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THIS WEEKS TIP
STUDENT LOANS IN THE UNITED STTES:
Student loans come in several varieties in the United States, but are basically split into federal loans and private student loans, which broadly includes state-affiliated nonprofits and institutional loans provided by schools.
Federal student loans made to students directly: The student makes no payments while enrolled in at least half time status. If a student drops below half time, the account goes into a six-month grace period. If the student re-enrolls in at least half time status, the loans are deferred, but when they drop below half time again they no longer have access to a grace period. Amounts are quite limited as well. There are many deferments and a number of forbearances one can get in the Direct Loan program. For those who are disabled, there is also the possibility of 100% loan discharge if you meet the requirements. Due to changes by the Higher Education Opportunity Act of 2008, it became easier to get one of these discharges after July 1, 2010.
There are loan forgiveness provisions for teachers and health professionals serving low-income areas, as well loan forgiveness after 10 years for public service in general due to a 2007 law.[9] Currently, certain loan forgiveness or discharges are considered income by the Internal Revenue Service due to 26 U.S.C. 108(f).
Federal student loans made to parents: Much higher limit, but payments start immediately
Private student loans made to students or parents: Higher limits and no payments until after graduation, although interest starts to accrue immediately. Private loans may be used for any education related expenses—such as tuition, room and board, books, computers, and past due balances. Students can also use private loans to supplement federal student loans when federal loans, grants, and other forms of financial aid are insufficient to cover the full cost.
KNOWING ABOUT DEBT CONSOLIDATION:
What is Debt Consolidation?
Debt consolidation essentially takes all of your current loans and credit lines and rolls them into one larger, single loan. There are several avenues for accomplishing this, including zero-percent credit cards, debt consolidation loans and home equity loans. All of these options have their respective benefits and disadvantages. Since the right option for you depends on a number of factors, it is recommended you speak with a financial advisor or nonprofit credit counseling agency for advice on which one may be the best option.
Benefits of Debt Consolidation
Regardless of which debt consolidation approach you take, the end goal is the same – to lower your interest rate and streamline your payments. If you are interested in debt consolidation, chances are you have numerous loans and credit cards to pay each month. Rolling all these payments into a single bill allows you to more easily make payments and manage your funds.
Hopefully, a reduced interest rate through consolidation will also reduce the total amount you pay over the long-term to settle your debts. However, it is important to note the length of the debt consolidation loan when weighing the pros and cons. In some cases, the additional duration of these loans results in more interest payments over the long haul.
Disadvantages of Debt Consolidation
Debt consolidation is not for everyone. For example, if your credit score is too low or you don't have enough equity on your home mortgage, then you may not be able to find a consolidation option that lowers your payments. If you are approved, then one negative side effect you may need to worry about is a reduced credit score.
Another risk that few consider when thinking about debt consolidation is asset seizure. Credit card bills are considered unsecured, which means creditors can't secure your house or other assets to offset your unpaid fees. Such is not the case with home equity loans and other options for consolidation.
DEBT NEGOTIATION:
Debt negotiation services are businesses that contact creditors on your behalf to negotiate reduced payment plans. For many, the knowledge and expertise of these companies results in debt savings of hundreds or thousands of dollars. Learn about debt negotiation services and how they can help you get out of debt fast.
Are You a Good Candidate for Debt Negotiation?
The first thing that a debt negotiation service will do is review your financials to determine if you are a good candidate for negotiation. Individuals most likely to receive reduced payment plans from creditors are those who carry more than $10,000 of debt, have been in debt for quite some time and are good candidates for bankruptcy. The reason for these caveats is the fact that filing for bankruptcy typically means that a creditor does not receive any payment from the customer. Rather than receive nothing, they would rather recoup some of their losses by settling for a reduced sum. Even if you don't meet all these criteria, a debt negotiation company may still be able to help.
How Much Can You Save Through Debt Negotiation?
The average customer who employs a debt negotiation service reduces their previous debts by a large percentage. While your specific expectations will vary depending on your situation, the average customer receives a 50 percent decrease in debt balances. In some cases, counselors may negotiate a rate as much as 70 percent lower than the previous balance. Given this fact, the fee paid to your debt negotiation company is often well worth the price.
Do You Need a Debt Negotiation Counselor?
Debt negotiation services are not necessary when it comes to talking with your creditors about a reduced payment plan. In fact, you can call your creditors directly and do the negotiating yourself. However, debt negotiators have vastly more experience on the subject than you do, and will likely be able to negotiate a better deal on your behalf. They also know the many tricks and practices that credit card companies pull in an attempt to get you to settle for a higher amount. Due to these facts, it is often better to just defer the negotiating to the experts.