Continue minimum monthly payments
Unfortunately, millions of Americans who are struggling with their debts continue
to just barely make their monthly payments. Most of these people just keep doing
whatever they can to continue making minimum payments for the rest of their lives
and it could take over 30 years to pay back your creditors. The costs may exceed
the original amount that was borrowed by thousands of dollars in interest alone,
and also may require you to possibly pay back over three times the amount you initially
borrowed. This may be the most time consuming, expensive, and economically unfavorable
way to get out of debt. Keeping high balances on your credit cards may affect your
credit in a negative way and could make it more difficult to obtain any other type
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How to Have Your Student Loans Forgiven
I'm quite certain that masses of borrowers are attempting to still pay off their student loans YEARS after they've been out of college.
Whatever the situation is, it is evident that a lot of people want to take care of their student loans ASAP.
The Feds will provide student loan debt relief through programs categorized under "Forgiveness" programs. Of course nothing is forgiven for
free, but this is a pretty nice way for individuals to providtheir skills and services for needed areas of the community, and in return the
Government will be kind enough to waive a chunk of their student loans. I meant to say, the government will shine one ray of kindness only if
you sweat and bleed for them, I'm just kidding.When individuals decide on "Forgiveness" and they take on a public service role, it is crucial
that they decide on doing this from the goodness of their heart and not for the sole purpose of getting relief on their student loans.
Student Loan Forgiveness Programs has many alternatives
A person should find a program that is interesting to THEM, and should consider if it is something that they could have passion for. By thinking it through
and deciding on something that suits them, they would be able to serve humanity and at the same time it will allow them to receive assistance on their student loan debt.
This option may only work economically if you have an average or good credit rating,
assets such as mortgage-free property or considerable equity in your home. If you
have a significant amount of debt and have been late on just one monthly payment,
it is likely that your credit may be impaired. Furthermore, with this decision you
do not reduce your debt to a lower amount than the original balance. Instead you
are only converting it from unsecured debt to secured debt. As
soon as you consolidate your loan, you have just gone from an unsecured debt
to a secured debt and have put your personal assets (e.g. your home,
cars, etcï¿½) at huge risk. After consolidation, if you can't fulfil your monthly
payments commitments, creditors can come after your personal property - thus creating
an even greater problem.
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Debt consolidation may be a right choice for those that are not at risk of falling
behind on their new consolidation loan and who are disciplined enough not to use
the credit cards with zero balances and accessible credit. Nevertheless, if you
are having trouble making your monthly repayments, you should consider debt reduction-
not debt consolidation. By choosing debt settlement you are dealing
directly with the problem- not temporarily escaping from it.
Although bankruptcy is a genuine path to get out of debt, it leaves a long lasting
scar that comes at a high price ï¿½both financially and emotionally. The financial
impact is severe; bankruptcy will stay on your credit report for 7-10 years .You
shouldn’t consider bankruptcy as a simple“quick fix” to all of
your financial difficulties, but rather as one of the many available solutions you
may have according to your individual situation. In October 2005, new congressional
legislation made filing for bankruptcy more difficult and cumbersome. A Chapter
13 bankruptcy could result in higher monthly payments and may last longer than an
alternative debt resolution program. If you have questions about bankruptcy or are
considering it as an option, we advise you to speak directly to an experienced bankruptcy
attorney licensed in your State.
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Consumer Credit Counseling
Credit Counseling is one of the most well- known and common decisions for people
in search of debt relief. After enrolment, the consumer is required to make a single
payment directly to the counselling company. Once the payment has been received,
it will be duly forwarded on a monthly basis to each of your enrolled creditors.
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The average time-frame of this type of program is usually three to eight years.
The main objective of credit counselling is to reduce the interest rates. It permits
consumers to eliminate their debt (often) significantly quicker
and the overall payments will be slightly reduced. Thus consumers benefit by combining
payments into one single monthly disbursement and manage to keep interest rates
Credit counselling can be advantageous if you have the funds to fulfil your monthly
commitments and would prefer to make a single payment each month, rather than a
payment to each creditor.
