Student Loan FAQ
1. What is student loan debt?
Student loan debt is the amount of money you owe on the various loans you have taken out while studying. These loans generally have a specific grace period after graduation, after which repayment begins. Each loan generally has a different interest rate.
2. What is student loan consolidation?
Student loan consolidation is a method of combining loans into one. While doing so this makes repayment easier as well as allows you to have a lower interest rate. Student loan consolidation is our recommended first step for graduates to do before their grace period or periods of their loans end.
3. My loans are in repayment. Now what do I do?
If you haven't already consolidated your loans, do so first! From there, ensure all of your loan information matches with the agreements you have signed in the past. Then, link your account with a Electronic Debit Account, which grants you a lower interest rate (usually .4-.5% less) and allows the payment to be taken each month from a specific account.
4. How can I lower my interest rate?
By either consolidating your loans and/or linking your loans to a EBA (Electronic Debit Account).
5. What are student loan forgiveness programs?
Student loan forgiveness programs allows volunteers, military employees, teachers and those in the medical field to earn some money to have their student loan debt repaid (usually up to 70%).
6. What is student loan settlement and
how can it help me?
Student loan settlement is a process in which your student loan provider and you find a way to make your monthly payment feasible for your financial situation. Whether this is lowering your interest rate, changing your interest rate to a different schedule (less now, higher later) or extending your student loan pay-back period.
7. How can I reduce my student loan debt?
Reduce your student loan debt by consolidating, refinancing, linking your account to have electronic payments and choose an appropriate repayment plan for your current financial situation.