When you take out a student loan you commit to repaying it. Student loans are rarely cleared in a bankruptcy, and you must be permanently disabled to qualify for them to be discharged. Many students feel overwhelmed by their student loans when they graduate, and paying a large payment for several years can make it difficult to get ahead financially. You may want to try these seven steps to help you pay off your student loans or one of these student loan forgiveness programs.

1.  Teacher Forgiveness Program

The federal government offers forgiveness program that will allow teachers who teach for five years to have their student loans completely forgiven. Teachers must work in identified low income or high-risk schools to qualify for the program and can have up to $17,500 forgiven at the end of the five years. Teachers will need to continue to make payment while they are teaching for the five years. The teachers must be under the direct loan program to qualify. Any service for Americorps or TeachAmerica cannot be used to count towards the five years of the program.

2.  Americorps

Americorps offers a program where you can work for a year in a specific service organization to earn money to put towards your student loan. In 2011 the amount of the award is $5500. While working in Americorps you will receive health coverage and be able to defer payment on your student loan. Depending on your assignment you may receive a small stipend to help with living costs. You can also take a year off of school to complete this program and use the money to apply to your next semester of college.

3.  Teach America

Teach America offers an award of $10,700 to apply towards your student loans. Additionally, while you are teaching you will qualify to put your student loans on forbearance, and Teach America will pay your interest payments for you. The loans need to be federal loans to qualify for the repayment benefits. You must teach for a total of two years to qualify for the entire benefit. You will receive the normal teaching salary of the district you are teaching in. Generally you will be teaching in a high need area in high-risk schools. If you worked for Americorps you may not qualify for the TeachAmerica grant depending on your prior service.

4.  Public Service Workers

Public service workers can qualify for loan forgiveness after ten years of employment for a state or federal agency. To qualify for this program you must have a loan through the direct loan program. It may be worth transferring your loan to a direct consolidation loan to qualify for the program, since it will help you pay off your loan more quickly if you have already taken out a consolidation loan.

5.  Income Based Loan Forgiveness

If you qualify for income based repayment, which means you pay a reduced monthly payment because of your income. If you continue to qualify for this program and make on time monthly payments for twenty-five years you can qualify to have the remaining balance of your loan forgiven. To qualify for this program you must have a direct consolidation loan from the federal government. If your student loans are completely overwhelming this may be the best option available to you. You may also qualify for the Pay as You Earn program which is similar. 

6.  Federal Direct Loan Consolidation

Many loan forgiveness programs require you to have a Federal Direct Loan through the federal government. The process to consolidate is the same as other student loan consolidation loans. If you borrowed money after 2010, then you are automatically receiving a Direct Federal loan. If you borrowed before this period you may have your Stafford loans through a private lender, and you will need to switch to the direct loan to qualify for the forgiveness program. If you feel that you will not be able to pay off your loan in the time it would take you to qualify for loan forgiveness, then it will be worth it to transfer to a direct consolidation loan.

7.  Private Student Loan Forgiveness

Most student loan forgiveness programs are for federal student loans only. You will need to pay off your private student loans on your own. You may need to take on a second job if you are having a difficult time making your private student payments. You can contact your lender to see if they offer programs that allow you to adjust your payment based on your income or if you can refinance the loan so you can afford the monthly payments. Private student loans are rarely forgiven in bankruptcy as well, and so you must work to pay them off as quickly as possible. 

Reducing Student Debt to Find Financial Freedom!

By [http://ezinearticles.com/?expert=Betty_Latimer]Betty Latimer 

In an article published in December of 2011 on the financial portal 'Business Insider', some real life stories were illustrated about people who took out loans for their education.

These student debt stories give a clear picture on how borrowers struggle to lift the crushing burden of student loans off their shoulders.

All of these instances depicted various situations that the student community faces that makes them financially stressed.

A summary of a few stories on the website are:

Case 1:

A borrower took out a loan to study Game Art and Design and ended up owing $100,000 in debt. 

