No Help For People With Defaulted Student Loans

Are you currently debating whether or not you should pay off your federal loans? What's the matter? Collectors demanding too much or won't budge on letting you pay something reasonable. Maybe you don't have all your money put together yet, or the collectors are giving you a deadline you can't meet then threatening garnishment if you can't meet the deadline? This program I am about to explain about in this article is YOUR light at the end of the tunnel.

After dreaming, praying, and hoping FINALLY a program designed to take some weight off of your shoulders. It isn't easy living, when a huge student loan is latched on your back. The average student is walking away from college with 20k in student loans. After so much anticipation there is a program available that would possible lighten your baggage. The Income based repayment program AKA IBR program, is probably something you've been wishing for. Why isn't this talked about? This program has been around since July of 2009.

This Federal program will provide relief by basing the payments off of an individual's income and household size. Sorry private loan holders you don't qualify, and one more apology, if you have a defaulted Federal student loan you don't qualify either. It doesn't make sense that people that need the most help will not be helped out. Anyways, This IBR program allows individuals to make payments based off of 10-15% of their income depending on your income. If you are earning lots of money you will not qualify, but if you are experiencing undue financial hardship, payments could be lower than 10% of your income.

Another plus about this IBR program is that if you chose a certain occupation, your remaining balance will be forgiven after a certain amount of time. People in public service jobs, government jobs, and non-profit organizations could have their debt forgiven after a decade. And, even people working else-where MAY have their debts waived after 25 years of participation. Where is the Government getting the money to fund this? Seriously....

Who qualifies?

-Direct Loan Holders
-FFEL loan holders
-Stafford loans and Consolidation or Graduate PLUS loans
-Perkins Loans (Only if you consolidate them)

Who Doesn't Qualify?

-Defaulted Loan holders (There are ways to get this fixed)
-Parent Plus Loan Holders
-Private Loans
-Loans that consolidated a Parent Plus Loan

How do I apply?

You'll need to call your lender, you know the people that are "Servicing" and holding your loans. They will be the ones to determine your fate. If they okay you, and you are accepted, just remember you'll probably end up paying more in interest since you'll end up extending the payment time frame. To find more information just Google "Income based repayment program".

Freedom Blog:
Student Loan Collection and everything you need to know about your defaulted loan.
Free Report "Confessions of a Student Loan collector"
Student Loan Collection Revealed
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