Student loan consolidation is an attractive option. However, it can be a confusing process. Check one wrong box on the application, and you may get locked into a payment that you cannot afford.
Here is a recent Golden Financial Services client who had their loans consolidated and paid off. Their new monthly payment is $0 per month, also on a path towards loan forgiveness! Is this even possible? Let’s take a closer look.
How can a person get a monthly payment of only “$0 per month” after consolidating?
“The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides “low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education … rather than a bank or other financial institution.” [1]“
When consolidating student loans through a hardship program; family size and income are the main factors that determine a person’s new monthly payment. Not everyone will qualify for a $0 payment. However; if you have a financial hardship or a significant reduction in your gross annual income, your goal should be to get a payment that is as close to $0 per month as possible.
A person can base their income on either their tax return or pay stubs within the last 90-days, depending on which will show the lowest income amount, if your goal is to get the lowest possible payment.
Today’s blog post is solely focussing on the hardship based student loan consolidation plans.
What are the different hardship student loan plans available?
There are a few plans including; the “Pay as you Earn (PAYE),” “Income-Based Repayment Plan (IBR)” and “Income Contingent Repayment (ICR).”
Can the payment change after you are approved?
Yes, it can. A hardship based federal student loan consolidation plan must get recertified every 12 months. If you forget to recertify your program, you can quickly get kicked out, and your payment goes up. These plans are ideal for either a person that has a low paying job, had an unexpected financial hardship or for someone that couldn’t find any work after college.
It’s unbelievable how difficult and confusing the government makes it, to get approved for the right program. Most students are unaware of how to consolidate their student loans and what options are available.
How Does Loan Forgiveness Work?
Forgiveness, cancellation, and discharge of your loan mean that you are no longer expected to repay your loan. After you consolidate your loans, there is a loan forgiveness period. In this example below, our client was eligible for loan forgiveness after 300 qualified payments.
We often see clients at Golden Financial Services who are eligible for over $50,000 in loan forgiveness.
Just today, we submitted a student loan repayment plan that projects a loan forgiveness amount equal to $93,007, as seen in the example below.
Most importantly, if you are delinquent on your student loan payments, take action fast to avoid garnishment and your credit report from being ruined. Student loan consolidation and loan forgiveness options are only one step away, learn more.
Source:
Wikipedia, https://en.wikipedia.org/wiki/Federal_Direct_Student_Loan_Program
Golden Financial Services, https://nomorecreditcards.com
We’re a group of volunteers and starting a new scheme in our community.
Your site offered us with useful information to work on. You’ve performed an impressive task and our entire neighborhood will probably be grateful to you.
May I just say what a comfort to find somebody who actually understands what
they’re discussing on the internet. You actually understand how to bring an issue to light and make
it important. A lot more people really need to look at this and understand this side of
the story. I can’t believe you’re not more popular since you certainly have the gift.
I needed to thank you for this excellent read!! I certainly loved every little
bit of it. I have you bookmarked to look at new things you
post…
great points altogether, you just received a new reader.
What could you suggest in regards to your post that you made some days in the past?
Any sure?
As the admin of this web page is working, no uncertainty very soon it will be well-known, due to its feature contents.
Ridiculous story there. What happened after? Take care!
Wow, fantastic blog layout! How long have you been blogging for?
you made blogging look easy. The overall look of your web site is fantastic, as well as the content!
Good day! Would you mind if I share your blog with my
facebook group? There’s a lot of folks that I think
would really appreciate your content. Please let me know.
Many thanks
Hi there Dear, are you genuinely visiting this website daily, if
so after that you will definitely get fastidious knowledge.
The other day, while I was at work, my cousin stole my iPad and tested to see if it can survive a 30 foot drop, just
so she can be a youtube sensation. My iPad is now broken and
she has 83 views. I know this is completely off topic
but I had to share it with someone!
Hi, after reading this awesome piece of writing i am also happy to share my knowledge here with friends.
Wonderful beat ! I wish to apprentice while you amend your web site,
how can i subscribe for a blog site? The account aided me a acceptable deal.
I had been tiny bit acquainted of this your broadcast
offered bright clear idea
My partner and I stumbled over here different page and thought I might as well check things out.
I like what I see so now i am following you.
Look forward to looking over your web page for a second time.
I love reading a post that will make men and women think. Also, many thanks
for permitting me to comment!
I came to your How to Consolidate & Pay Zero$ Per Month | GoldenFS.org page and noticed you could have a lot more traffic. I have found that the key to running a website is making sure the visitors you are getting are interested in your subject matter. We can send you targeted traffic and we let you try it for free. Get over 1,000 targeted visitors per day to your website. Check it out here: http://priscilarodrigues.com.br/url/v
Thanks for sharing your thoughts on debt.
Regards
It’s nearly impossible to find well-informed people for this
subject, but you sound like you know what you’re talking about!