Case 2:

This person's original loan amount was $80,000 that increased to a whopping $135,000!

Case 3:

A loan was taken from a leading bank in 2005, and the repayment terms could not be negotiated. Even after the borrower's repeated request to negotiate, the loan was sent to one of the banks collection agencies.

Many readers can easily identify themselves with the three instances mentioned above. These are some of the common scenarios that borrowers face due to job loss, bankruptcy, or heavy medical bills. Such instances create obstacles for people, making it difficult for them to pay back their debts and get rid of their financial liability.

Other Factors Causing Student Debt

Apart from current financial conditions, there are other factors that may cause student debt. It could be due to multiple loans along with variable interest rates that come along, capitalization of interest or interest-only payment options. They eventually accumulate to a huge amount.

There are many borrowers who have not missed their payments on their credit card debt, car loans or mortgage. They even have a good credit score. However, because of the reasons mentioned above, they are never able to pay off their student loans.

One of the best solutions that these borrowers have in getting relief from their debt is to consolidate their various loans into a single loan amount. In this way, they only need to make just one monthly payment at a revised interest rate.

How to Consolidate Student Loans

A borrower who can't afford to pay off their student debts can consolidate multiple loans through federal direct consolidation programs and regain control over their financial situation.

When consolidating loans, borrowers should not combine their federal loans with their private ones. The Department of Education doesn't allow consolidation of private loans.

Federal student debt relief services are an excellent way to get the maximum federal loan benefits. Consultants for student debt relief provide an apt solution, as they have the expertise to match each loan with eligible payment plans.

Some leading companies offer comprehensive assistance and guidance to borrowers for a reasonable one-time fee. In this way, they can find a hassle-free solution and get peace of mind.

Student Loan Consolidation Plans

Income Based Repayment Plan

Unlike traditional lending practices, the only factors involved with determining a borrowers monthly payment are annual adjusted gross income and family size. Credit score and loan amount are not taken into account.

Only loans available under the Federal Family Education Loan (FFEL) Program and William D. Ford Federal Direct Loan Program qualify for an Income Based Repayment Plan.

Income Contingent Repayment

This plan has been designed for those who are not eligible for the Income Based Repayment (IBR) or Pay as You Earn plans. The Direct Subsidized, Unsubsidized, Direct PLUS Loans and Direct Consolidation Loans qualify for this plan.

Standard Repayment Plan

Through this plan, student debts can be repaid in the shortest possible time. It requires a fixed monthly payment to be made for a period of up to 25 years.

Graduated Repayment Plan

Under this program, the starting monthly payments are low. The payment amount will subsequently increase by 4.25 percent (approx.) every year.

Besides consolidation, another quick way to remove all of your student loans is to qualify for a loan forgiveness program.

Betty Latimer is a financial consultant and blogger. She loves to share information on Federal student loans consolidation programs. Read her blogs to know more about [http://www.lowermystudentdebt.com/about-us/]student debt relief programs.

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For Student Loans: A Companion in Attaining Your Desired Career

By [http://ezinearticles.com/?expert=Dave_Poon]Dave Poon

If you need assistance in paying for the cost of your education, you can opt to apply on a Student loan. This is a lower interest kind of loan compared to others. This is because mostly the government is the one who issues such kind of loan.

Student Loan is a kind of financial aid granted to student who wishes to continue their studies on a Higher Education Level but unfortunately, lack the means. The only difference of this kind of financial support among others such as scholarships and education grants is it has to be repaid within a certain period of time

There are three types of Student Loans (U.S Setting)

1. Student Loans directly arranged with the student involved

This type of loan is made straightforwardly to the student involved. Most students are entitled to such kind of loan. There are two kinds of this type of loan - subsidized loan and unsubsidized loan.

Usually, payments for these kinds of loan have a refinement period of six months - meaning payments are to be made six months after graduation. Today, the current maximum value to be borrowed by a freshman is $2,625 per year, by a sophomore student is $3,500 per year and by a junior or senior student is $5,500 per year.

