AFSLR member companies specialize in several different types of relief for Americans struggling with student loan debt, or even looking to obtain a loan for the very first time. The items below are just some of the items an AFSLR member company may be able to assist their consumers with. Most options are avaialable to consumers for free – however, much like a tax preparer, sometime these programs can be difficult to navigate. Certain companies may only focus on one certain type of product. Be sure to explore all of your options when selecting a company that is right for you.
Consolidation Loan programs are government programs that allow consumers to combine several student loans into one bigger loan, which is then used to pay off the balances on the other loans. It is very similar to refinancing a mortgage. This is the most popular form of relief in the industry currently, but might not be to best solution for every consumer. Please bear in mind these are government program and are available to the consumer fo free.
The Public Student Loan Forgiveness Program is intended to encourage individuals to enter and continue to work full-time in public service jobs. Under this government program, borrowers may qualify for forgiveness of the remaining balance of their direct loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers.*
A postponement of payment on a loan that is allowed under certain conditions and during which interest does not accrue on Direct Subsidized Loans, Subsidized Federal Stafford Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) of the loan(s).*
Student loans must be repaid regardless of whether or not you completed your education, are unemployed, or are unhappy with the instutute of education you chose. However, there are a number of programs offered by the federal government which can lead to the cancellation of certain loans under mitigating circumstances.
The office of Federal Student Aid provides grants, loans, and work-study funds for college or career school. They offer more than $150 billion each year to help millions of students pay for higher education.
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