If you are considering this option among many others available there are of course
downsides to consider. For instance, when enrolled in a credit counselling program,
all other credit accounts must be closed. In addition, if you suddenly find yourself
in the situation where you need credit during this period, the chance of actually
getting credit is not on your side.
Although your credit score will typically not be negatively affected by enrolling
in one of these programs, the ability to establish new credit or qualify for a mortgage,
auto loan or any other form of credit will be practically impossible.
For consumers that are struggling or unable to meet their minimum monthly obligations,
this type of option will not provide any significant relief.
Debt Settlement Programs
This could be one of the fastest and most effective methods to settle your debt
at a lower figure than what you actually owe. Student Loans Escape's "Debt Settlement
Programs" could not only settle your debt by up to 40 to 60%
of your outstanding balance, but it also may enable you to become debt-free from
your enrolled accounts in as little as 12 - 36 months.
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The programs are tailored to provide you with just one low monthly repayment and
educate you on how to minimize creditor calls. Thus, we can provide you with an
option to completely settle your debt in one single 40-60% lump sum payment
reduction. One of these options could be the quickest way for you to
become debt-free. We will negotiate your balances down to about 40 to 60% LESS than
what you currently owe. For instance, via our debt settlement programs, if you owe
$40,000 to your creditors, you may be able to reduce your debts by $20,000 or even
more. Student Loans Escape ï¿½s programs typically charge only 10% of the total debt
that you enrol in your settlement program. By means of settlements as low as 40%,
upon final agreement, your savings could be as much as 50 cents to the dollar together
with our fees. Typically, we negotiate settlements for approximately 45 - 55 cents
to the dollar. If you have found yourself wondering where your next minimum payments
are going to come from, call today for your free consultation. We're here
to help you!
Student Loan Settlement
Student loan debt settlement can bring significant relief to the
lives of former students who struggle to meet their student loan payment obligations
each month. Unfortunately, since our economy is not showing any signs of improvement,
more and more Americans find themselves unemployed. Not to mention those that have
recently graduated and who will likely experience an extra difficult time finding
work. If you have more than $10,000 of Private (non-government issued and non- federal
insured) student loan debt, we may just have a solution for you.
Student Loan Debt Settlement can bring welcome relief to those
who are struggling to make monthly payments on educational loans. In general student
loans cannot be dismissed in bankruptcy. At Student Loans Escape we may be
able reach some kind of agreement on behalf of both the borrower and the lender.
In general, lenders hold the upper hand as to what they will or will not agree to.
We DO NOT GUARANTEE a successful settlement. However we will dedicate
our professional expertise to reach an agreement with the creditor on your behalf.
The agreement may include settling your non federally insured student loan
debt for as little as 30%-50%, having fees and penalties waived, interest rates
lowered or even allowing the borrower more time to pay off the loan. In some cases,
lower interest rates and longer terms can result in lower monthly payments.
Folks, keep in mind Student loans are considered an unsecured debt.
This means that there isnï¿½t anything tied to that money other than that you guarantee
repayment. With any other type of unsecured debt this can play in your favor, because
most creditors are willing to accept something for a loan over nothing at all. In
most cases the student loan finance companies will accept payment ONLY in full!
What this means is that they will accept the reduced (settled) amount of the original
loan balance. Keep in mind that when the offer is made to the finance company you
have to be prepared to pay the full settlement amount .
Can you settle your student loan? Yes. It is possible. However it can be difficult.
If you follow the payment plan, then in most cases you can pay off your student
loans in 10-20 years, without even consolidating them. If you are having problems
making the payments, call us for a Free Consultation. We're here to help you!
WE WILL ONLY ATTEMPT TO SETTLE PRIVATE (NON-FEDERALLY INSURED) STUDENT LOANS.
YOUR LOANS MUST BE IN DELINQUENT STATUS FOR AT LEAST 6 MONTHS.
Your actual results will vary depending on a variety of factors, including your
current balances, how much you can afford to save per month and the amount that
your creditors are willing to settle for. We make no guarantee that your debts will
be lowered by a specific percentage amount or that you will be ï¿½debt-freeï¿½ within
a specific period of time.
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