2. Student loans directly arranged with the parents involved

With this type of loan, parents are given the opportunity to borrow a bigger amount to finance the education of their child. Though the loan has no grace period, the repayment procedure starts immediately. The parents involved are the ones who should be paying for this loan. The terms and conditions are usually explained in Parents Loans for Undergraduate Students or usually referred as PLUS.

3. Private Loans directly arranged with either the student or the parent

 This type of loan offers a higher amount of credit boundary. Similarly, with students loans arranged directly with the student involved, this type of loan has also a grace period which is scheduled after graduation. These refinement periods usually ranges from six to twelve months.

Private Loaning Firms offers a higher interest rate compared to government loans. This loan usually comes in two kinds - school channelled and direct to consumer. The school-channelled type of loan is authorized by the school. Direct to consumer type of loan on the other hand, are not officially endorsed by schools. The student provides proof of enrollment to the lending firm. Then, the firm will then give out the loan to the student.

Difficulty on paying monthly loan dues is preventable. Nonetheless, there is still a possibility that you'll find yourself under such circumstance wherein you are having an impediment on paying your loan. Therefore, you possibly will need a loan postponement (deferment) or loan mercy (forbearance). Deferments and/or forbearances are all you need if you are having financial problems.

It is better to consult first your lender about certain information on how to deal with the rearrangement of your proposed repayment plan. You have to be sure that your proposed repayment plan will be beneficial to both parties and that you can assure them of paying the loan promptly.

Nevertheless, these lending firms will help you in determining the best way of repaying them that is convenient on your part without sacrificing their sake. Always remember to discuss whatever financial condition you are experiencing with your lender. This is to avoid further conflict between you and your lender.

Dave Poon is an accomplished writer who specializes in the latest in Finance. For more information
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Apply For a College Grant and Scholarship Program For Low Income Families

By [http://ezinearticles.com/?expert=Kaushikee_Sanyal]Kaushikee Sanyal

Scholarship programs assist students from low-income families in fulfilling their dreams of availing college education. Academic high-achievers can avail merit-based awards and the low-income college scholarships help in avoiding the extra burden of student loans.

Many recognized public or private organizations, nonprofit associations, agencies and business associations offer college scholarships to financially deprived meritorious students, fulfilling their dreams of higher education for a well secured job or career. Have a look at some of the reputable scholarship programs that you can apply for.

Programs that You Can Apply For

Jeanette Rankin Foundation

Better known as Jeanette Rankin Women's Scholarship Fund, this organization offers scholarships to monetarily deprived women above 35 years to help them attend college and build self secured lives. Awards are given regardless of religion, marital status, national origin, race, creed or disability. The eligibility for the scholarship amount is evaluated on the basis of the student's household income. So, needy women seeking to pursue associate's degree, first bachelor's degree or vocational training can apply.

Allegra Ford Thomas

This scholarship program awards one time scholarship of $2,500 to students with learning disability, seeking to pursue post-secondary education. National Center for Learning Disabilities offers the scholarship to the high school graduating seniors pursuing a technical training program, a vocational program, specialized program or an associate's degree for two years.

Students need to submit a financial statement form, high school transcript and a recent certification of identified learning disability to be eligible for Allegra Ford Thomas Scholarship.

Jack Kent Cooke Foundation Scholarship

The foundation awards scholarship programs to exceptionally meritorious students from low income families. Promising secondary school or 7th grade students, undergraduates and graduate students are awarded the scholarships for academic support and financial aid to help them fulfill their goals in life. Up to $30,000 is awarded to undergraduates relocating from community colleges to institution for 4 years.

