Student Loan Repayment Program: In Paying off Your College Debt

For those who are having a hard time with their private student loans, there are actually a number of good loan repayment programs that are available. Your main task is simply to select the most appropriate one for your debt. Surely with some serious checking of different programs, you will be able to find the most viable student loan repayment program for you.

Common Student Loan Repayment Program

There are many types of repayments and school loans consolidation programs, however the most common one is that which allows you to pay the same amount every month or the level repayment; this means you know precisely how much your financial responsibility is from month to month. Many loan advisors recommend this type of student loan repayment program because it is considered the least expensive.

There is also what we call graduated student loan repayment program, which like the level type offers low repayment; however, this only is true for the first months. Gradually you will have to pay for more in the future.

Lastly there is the income based student loan repayment program, which is actually intended for federal student loans. With this type of payment, your monthly amount is based on the income that you are earning. This is a type of repayment that borrowers need to apply every year. It is also considered the most expensive among repayment programs.

What's New: Fuss About Loans

There is a new blog in town – Fuss about Loans – a Wordpress site likewise discussing about student loans, but unlike Your Private College Loan blog, it more or less covers not just the private ones, but also the federal student loans. Just got off into the internet a few weeks ago, and have tackled on both types of student loans; it will just have to be a labor of love, a continuous process of polishing up the site and trying my best to optimize it for better opportunities for more visitors in the future. Hopefully I can work on and churn up much more interesting and relevant federal and private personal student loans articles – and make this blog even a simple and humble resource site on the topic. Try to visit Fuss about Loans once in a while and drop a line on any comment, advice or opinion, positive or otherwise.

We Blew Our Record Right Out Of The Water

In April of this year, I had a mother come to me who was way behind the eight-ball. She was going through a divorce and had not filed any of the financial paperwork for her son. No FAFSA. No Profile. No nothing. Worse yet, her son was a worse case scenario. He wanted to go to Tufts University and Tufts alone. This really gives us no wiggle room to work with.

I made sure she understood that she was in a tough position, but we would do our best to see what we could make of it. She was elated just to find someone who would take the paperwork headache of her shoulders. So we went about getting the FAFSA, the Profile, and the other ancillary forms filed. And Tufts came back expecting her and her son to come up with... over $50,000 each year. Ouch.

I told her we still had the negotiations phase to go through. Now anyone in my position will tell you that negotiating this late in the year is difficult at best. It is normal to get minimal results. Well let me tell you what happened yesterday.

Joan (we'll call her Joan) received the new financial aid award on June 30th. She was in my office on July 1st. As we sat down and looked over the new award summary, it hit me. We had just blown away our previous average improvement for negotiations. For years, I've been proud of our $2,000 average annual improvement during the negotiations phase. Just that phase alone is more than double of our highest service level price. That always assured me that we provide a service that has substantial value. Well, that average is no longer accurate. Sitting with Joan yesterday, we were looking over an annual improvement of... now get this... over $35,000!

$35,000!!! Holy cow!

Folks it just goes to show you; there is no situation that is hopeless. There is no one that we should not at least try to help.

$35,000! That's good.

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