What Loan company will take over my federal student loans when the loans are in default so I can go back to school?
My loans are government loans from Saillie Mae. I owe them under $5000.
I heard about this company that will take over your school loans from them but I don’t know the name of the company.
When your federal educational loans are in default, you have several options:
You can repay the loan in full.
You can negotiate a new payment plan with your lender.
You can "rehabilitate" your loan.
You can consolidate your loan.
Obviously option one is rarely attractive or possible for defaulted borrowers.
Option two (renegotiate) should be investigated fully - most borrowers skip this step, but it’s probably the best option for most people. Call your lender and ask to speak to someone in the "Workout" Department. Explain your situation to them (there’s nothing unusual about it) and ask what options are available to you for switching to a graduated, extended or income-sensitive repayment plan. If your lender will agree to change your repayment plan, a few regular payments will get your default status removed, and the new plan may be easier for you to keep up with.
Option three (rehabilitation) is really a specific form of a workout agreement. It probably won’t help you much in your situation, because it requires an agreement between you and the lender that will allow you to make 9 consecutive on-time payments of some agreed-upon amount.
Option four is everyone’s favorite, but you must absolutely understand what a consolidation loan will do. To keep this utterly simple - a consolidation loan is a brand new loan that will pay off your old, defaulted loan. A consolidation loan MAY lower your monthly payments, but understand how this works. A consolidation loan never lowers your payments by wiping away some of your debt - a consolidation loan lowers your payments by stretching out the length of your loan. If you pay less every month, you’ll make many additional monthly payments, and - in the end - you’ll pay far more back than you would have paid on the original loan.
As an example: Suppose I lent you $100 and you agreed to pay me back in 2 weeks by paying me $50 a week. You came back a few days later and explained that you weren’t going to be able to afford to pay me $50 - is there something else we could do? "Oh, absolutely," I’d say, gallantly. "Instead of paying me $50 a week for 2 weeks, how about if you only pay me $10 a week for 17 weeks?"
See - in the end, you’ll pay me back $170 instead of $100 - that’s how a consolidation loan works. But remember - we’re not talking a $100 loan for a couple of weeks - by the time you pay that $5000 loan of yours back over many years, you’ll pay a few thousand more than you might have paid if you didn’t consolidate that loan.
Try this site
http://free-college-information-usa.blogspot.com/
Free College information on financial aid for students, scholarship, student loans and more.
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I left university 2 years ago and have been paying back out of my wages. i received a large bonus and want to pay it off. When i asked the student loans company how much i owe they told me they have no idea. They only get told how much ive paid the government via tax returns and even then the amount wont be calculated until up to 24months after. Hence i cant get a figure from them to tell me how much i owe and i also cant get guarantees that if i pay it off they will stop the deductions in my wages!
how ridiculous!
It's actually better not to pay it off though. At a current average APR of 3%, a student loan is the lowest cost loan you'll ever get! You would be better off investing the "large bonus" in something - anything with a rate of interest higher than that charged on your student loan, which includes most straightforward savings accounts. This way you'll make money on your bonus and your student loan will remain cost neutral.
That aside, you should know how much you owe the SLC, as they are required for tax purposes to provide you with a summary statement each year. These were recently mailed out following the end of the last tax year. Check what address the SLC has for you it may ave gone astray.
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I am being passed from pillar to post with this. I have already paid up my loan, infact the SLC have already given me a refund when I posted my P60 and wage slips to them but the Tax office have not yet sent a "Stop" notice to my payroll department so they are continuing to take money each month. The SLC now owe me another £400. Does anyone have a contact name inside either company that will actually get this sorted out for me. I wanted to buy a car but couldn't because I still have this money leaving my salary each month until they sort it out.
Anyone been in this situation before?
Sorry, never been in the situation but my advice is keep on at them! If you ring the tax office every day or every other day or call in to see them once a week or write to them/email them as often as you can they will soon get fed up and do something aout it. Aso, keep track of how often you contact them and what is said at each stage as you may have grounds for an official complaint.
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Federal student loan consolidation is a free federal program that allows anyone with outstanding federal student loan debt to combine their loans, extend their repayment term, and lock in their interest rate. The terms and conditions on all federal student loan consolidations are set by the U.S. Department of Education, meaning that all federal student loan consolidations are, at least initially, created equal. There are no prepayment penalties or fees, and every lender has to offer the same federal forbearance and deferment options and the same initial consolidated interest rate. This rate is based on a weighted average of the interest rates of all the outstanding student loans rounded to the nearest 1/8th percent.
