The federal government offers assistance with educational loans through two plans: the federal student loan repayment plans and the public service loan forgiveness plans.
As per Bruce Mesnekoff said Public Loans are best to get continue your studies, Students need to carefully taken consolidation and consulting for these loans. Federal Student Loan Repayment Plans Through the Federal Student Loan Repayment program, participating agencies may award $10,000 plus a year, up to a total of $60,000, towards the payment of your student loans. In return, you have to work at that agency for at least 3 years or more. All 15 cabinet-level departments in USA participate in the program, plus more than 20 independent agencies. Many agencies specify the types of degrees necessary to qualify for the program and will tailor their plans to recruit highly qualified candidates for hard-to-fill positions. The most common educational loans which qualify for repayment include:
Public Service Loan Forgiveness Plans Through the Public Service Loan Forgiveness Plans, the government will forgive the remaining balance on your eligible student loans if you have worked in a public service job for at least 10 years. To qualify, you must have already made 120 monthly payments and you must be employed full-time in AmeriCorps, the Peace Corps position or another public service organization, such as:
Click to subscribe official YouTube Channel of Bruce Mesnekoff Follow us on Bruce Mesnekoff Twitter Like us on Facebook Official Bruce Mesnekoff Bruce Mesnekoff’s View about Hillary Clinton recently released a student loan forgiveness plan8/3/2016 Hey Bruce Mesnekoff , Can we talk and know your view about Hillary Clinton’s Student Loan forgiveness plan, What do you think about you, How it will reform our industry? How our students get benefits from it.
As per our discuss on Phone call to Student Loan Help Center, CEO, Mr. Bruce Mesneoff Said Refinancing Of Loan must be part of any discussion about student loans. Interest on loans is a particularly huge concern. For many people, refinancing is all about finding a lower interest rate. A lower interest rate often means that you will pay out less money in the long-run. However, in order for one to get a lower interest rate through refinancing with a private company, it often means giving up some government benefits like certain forbearance options, income-based repayment options, and loan forgiveness programs Current Industry and Loan conditions are not good, but yes whatever Hillary suggests Its good so far because student loan debt is fast becoming the next financial crisis in the United States and will likely receive some attention at the Democratic National Convention that kicks off in Philadelphia this week. There are over 43 million Americans living with student loan debt who owe a total of roughly $1.26 trillion. For the class of 2016, the average graduate left school loaded with $37,172 of student loan debt. It has reached a point where students and parents have accepted the fact that wrapped up in that college diploma is a financially suffocating amount of student debt. Upon graduation, the average monthly student loan payment totals around $350 monthly or $4,200 annually. Compare these numbers to the average new graduate salary of around $50,000 and one may be inclined to write this off as a nagging, albeit manageable, burden. For instance, engineers and computer science majors will likely earn more than $50,000 a year. However, education and humanities majors often average closer to $35,000 a year. A $4,200 annual bill on a $35,000 income over 30 years can completely stifle a young professional’s financial growth. Bruce Mesnekoff’s Friend and Partner Jeff Hardy said I work with a lot of Doctors, teachers and dentists who could potentially qualify for the Public Service Loan Forgiveness Program that could forgive student loans tax-free after or up to 120 qualifying payments. However, once they refinance, they lose the ability to qualify for the program.” By refinancing, you could also lose the option to have the debt forgiven upon your death. This would potentially transfer your student loan burden to your family. However, lowering your interest rates by refinancing can offer tremendous benefits. You could cut your monthly payments in half, knock off 20-30 years of payments, and reduce total out-of-pocket payments by tens of thousands of dollars just by reducing your interest rate by up to 3%. Before you refinance or apply to forgiveness plan to get a lower rate, make sure you shop around a bit between companies. Rates and repayment options will vary, and you may not always qualify for the advertised interest rates.Bruce Mesnekoff points out that, “The initial allure is that private companies are offering low interest rates for refinancing student loans. But, the advertised rates often reflect the interest rates for 5 or 10-year repayment plans, not the longer 15 or 20-year or 25 years plans that most people can afford for monthly payments. These shorter plans offer lower interest rates but higher monthly payments, which can make it difficult to contribute to a retirement plan or save up to buy a house.” It is imperative that you look at a variety of companies and assess whether you can afford the new monthly payment before deciding to refinance. Refinancing can even be a decent way to consolidate loans. rather than creating three or four completely different payments every month, you may consolidate them into one payment. With some student loan rates near 8 and 9 percent, refinancing seems like a no-brainer. If you can refinance from 9 percent to 5 or 4 percent, you can likely reduce your monthly payment and substantially reduce the number of years for repayment. However, make sure you shop around and understand the repayment terms and any benefits you might be giving up by refinancing federal loans with a private company. If you have a financial advisor, talk to them about your student loans. While the government might provide some additional relief in the future for student loans, you should still look around at the repayment and refinancing options available to you. There are ways to improve your student loan situation now, but always remember to weigh the benefits of refinancing against the risks before making a decision. Although student debt reform is getting a lot of attention, plans like Hillary Clinton’s contain some avenues for student debt relief, however it doesn't seem that refinancing alone are going to be enough to mend the issue. Basic changes can still be required at the collegial level to curb the staggering growth of student debt. Click to subscribe official YouTube Channel of Bruce Mesnekoff Follow us on Bruce Mesnekoff Twitter Like us on Facebook Official Bruce Mesnekoff Tips To Manage Your Student Loan Debt by Student Loan Consolidation Expert Bruce Mesnekoff
