STUDENT LOAN DEBT INFORMATION
Student loan debt is the easiest debt to get in and the hardest to get out. Student loans are readily available and are due for repayment just as soon as you end your education. Student loans that are guaranteed by the government have the greatest repayment powers. If you fail to meet the terms of repayment, those powers can be exercised in a myriad of methods. One method is to withhold any tax return you may be owed and those monies are added to the repayment of your student loan.
But do not despair!
There are a number of ways to reduce your student loans other than direct repayment.
Debts can be forgiven if
- After 25 years of repayments
- 10 years of repayment if you work non profit or government job
- If you owe more than you earn in a year you probable qualify
Student loans that are guaranteed by a private lender can be settled for less than the original debt owed and payments can be arranged to fit your current budget.
Fill out the contact box and seek the Student Loan Debt relief you need.
A New Agency Created for Student Loan Debt
• Consumer Financial Protection Bureau – federal watchdog agency
• New bill may be signed into law July 4
• Bill does not dictate private student loan terms
• It does oversee lending practices and address borrower complaints
Four new protections are covered in the bill; Disclosure, Complaints, Meditation & Future regulation.
1. Disclosure
• Private lenders are required to inform borrowers that they may be eligible for federal student loans regardless of their family income.
• Lenders must disclose interest rates before a student signs up for the loan.
2. Complaints
• A source for borrowers looking to file a complaint.
• Able to spot a pattern of abuse and then regulate those lenders.
3. Meditation
• If a dispute between borrowers and lenders arises the new agency would meditate that dispute.
4. Create future regulation
• Yearly reports from the Secretary of Education and Secretary of the Treasury are issued to Congress. The new agency will be able to spot abuse trends from private lenders and recommend additional law in the future.
Guard the Money
Family financial advice is a funny thing. It is often cloaked in stories from family member’s firsthand experience with hardship and preservation. I grew up in a household that canned fruits in the summer and garden veggies in the fall. We clipped coupons, and my mother helps us sew some of our clothes. We did not live on a farm and visited the grocery store weekly for the majority of our food needs.
We were not poor, but always felt the need to be careful. If you were given a gift of cash, the words always accompanied it, “guard the money”. The implication that you need to save your money, so you have it in a time of need. My father always worked and my mother worked from time to time as extra funds were needed. Looking back it was a rather financially stable childhood. The sense that we would always have a car, a roof over our head and food to eat was constant. Also our medical and dental needs were met, I breezed into offices gave my name and saw the dentist or doctor.
My parent’s probably felt that they were providing well for their children. But there was one financial need that went unmet. It was financial education. The one thing that I needed to be a fully functional adult was a financial education. I was missing the ‘how to’ in recreating that same financial stability for myself as a young adult. Lacking the basic understanding on how to create a monthly budget, pay bills or save I made a number of poor financial choices throughout my 20’s. It was a classic learning to ‘fly while falling’. Compounding the learning curve was the intense emotion of shame with every failure. Somehow I should have known better, done better or asked my father for help. The after burn from my choices gnawed at my sense of self worth and created a hole of self doubt that grew with age. I attended college taking classes such as macro economics and made good grades. But attending college without the fundamentals of money management is as if, you ate dessert at a four star restaurant without knowing what you have ordered. The process was backward and not scaled to my real world understanding or needs.
I do not blame my parents. They thought they were providing well for me. And I made my financial choices myself. There is no undoing the past, only preparing for a better tomorrow.
My aunt once told me, “when you know better you do better”. Today I know better and do better. I teach my children about the real cost of life and they see mommy create a budget and spend with in it. I have a chance to forever change their heritage and give them the tools they need to be a fully functional self sustaining adult. You can too. Sit down with financial advisors; get a thoroughly understanding of where you are at and where you need to grow. Learn how to teach your children, discuss this with your friends and prevent others from years of learning to financially fly while falling.
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