There’s no need to continue struggling under your Student Loan Debt
Many students graduate with an unmanageable amount of student loan debt and are unable to meet the high loan payments each month. Christian Debt Services has several programs available to help you manage your student loan debt. We can provide you with the expertise and experience to help qualify you for a student loan consolidation program or a student loan rehabilitation program. Our specialists will work with you to find the program that best suits your current financial situation.
Student Loan Consolidation
The Department of Education has guidelines that help to determine the applicable loans that qualify in the consolidation of your federal student loans. Additionally there are various repayment plans with several term lengths. You may switch repayment plans at any time, however depending upon your situation; there may be some restrictions to the repayment plans available to you.
Student Loan Rehabilitation
Student loan rehabilitation is a one-time opportunity to clear the default on a defaulted federal education loan and regain eligibility for federal student aid. After the borrower has made 9 out of 10 consecutive, reasonable and affordable payments on a defaulted federal student loan according to a loan rehabilitation agreement, the loan may be rehabilitated and the default removed from the borrower’s credit history.
After the borrower has made 3 consecutive, voluntary, on-time, full monthly payments on a defaulted loan, the loan may be consolidated. Borrowers who are in default may consolidate into the Direct Loan program without any payment prior to consolidation if they agree to repay the debt using income contingent repayment or income based repayment. After the borrower has made 6 consecutive, voluntary, on-time, full monthly payments on a defaulted loan, the borrower regains eligibility for federal student aid.
Student Loan Forgiveness
Graduates must meet certain program criteria to qualify and the exact amount forgiven is dependent upon the profession. Your eligibility for student loan forgiveness depends on the type of student loan in question. If you have a Federal Stafford Loan, you may be able to get all or part of your loan forgiven through certain types of volunteer work, public service, military service or medical practice.
