Student Loan Relief
Struggling With Student Loan Debt?
Are you behind on your student loan payments? If so, you’re not alone. More than 3 million people under the age of 40 are currently struggling to make payments. Thankfully, there are various programs available that can provide temporary relief, help you get out of default, or even forgive some or all of your student loan debt.
At MoneySolver, our experienced student loan advisors can help you determine which is best for you, walk you through the process, and help you get your life back on track.
Call 855-476-6920 to schedule a free consultation today!
Student Loan Relief Programs
Depending on the type of student loans you have and your financial situation, one or more of these programs may be beneficial to you.
Forbearance & Deferment
You can apply for temporary suspension of your student loan payments (up to 12 months) if you have a change in employment, unexpected medical expenses, or other financial hardship. Under forbearance, however, your loan interest will continue to accrue.
Student Loan Rehabilitation
Already in student loan default? It is possible to rehabilitate your Direct Loan or FFEL Program loan (if approved) and have the default removed from your credit report after you make nine (9) monthly payments within a 10-month period.
Student Loan Forgiveness
Due to recent changes in the student loan forgiveness program, it is much easier to apply and qualify for this type of student loan relief. Public service loan forgiveness is the most common, but you may also be eligible to have up to $17,500 forgiven if you are a qualified teacher.
In certain cases, it may be possible to cancel or discharge your student loan debt. For example, if your school closes while enrolled or shortly after leaving, you may be eligible to have them wiped clean. Loans may also be discharged due to total and permanent disability. In rare cases, you may find relief through bankruptcy, as well.
How to Avoid Student Loan Default
Even a late payment is better than no payment at all. You won’t officially be in default until your payments are 270 days late.
Apply for IDR
If your current monthly payment is too high, consider applying for one of the income-driven repayment (IDR) plans . Your payment may be as low as $0 a month.
Life doesn’t always go as planned. If you need temporary relief, request forbearance or deferment to avoid defaulting on your student loans.
Don’t wait until it’s too late to deal with your delinquent student loans. Late payments can negatively impact your credit score. Once you go into student loan default, your wages may be garnished and the IRS can withhold your tax refunds to pay off your unpaid loan balance. Take action now!
Ready to get your life back on track?
Call 855-476-6920 or complete the form below.