Frequently Asked Questions
What Type of Student Loan is Right for Me?
Generally – a federal student loan is the way to go. Unlike a private student loan, federal student loans have a fixed interest rate. Anyone can get a federal student loan whereas a private student loan the lender will check your credit where one must qualify.
What is the Difference Between a Federal Student Loan and a Private Student Loan?
A private student loan is funded through a private institution, credit union, bank or school. Federal student loans are offered by the government, that are set by law with rules and regulations. With private student loans, interest rates can fluctuate during the life of the loan, where federal loans’ interest rates are fixed. With private student loans, one must qualify with their credit and other factors. If one is wanting to apply for government-issued loans (Federal), they can go ahead and apply at www.ed.gov. With federal student loans, one can look at Income-Driven repayment options which is not the case with a private loan, as well as private loans typically make you pay while in school. Federal loans let you defer until finished. So, which is the better option? Typically – Federal is the way to go.
What is Consolidation?
Consolidation simply is the Department of Education paying off multiple federal student loans so a borrower will only have one monthly payment versus multiple. Consolidating one’s loans also gives a borrower different repayment options such as income-based, as well as forgiveness opportunities per the servicer.
What is Student Loan Forgiveness?
Student loan forgiveness is essentially having one’s remaining student debt discharged or written off. The Department of Education or Private Lender allows for under certain allowances to forgo the debt of the borrower, freeing the borrower to pay anything more.
How Can I Get My Student Loans Forgiven?
There is ‘The Public Service Loan Agreement’ (otherwise known as PSLA) which forgives the remaining federal student loan debt after one has paid 10 years of time which equates to 120 payments under a qualifying repayment plan. If one is permanently disabled, they can apply for getting their loans discharged through a specific servicer. There are income-based repayment options that after a certain amount of years the loans will be written off. Call us for more information – and let us make the process easy for you!
Can Private Student Loans be Forgiven?
Not typically except for under certain situations. It is usually up to the private lender. We can work with you, and the lender and talk to them on your behalf to see what we can do for you. Federal Student Loans are the way to go if possible, as they offer more opportunities for the borrower.
I Can’t Afford My Student Loan Payments – Can You Help Me?
We certainly can try! We have a dedicated team here to help you wherever you are in life. Student Loan Assist works hard on behalf of its clients, to make sure you are happy at the end of the day with your payment size, plan that you are in, and overall with our service. We don’t work magic, and it is at the end of the day the Lender’s choice, but we go up to bat for you and will do all we can. We will talk to the lender on your behalf; as well as fill out and help with paperwork.
From the Founder:
Hi there! I started Student Loan Assist LLC to help people all over the United States wherever they are in the process of paying their way through school. The inception came from working on behalf of the Department of Education and realizing how many people really weren’t aware of their options, nor did they have someone to point them in the right direction based on where they were at in life.
The way people are brought up in America is to go to school, get your degree, and get a job in your field. Well in a perfect world, sure that would happen. Unfortunately – there are millions of people who have gone to school (rather completed their degree or not), and simply couldn’t find a job, and now have loads of debt that they are supposed to pay back. Maybe you have the job, but it’s nowhere near enough to pay these loans off in a manageable timeframe. Is that you?
Let Student Loan Assist help you.
We want to be a company that you feel has your back. A company you call and are excited to talk to your representative. A place you know you are getting your options laid out for you, in YOUR best interest. That’s a big one. Everyone is in a different situation and stage in life. What is best for one, will not be the same for the next. Your representative will assess your situation, then give you options of what you can do. Whatever you choose to do we will fill it out for you. We will talk to your servicer and do the work for you. All you must do is sign the dotted line.
You mean I can just give the workload to you and i don’t have to fill out 30 pages of deferment paperwork?
Yes! Precisely. We will either walk you through it online if you prefer, otherwise we’ll electronically-sign with you. It is user-friendly and time friendly. What could be better? We will talk to the school or servicer for you if you need something or want another person up-to-bat for you.
Student Loan Assist:
Saving you time, money, and convenience.
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