Can Student Loans that are Not in Repayment Affect DTI and Loan Approvals?
A reader got denied for a personal loan, and wonders if there’s anything he can do before he graduates.
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Student loans are now the second leading source of U.S. consumer debt after mortgages. The average student graduates with over $35,000 in debt to repay and entry-level incomes can make it tough to cover monthly payments. In addition, federal loans have terms of 10 years or more, meaning you could be paying for decades after you leave school. If you want to save money, avoid major life delays and get out of debt, you need to find a better way to pay off school loans that fits your needs and budget.
Hello and welcome to Debt.com Student Loan Solution Center.
Dealing with student loan debt can weigh heavy on your finances and your well-being. If you’re one of the thousands of people who owe student loans, you’re not alone. According to Federal Reserve, the average borrower owes over $25,000.
Student loans are broken up into two categories, federal and private. If you have federal student loans, exclusively through FAFSA, you may be eligible for consolidation, repayment plans, and even forgiveness. If you have a combination of federal and private student loans, we have consolidation options for you, as well. The factors that determine your eligibility vary, and if you are looking to lower monthly payments to fit your budget or if you want to pay off your loans quickly, reducing the total interest, there are programs available for you.
Navigating your options for student loan relief can be tricky. Not knowing all of your options or what to apply for could end up costing you thousands of dollars in unnecessary payments. Why not talk to a student loan resolution specialist for free. We are A+ rated by the Better Business Bureau and have helped thousands of people become financially stable.
To get started, fill out the form at the top of this page or better yet, give us a call right now and we’ll match you with the right service provider. So, don’t wait any longer. Give us a call. When life happens, we’re here for you.
WANT TO FIND THE BEST SOLUTION FOR YOUR SITUATION?
Every financial situation is unique, so identifying the right solution to use depends on your budget, credit, debt, and goals. Talk to a student loan specialist now to find the right relief option for you.
Are you a nurse or medical technician?
Because you heal people, the federal government wants to make your bank account healthier. Student loan forgiveness for nurses is a thing and something you may be eligible for. If that sounds too good to be true, it’s not. You might actually get a huge chunk of your student loan balance surgically removed.
Of course, this being the government, there are lots of rules. You must have federal student loans, and you must work in the public sector. Even then, you need to make 120 on time payments first.
There are some other hoops to jump through, too. You can save thousands of dollars if you do. Want to know the details in plain English? Debt.com will break it down for you.
Do You Qualify for Student Loan Forgiveness?
If you have federal student loans and work in the public service sector, in a profession like nursing, then you may qualify for a program called Public Service Loan Forgiveness. This can be extremely beneficial, given the public service professional often have lower income that private sector employees. Data shows that qualifying for this program may mean that you get out of debt for less than you originally borrowed. The only trick is to make sure you meet the eligibility requirements in order to have your debt forgiven.
Learn MoreMapping America’s Student Loan Debt
Student loans have become a leading cause of financial hardship in America. Roughly 44.2 million Americans have student loan debt, and the average tab has risen 70% in the past five years alone. It’s no wonder over 1 million people default on their student loan payments every year. In fact, nearly 40% of all student loan borrowers are expected to default by 2023. The good news is that a 2013 GAO study found that up to 50% of borrowers may be overpaying. That means finding the right solution can keep you out of default and finally help you pay off student loans.
More Statistics
LET DEBT.COM GET YOU THE HELP YOU NEED
Debt.com’s debt resolution team can help you identify the right solution for your needs. Then we’ll connect you with certified experts that will help you get out of debt fast.
Student Loan Debt How-To Guides
Navigating student loan debt repayment can be confusing. There are dozens of federal repayment plans and programs available, as well as private lending solutions. It can be hard to know which way to go to become debt-free. Debt.com has created a series of how-to guides designed to walk you step-by-step down various paths for achieving student loan relief. Learn everything you need to know to eliminate your school loans with confidence.
FEDERAL STUDENT LOAN REPAYMENT PLANS
If you have federal student loans to repay, federal repayment plans can make it faster and easier to pay off your debt. There are currently eight different plans available that each cover a specific set of needs and goals. We explain each plan in-depth, including the types of loans you can include and how it will affect your monthly payments.
- Standard Student Loan Repayment Plans
- Graduated Student Loan Repayment Plans
- Using an Extended Repayment Plan for Student Loans
- How Income-Based Repayment Works
- How Income-Contingent Repayment (ICR) Plans Work
- Income Sensitive Student Loan Repayment
- Pay As You Earn Repayment Plan
- Revised Pay As You Earn Student Loan Repayment
STUDENT LOAN FORGIVENESS PROGRAMS
Student loan forgiveness is a valuable resource for anyone who can qualify. There is typically some type of service required for you to be eligible, whether it’s military service, volunteer service, or working in a public service profession. But qualifying isn’t always easy and you need to know how to navigate the process if you want to be successful.
