

 

 

How we do it? Jason Michael Spencer Dallas Texas

 

To save you from the clutches of the debt inspectors and credit collectors on account of your Student Federal Loan, our team of expert financial researchers and experienced financial aid advisors scavenge for any visible or invisible account of your loan functionalities which can be fixed up with the current programs we host according to Jason Spencer Dallas Texas.

The area of such details is such vast that rest assured something or other would definitely pop up in front of the eyes of our expert financial scavengers. Once it is decided upon the type of program to suit your purpose, provisions are made for the immediate conversion of the decisions into real-time actions. These actions initiated by us can eventually lessen the severity of your interest amounts or totally wipe out the debt defaults out of your records.

Don’t hassle over it all by yourself.

Don’t let people with a low price tag comforting you. You could end up paying double the amount. Let a team of experts take your case and help you with their expertise.

 

Have a look at these points before deciding upon anybody and handling your case to them. It is our foremost duty to educate you on certain aspects before we take on the case. You can also use these to your advantage before selecting anybody who claims, can clear your loans. Here has a look.

8 Key Points to Consider from Jason Spencer Student Loan Relief

 

  1. Zero Upfront Payment: Federal law insists that any charges demanded as up front is a violation of the Federal Law. We don’t charge anything in advance. Pay when your job is done.

 

  1. No Credit Check: We are least bothered to know about any of your other credit ventures and investments. Keep these things reserved to yourself.

 

  1. Real Time Student Loan Counselor: The counselors we employ in our financial experts’ team are real life persons who can attend to you on various concerns. We guarantee their expertise and assign them accordingly to suit your purpose.

 

  1. Substantial Lifetime Savings: Aware or unaware, we often gift handsome amounts to the government every month. We can help you put a check on that and thus save your hard earned money.

 

  1. Effective Research: All the financial agents we employ in our team are highly educated scholars from the top notch colleges around the country thereby making sure that the world of Students and Federal Study Loans doesn’t sound alien to them. They will scavenge your case sheets quite effectively and serve your purpose.

 

  1. Peace of Mind: Apart from the material benefits you receive from us, we can always guarantee that on visualizing our approach to your case, you will definitely attain a state of mental peace. Know that you are in good hands.

 

  1. Income Tax Support and Relaxation: There are many provisions in the Federal Law which can provide certain relaxations in Income Tax if you are bound by the shackles of Study Loans. We can help you with that as well. Consider it as an added perk.

 

  1. Legitimacy: There are many online and offline frauds as well, cropping up each day in forms of such services. There has been a significant boom of such frauds in this business. Always check for the credibility of any agency or firm before choosing. A quick search about us on the online network will definitely confirm our credibility and legitimacy.

It’s your time to unchain yourself and flow like the water and fly like the air

It’s for you now to decide upon your next course of action.

The world runs on one simple question. What’s next?

If you think that we can occupy the niche of the answer to the above question in your brains, then order our services immediately. Any further delay might result in paying out a few extra sums from over your hard earned money.

 

Give your case in our hands and gloat over the fact that you are in good hands. Let’s make you Loan Free.

 

Testimonials:

“I wondered what’s the point in earning if all around your life you would be paying off a for a simple study loan. But then I came across Student Loan Relief. They did something in my credit reports and ever since I can now see the loan amounts vanishing off my record fast. Thank you, Student Loan Relief.” —–Victoria

 

“My interests were skyrocketing day by day. I was bewildered as to what to do. My dad got me browsing Student Loan Relief. They helped me reduce my interests. Thanks to my Dad and Student Loan Relief.” —–Ryan

 

Student Loan Relief can work wonders with your pending Student Federal Loans. I requested their help and it was amazing. They responded fast. I ended up paying off once and in full. Now I don’t have to turn in a major percentage of my earnings to the government.” —–David

 

“A time had come and I simply wished to vanish. With the Federal Loan sucking up my income every month it was devastating. Student Loan Relief helped me out. They became my savior. For my financial stability today, I give the credits to Student Loan Relief.” ——Steve

 

Jason Spencer Dallas Texas 

 

Jason Spencer Student Loan Relief Contact Information: Student Loan Relief Inc Address: 1910 Pacific Avenue, Dallas, TX 75201 Telephone: 855-693-3356 Website: http://studentloanrelief.us

 

Jason Spencer Dallas

Passage of New Student Loan Relief Reform Bill is Imminent by Jason Spencer Dallas

Posted on Posted in Jason Spencer Student Loan Relief

Student loan reform bill has for so long been awaiting approval by the Congress and President Obama seems to be pushing for the approval. During his weekly address, President Obama challenged students to excel in academics so as to prove the benefits of the student loan.  A call that Jason Spencer Dallas heard and wanted to help with.