Repayment Programs (Income-Based) -If your payments on eligible federal student loans are in excess of 15% of your earnings above 150% of the poverty level under a 10-year standard repayment plan, you may be eligible for an income-based repayment program. Under this program, your outstanding loan balance may be forgiven after 25 years of qualifying repayment. Pay As You Earn (PAYE) : As Bruce Mesnekoff said PAY As YOU Earn also caps repayments based on your income, and will forgive outstanding federal student loans after 20 years. Under PAYE, payments must exceed 10% of what you earn above 150% of the poverty level under a standard 10-year repayment plan. To be eligible, you must have taken your first federal loan after September 30, 2007 and at least one loan after September 30, 2011. Loan Forgiveness After Joining Public Services – According to Bruce Mesnekoff certain federal loans may be forgiven after 10 years of qualifying payments if you take a job with federal, state or local government, a non-profit and other public service organizations, this will be best way to get forgiveness from Federal Loans. Work as Volunteer to Get Benefits -There are a number of programs, e.g., AmeriCorps, Peace Corps, the military, in which service will accrue a benefit that reduces an outstanding loan balance in an amount that varies depending upon the program. Pre-Pay Principal Amount – According to Bruce Mesnekoff Pre-payment of principal may help lower the lifetime interest costs of a loan. To raise cash to fund pre-payments, one idea is to ask that birthday and holiday gifts be cash and direct any raises, bonuses or overtime pay to pre-payments. If you do pre-pay principal, be sure to target the loans with the highest rate of interest. Loan Consolidation -You can consolidate your federal loans through the Direct Loan program At Student Loan Help Center, or through a private lender if you have private loans or consult with student loan consolidation expertBruce Mesnekoff . However, this may only make sense if you can obtain an overall lower interest rate. Tips given above are just for informational purposes only, and should not be considered a substitute for a more comprehensive student loan evaluation. Click to subscribe official YouTube Channel of Bruce Mesnekoff Follow us on Bruce Mesnekoff Twitter Like us on Facebook Official Bruce Mesnekoff With the cost of college rising and governmental/private funding declining, it is no wonder that most Americans are concerned about their ability to finance a post-secondary education. Tuition prices are rising at Community Colleges, State Schools, Private and Technical colleges, leaving most Americans wondering how they are going to afford to pay for their education. This book educates parents, grandparents, young adults and students of all ages how to optimize the educational payment process.
The Ultimate Guide To Student Loans is the collaboration of two financial experts who guide you through the confusing maze of investing for education and the student loan world from beginning to end. Jordan Goodman, America’s Money Answers Man, personal finance expert and frequent guest on radio and TV shows, and Bruce Mesnekoff, CEO of The Student Loan Help Center, student loan management and consolidation expert, share their knowledge and simplify the complicated process and maze of government and private rules and regulations about student loans. They also guide you through all of your investment choices to finance college education. This book helps you understand student loans by explaining;
Use this book to improve your entire educational financing experience! About Our Authors Mr. Bruce Mesnekoff : Bruce Mesnekoff is a nationally-recognized expert in student loan management and consolidation. Mr. Bruce Mesnekoff serves as CEO of The Student Loan Help Center. He has developed and implemented programs which have enabled thousands of borrowers to retake control of their previously unmanageable student loan debt successfully. As a Financial Advisor Bruce Mensekoff works with non-profit financial assistance organizations around the country to ensure consumers are made aware of the newest programs and solutions available to resolve their student loan problems. Bruce Mesnekoff also speaks regularly on local and nationally-syndicated radio programs informing the public about the best ways to pay off their student loans. Mr. Jordan E. Goodman : Jordan E. Goodman is a nationally-recognized expert on personal finance. He is a regular guest on numerous radio and television call-in shows across the country, answering questions on personal financial topics. He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC and CBS evening news. For 18 years, Jordan was on the editorial staff of MONEY Magazine, where he served as Wall Street correspondent. While at MONEY Magazine, he reported and wrote on virtually every aspect of personal finance. In addition, he served as weekly financial analyst on NBC News at Sunrise for 9 years and the daily business news commentator on Mutual Broadcasting System’s America in the Morning show for 8 years. He is the author / co-author of 14 best-selling books on personal finance including Master Your Debt, Fast Profits in Hard Times, Everyone’s Money Book, Master Your Money Type, Barron’s Dictionary of Finance and Investment Terms and Barron’s Finance and Investment Handbook. He has also written 6 special focus editions of Everyone’s Money Book on College, Credit, Financial Planning, Real Estate, Retirement Planning and Stocks, Bonds and Mutual Funds. Jordan is also a speaker and seminar leader on personal finance topics for business executives, students, associations, investment clubs, employees and others. Click to subscribe official YouTube Channel of Bruce Mesnekoff Follow us on Bruce Mesnekoff Twitter Like us on Facebook Official Bruce Mesnekoff |
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