- What You Should Know About Public Service Loan Forgiveness (PSLF)
- Student Loan Forgiveness for Firefighters
- Your Quick Guide to Military Student Loan Forgiveness
- Student Loan Forgiveness for First Responders
- Student Loan Forgiveness for Nurses
- Student Loan Forgiveness for Teachers
- Student Loan Forgiveness for Police Officers
STUDENT LOAN CONSOLIDATION
Debt consolidation allows you to combine multiple debts into a single monthly payment. Student loans typically require specialized solutions if you want to consolidate your debt. In other words, you usually can’t consolidate student loans with other types of debt. And consolidation programs for federal loans work differently for other types of consolidation.
UNDERSTANDING STUDENT LOANS
Student loans don’t always function like other types of debt. There are government-backed solutions, which can be subsidized or unsubsidized. Interest rates are often not as heavily determined by your credit score – or not tied to your score at all. And student loan default works differently, too. Understand these differences can be the key to getting out of debt.
READY TO FIND THE BEST STUDENT LOAN DEBT SOLUTION FOR YOUR NEEDS?
Talk to a student loan resolution specialist today for a free evaluation.
Have Questions about Student Loan Debt?
Debt.com’s panel of certified financial experts answer consumer’s top student loan debt questions. Learn everything from the best way to pay of student loan debt in specific situations to how to ensure your qualify for student loan forgiveness. These are some of our most popular questions. If you don’t see the question you need answered, simply hit the “Ask a Question” button below.
Should I Use My Retirement Funds to Pay Off My Kids’ Student Loans?
A father wants to get rid of his children’s student loans, but his plan might cause more problems than it solves.
Can My State or County Pension be Garnished for a Federal Student Loan?
A reader worries his state and local pensions will be garnished if he can’t keep up with his federal student loan payments.
Can My Social Security Be Garnished for This 40-year-old Student Loan Debt?
A caregiver in retirement worries a decades-old student loan will drain what little income she has.
Can I Use Cash Advances to Pay Off Student Loans, then Declare Bankruptcy?
You can try. It might work. But if it doesn’t, you’re screwed.
Can You Transfer a Parent PLUS Loan to the Student?
A reader wants to transfer a loan to her son, so the debt can qualify Public Service Loan Forgiveness…
What Happens If I Can’t Afford My Student Loan Payments?
There are a range of options you can use if you can’t afford to pay, but the right one to take depends on the types of student loans you have.
Latest News about Student Loan Debt
There’s No Forgiving the Federal Government’s Student Loan Forgiveness Program
60 Minutes may have grabbed the headlines LAST week, but the problems certainly aren’t new. Neither are the solutions.
Surveys Show Why FAFSA Needs to Be Simplified
The federal government recently announced a one-year delay in the FAFSA Simplification Act. Here’s why that matters.
Will President Biden Really Get Rid of Your Student Loan Debt?
There’s more rumor than news right now, but here’s what Biden can legally do and what he can’t – and maybe shouldn’t.
Big (but Confusing) News About Private Student Loans and Bankruptcy
A recent court case might make it easier to get rid of your private student loans.
Survey Finds College Students Shifting Views on Spending and Saving
College students cram on financial preparedness due to COVID-19.
What the HEROES Act Says About Private Student Loans
Experts say it’s one of the biggest government efforts – but may not help much.
5 Options When You Can’t Pay Your Student Debt
Here’s how to relieve the financial burden that came with your college degree.
DISCLAIMER: Debt.com does not provide direct debt adjustment services, but, upon request, acts as a locator service for BBB registered companies. It is ultimately up to you to determine whether the companies that we may introduce you to are appropriate for your situation. All federal student borrowers are able to--and encouraged to--learn about, and apply for, any federal re-payment and forgiveness programs through the US Department of Education and other sources for free without paying fees to any person, company, or counselor. Nothing on this site constitutes ANY official qualification or ANY guarantee of result. All telephone numbers listed may connect to private companies offering fee-based services to assist with application preparation for federal and other loan programs.
Please note: Only the US Department of Education can provide determination of eligibility and exact payment amount for any government forgiveness or repayment program listed on this website. Also, you may apply for all forgiveness and re-payment programs may be applied to for free without paying anyone for assistance through the US Department of Education. Our calculators, estimators and eligibility tools are strictly to help consumers understand potential options estimate potential payments and do not provide any guarantee of enrollment, qualification, or payment amount for ANY programs.
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