So, if every lender is offering the same federal terms and conditions, and every consolidated loan will have the same initial rate, what’s the difference between consolidation lenders? The difference between lenders is in the borrower benefits that are offered. These differences can be pretty substantial, and by asking the right questions, smart borrowers can get the best deal on their federal student consolidation loan.
Interest Rate Reductions
The most common benefit offered on a federal student loan consolidation is an interest rate reduction. This benefit is usually offered in two parts: a .25% reduction for auto debit and a 1% interest rate reduction after 36 months of on-time payments. This is a great benefit that can greatly reduce the total amount of interest paid on the consolidated loan. On a $30,000 loan, this benefit alone can save a borrower over $6,500 in interest! Although this is an attractive benefit, there are a couple things to ask your consolidation lender before proceeding with the loan:
1. Ask the lender if the benefit will lock in after you’ve made 36 months of on-time payments. This means that, after the 1% interest rate reduction is awarded, the benefit can never be taken away, even if payments are made late in the future. Most consolidation companies will add the 1% back in if any payment is late after the benefit has already been awarded. Many people don’t worry about this, assuming that they will always make their payment on time. However, most consolidation loans will take over 10 years to pay back and the odds are a payment will be late eventually. Clarify with the lender when a payment is considered late. Any reputable company should provide at least a 10-day grace period before a payment is considered late. Remember, just because you have your payments set up to be auto-debited from a bank account doesn’t mean they will always be on time. If there are insufficient funds in the bank account, the payment can be rejected and considered late.
2. Ask the lender if the on-time payments have to be consecutive to receive the interest rate reduction. Many companies will take away the benefit if you put the loan into a forbearance or deferment. This can even include a deferment on payments if you decide to go back to school. Reputable lenders will not take away your benefit for exercising your federal right to put your consolidation loan into a deferment or forbearance.
3. Ask the lender what will happen to the benefit if the loan is sold. Regardless of what a lender tells you, many consolidation loans are sold. Make sure that if your loan is sold, you will not lose your rate reductions. There are horror stories of borrowers making 30 on-time payments to find out that their consolidated loan had been sold to a new lender who will not honor the 1% rate reduction they were initially promised.
Cash Back Rebate
A relatively new benefit being touted by consolidation companies is the cash back rebate. This is usually a percentage of the principal loan balance that is either applied to the outstanding loan or sent to the borrower as a cash payment. This can be a very attractive offer, especially when in the form of a cash payment to the borrower.
It’s hard to resist a check for thousands of dollars, but when compared to the savings from the interest rate reductions, the cash back rebate is usually not the best financial discount.
For example:
One lender is offering a 1.25% rate reduction for on-time payments, and the other lender is offering a 3% cash back rebate on a $60,000 consolidated loan. The lender offering the cash back rebate will mail the borrower a check for $1,800 after they make 10 payments on time. The other lender will give the 1% rate reduction after 3 years of on-time payments. The cash rebate sounds tempting, but when you realize that the 1.25% rate reduction could save over $32,000, it is clear the interest rate reduction is the superior benefit.
1. If you decide to go with a company offering the cash rebate option, make sure to read the fine print. Many companies require that a rebate form be submitted by a certain deadline to process the cash back benefit. If the cash back rebate form is not received, they will disqualify the borrower from the rebate.
2. Ask the lender what exactly is required to receive the cash back rebate before submitting a signed consolidation loan application. Many companies combine the cash back rebate with other borrower obligations. One company requires that a borrower enroll in their electronic newsletter with a valid email address before the rebate is awarded.
The federal student loan consolidation program is an excellent way to manage student loan debt as well as save thousands of dollars in interest payments. By asking the right questions and knowing what to look for, you can maximize your savings and make sure that you get the best deal possible on your consolidation loan.
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Does that mean they will give me a higher student grant?
And do they need proof that i will be staying at a halls of residence?
As far as I know you get up to a certain amount for living at home and up to a certain amount for living away (don’t think it matters whether it’s halls or a student house) and the grants are income based… But they’re pretty strict, wouldn’t be a good plan to say you’re living in halls if you’re not lol!