Student loan relief bill was introduced by Senator Elizabeth Warren, Massachusetts Democrat. The bill was failed by the Senate, which is controlled by the Democrats, in June this year but President Obama has on several occasions showed his full support for the bill. His recent remarks about the student loan forgiveness once again brought reprieve to college graduates who are still refinancing their loans.

If Ms. Warren’s student loan reform bill is approved to become law, approximately 25 million American college graduates with college loans will be allowed to refinance their loans at the current lower interest rates. One of the strongest supporters of this bill has been the White House with President Obama himself being on the forefront. Obama has personally been pushing for the approval of the bill and his support has greatly intensified within the most recent months.

President Obama is urging the Congress to pass the student loan relief bill so as to allow college graduates repay their loans at today’s lower interest rates just like it is for the case of several other loans such as mortgages. The president said that there are many Americans who are beneficiaries of the student loans and have been refinancing them for several years due to the higher interest rates being imposed on these loans. If this bill is passed, students will be able to repay their loans within a relatively shorter period of time.

In addition to his support for the student loan forgiveness bill, the president also has a message to the universities. He said that universities should lower their tuition fees so as to reduce the overall cost of university education. Besides that, he also urged high school and college students to take their studies seriously this year and record better results.

The message of President Obama came at a time when students are also reporting back to school. Mr. Obama urged students to take responsibility for their education at a personal level and put in more efforts in order to excel. He said that students should take the initiative of working hard and study challenging books that will equip them with the necessary knowledge and skills to solve problems. “Finding ways to solve more complicated problems gives you a chance to explore more about the problem and in the process learn many new things, Mr. Obama said. “This allows your brain to think hard and out of the box, which also makes you become smarter. Do not fear challenges or hard classes but face them with inspiration and vigor. Challenge yourself to achieve better grades this year and do the same the in the years to come. Remember that the future of our country depends on you.”

Experts have said that with the strong support that the student loan reform bill is receiving, it is likely to be approved by Congress. This will benefit many college graduates who are still servicing their debts.

Jason Spencer Dallas

Jason Spencer Dallas

Trump would introduce changes to the way how you pay back student loans by Jason Spencer

Posted on Posted in Jason Spencer Student Loan Relief

A considerable percentage of students like Jason Spencer in the United States tend to obtain student loans in order to cover up the financial expenses associated with their studies. However, President Trump has made plans to change the way how students pay back the student loans. As per these changes, low-income students will have to pay more in order to borrow money and graduate students will have to spend a longer time period in order to repay the debts. Moreover, the public servants of the country would lose out on the loan forgiveness unless they work with a company like Student Loan Relief in Dallas Texas.

A budget proposal mentioning all these changes has been released by the White House. In general, this proposal makes a college education less affordable for the students in the United States. As a result, low-income students like Jason Spencer was, will have to experience a lot of hardships in the future. In fact, $9.2 billion funds from the money allocated to the Department’s budget has been cut down.

The subsidized student loan program has been slashed
According to the budget, a subsidized loan program, which was available for the low-income students, has been slashed. According to this plan, the government had to pay the interest while students are studying at college and up to a period of six months after they leave. In addition, the borrowers of this loan were provided with the flexibility to choose a repayment plan according to their level of income.

Changes introduced to the repayment programs
Students who borrow money to cover up their college expenses paid back the amount in many different ways. However, Trump has introduced some significant changes to all those repayment programs. Out of these repayment programs, the most generous one helped the borrowers to pay back the amount as a 10% of the discretionary income for a period of 20 years. If there was a remainder after a period of 20 years, it was forgiven. This would be changed by the new changes introduced by the Trump administration. The students will be asked to make a monthly payment of 12.5% of their income and it has been limited for a period of 15 years. For the graduate students, a repayment period of 30 years would be provided.

Public service loan forgiveness has been removed
According to the budget, public service student loan forgiveness has also been removed. This has created tension among public defenders, social workers, teachers and borrower advocates who live within the country.

Work study funding has also been slashed
Last but not least, the Trump administration has slashed work-study funding as well. The new budget consists of a proposal along with bipartisan support, which would assist the students to use Pell Grant. Pell grant refers to the money that is provided by the government for the students with a low income in order to cover up college expenses. This is provided throughout the year. However, it is not enough to satisfy the crisis that has been created from the new budget.