Thanks
constantly i used to read smaller posts that as well clear their motive, and that is also
happening with this post which I am reading now.
Excellent post however I was wondering if you could write
a litte more on this topic? I’d be very grateful
if you could elaborate a little bit further. Appreciate it!
Attractive element of content. I simply stumbled upon your blog and in accession capital to say
that I acquire in fact enjoyed account your blog posts.
Anyway I’ll be subscribing to your augment and
even I achievement you get right of entry to consistently quickly.
Hello, its fastidious article about media print, we all be familiar with media is a enormous
source of information.
always i used to read smaller posts that also clear their motive, and that is also happening with this article which I
am reading here.
I simply could not go away your site prior to suggesting that I actually loved the standard information an individual supply
on your guests? Is going to be back steadily to check out new posts
of course like your website but you have to check the spelling on several of your posts.
Many of them are rife with spelling issues and I in finding it very troublesome to tell the reality then again I will certainly come
back again.
Hi! I’ve been reading your site for a long time now and finally
got the bravery to go ahead and give you a shout out from Lubbock Texas!
Just wanted to say keep up the great job!
Hi! I simply want to offer you a huge thumbs up for the great
info you have here on this post. I’ll be coming back to your website for
more soon.
Great beat ! I would like to apprentice even as you
amend your site, how could i subscribe for a blog site? The account helped me
a acceptable deal. I have been tiny bit acquainted of this your broadcast offered vibrant clear concept
Pretty section of content. I just stumbled upon your website and in accession capital
to assert that I acquire actually enjoyed account your blog posts.
Any way I’ll be subscribing to your augment and even I
achievement you access consistently rapidly.
What’s Happening i am new to this, I stumbled upon this I have found It absolutely helpful
and it has aided me out loads. I am hoping to contribute & help different customers like its aided me.
Good job.
I have been surfing online more than 4 hours today, yet I never found any
interesting article like yours. It is pretty worth enough for me.
In my opinion, if all site owners and bloggers made good content as you did, the internet will be much more
useful than ever before.
Your means of telling everything in this paragraph is genuinely
pleasant, all be able to effortlessly know it, Thanks a lot.
What’s up, every time i used to check blog posts here in the
early hours in the morning, for the reason that i love to learn more and more.
Hello everyone, it’s my first go to see at this website, and piece of writing is really fruitful in favor
of me, keep up posting these content.
I know this if off topic but I’m looking into starting
my own blog and was wondering what all is needed to get set
up? I’m assuming having a blog like yours would cost a pretty penny?
I’m not very web smart so I’m not 100% certain. Any tips or advice would be greatly appreciated.
Thank you
I am really impressed with your writing skills as well as with the
layout on your weblog. Is this a paid theme or did you customize it yourself?
Either way keep up the excellent quality writing, it’s rare to see
a great blog like this one nowadays.
I always spent my half an hour to read this web site’s posts all the time
along with a mug of coffee.
Hi there! Quick question that’s totally off topic.
Do you know how to make your site mobile friendly?
My weblog looks weird when browsing from my apple iphone.
I’m trying to find a template or plugin that might be able
to fix this problem. If you have any recommendations, please share.
Thank you!
This blog was… how do you say it? Relevant!! Finally I’ve found something which helped
me. Many thanks!
If some one needs to be updated with hottest technologies then he must be pay a visit this web site and be up
to date everyday.
Hey I know this is off topic but I was wondering
if you knew of any widgets I could add to my blog that automatically tweet
my newest twitter updates. I’ve been looking for
a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this.
Please let me know if you run into anything. I truly enjoy reading
your blog and I look forward to your new updates.
Thanks very interesting blog!
This is my first time pay a visit at here and i am actually impressed to read everthing at alone place.
Excellent post. I will be dealing with a few of these issues as well..
Right now it sounds like WordPress is the top blogging platform out there right now.
(from what I’ve read) Is that what you are using on your blog?
Hi colleagues, pleasant piece of writing and nice urging commented at
this place, I am in fact enjoying by these.
Thanks for sharing your thoughts. I really appreciate your efforts and I am waiting
for your further post thank you once again.
It’s remarkable to visit this web page and reading the views
of all friends concerning this piece of writing, while I
am also keen of getting know-how.
Hi there everyone, it’s my first pay a quick visit at this web site, and piece of writing is in fact fruitful in favor of me,
keep up posting these articles or reviews.
I enjoy, cause I found exactly what I was having a look for.
You’ve ended my 4 day lengthy hunt! God Bless you man. Have a nice day.
Bye
It is perfect time to make some plans for the future and
it is time to be happy. I have read this post and if I could I wish to suggest you
few interesting things or advice. Maybe you could write
next articles referring to this article. I desire to read more things
about it!
Hi there, You have done an incredible job. I’ll certainly
digg it and personally recommend to my friends. I’m confident they will be benefited from this website.