payingstudentloan

paying off college student loans
Do you need help paying off your college student loans? You've come to the right place. We are in the business of debt consolidation. Let us show you how to make one payment for all your loans through consolidation!

You may consolidate an existing Consolidation Loan only if you are combining that loan with at least one other eligible loan. Repayment Options You may choose one of several repayment options for your Federal Consolidation Loan. The repayment term is a maximum of 10 to 30 years depending on the total amount of your students. Level Repayment A level Repayment schedule means you pay equal monthly payments over the term of your loan. Graduated Repayment Plan A This option allows for interest-only payments for the first one-quarter of your total repayment period. For the next one-quarter, 1% of the original consolidation loan is required each month. Level monthly payments are required for the remaining one-half of your repayment period.

What if I don''t know who currently holds my loans? back to top You can find lender names and addresses in your repayment information for each of your loans. Or, simply access to access all your students. Will you check my credit before approving me for a consolidation loan? back to top No. There is no credit check to obtain a Federal Consolidation Loan through the Consolidation Assistance Program. However, you must not be in default on a Federal student. Can my spouse and I consolidate our students? back to top To take advantage of a Consolidation Assistance Program loan, you must apply separately from your spouse. What are my repayment plan options and how long do I have to repay my loan? back to top You may choose one of several repayment options for your Federal Consolidation Loan. The repayment term can have a maximum of up to 30 years depending on the total amount of your students. Repayment options: back to top

If you are in deferment or in forbearance, that time is not included in your 60 month period. Interest payments made while you are still attending school or in your grace period are not eligible for the tax deduction, as these payments are paid prior to the beginning of your covered period.The maximum student interest deduction for is $2,000, but beginning in single filers will be able to deduct $2,500.In the student interest deduction is phased out for singles with incomes between $40,000 and $55,000. However, in singles with incomes between $50,000 to $65,000 for singles will be phased out. The above information is not considered tax advice. Please consult your tax advisor for information about tax ramifications of consolidating your loans.



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