Jack Kent Cooke Foundation Scholarship has 5 scholarship programs for students:

• Young scholars program

• College scholarship program

• Undergraduate transfer scholarship

• Graduate arts award

• Dissertation award

Unmet Need 

The Unmet Need Program is a part of the Sallie Mae Scholarship Fund that offers financial aid to students from economically deprived families with less than $30,000 annual income. Scholarship amount from $1,000 to $3,000 is awarded to eligible students to fulfill the unmet funding needed. Based on certain evaluations the scholarships are given. You may apply if:

• You are a U.S. citizen

• You are a full time undergraduate enrolled in recognized college or university

• You have grade point average of minimum 2.5 or

• Average GED test score ranging from 42-52

Barry M. Goldwater Scholarship and Excellence in Education Program

This foundation has been offering annual scholarships for the last 20 years to college students with interest in mathematics, engineering or science.

Gates Millennium Scholars

Gates Millennium Scholarships are funded by Bill and Melinda Gates foundation. These scholarships provide financial aid for low-income minority families for availing college education. Below are few important criteria's for availing the aid.

• Candidates must have cumulative high-school GPA of 3.3 and must be legal US residents

• Candidates must be applying for full-time programs at only accredited colleges or universities

• Each applicant must be nominated by a teacher familiar with applicant's academic record

• Eligibility for Federal Pell Grant is also a prerequisite

Hispanic Scholarship Fund

HSF offers scholarships to high school students, current college students and community college transfer students of Hispanic/Latino origin. These college students must be from needy family backgrounds.

The Google

Google offers several scholarship programs to gifted students interested in business and technology. Talented students from deprived families and aspiring for higher education in college and universities can look for varied Google administered scholarship plans:

• Anita Borg Memorial Scholarship

• Hispanic Scholarship Fund

• Scholarship through American Indian Science and Engineering Society

Still looking for more educational assistance programs? Don't worry there are more in the list.

American Society of Naval Engineers Scholarship Program, National Medical Fellowships Need Based Scholarship Program, The Jackie Robinson Foundation's Scholarship Program, Abercrombie & Fitch Scholarship Program, AXA Achievement Scholarship, Military Award Program, Adult Skills Education Program, Young Scholars Program, Undergraduate Transfer Student Scholarships, Fisher House Foundation, Allegra Ford Thomas Scholarship and more. [http://applyforonlinegrants.blogspot.com]Apply for College grant and Scholarship Program and accomplish your dreams of higher education that awards you with a financially secured life.

Kaushikee is an avid grant writer. She writes for many grant sites & blogs, doing thorough research work and accumulates all essential information that makes the blogs informative.

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Student Loans - Realize Your Academic Dreams

By [http://ezinearticles.com/?expert=Paul_Cris]Paul Cris 

Student loans are really a convenient way of fulfilling academic dreams. Student loans are given to college students who have enrolled in a college and have completed at least one semester of the course. Student loans are provided generally to students who are bright in academics. Private lenders provide student loans with or without guarantee from the government. 

When government gives the guarantee for student loans, then it could be two types, unsubsidized or subsidized student loans. Let us discuss both these student loans one by one.

Subsidized student loans have a lower yearly limit. The government pays the interest of the student loans when the student is in school.

Unsubsidized student loans usually have a higher yearly limit. The student pays the interest of the student loan. If the student chooses not to pay the interest during the schooldays, the interest amounts are added up and included with the balance amount that needs to be paid. Usually in all student loans, repayment schedule starts after a certain period. The period could be from 2 to 5 years. It does not matter whether during that period you finish your studies or not, the repayment of the student loans starts as scheduled. 

Student loans come with a very convenient interest rate as it is meant to help a student, who is about to start his/her career. The interest rate of the student loan depends on the market interest index. With the index the rate floats. If you repay most of the loan amount during low rates, you can save a huge amount of money. This is called student loan consolidation. 

The repayment period of the student loans could span up to 25 years. The duration depends on the loan amount. Small student loans have shorter repayment time and a large student loan would have a longer repayment period. 

With student loans tuition fees, purchasing of books and stationary, hostel expenses and healthcare expenses can be taken care of. Some student loans also provide for study material like computer and Internet. Some even provide automobile expenses for the convenience of the student.

Every student does not come from a financially well off family. Many students come from a humble background but could do well in academics. In such a scenario student loans are a good option for them. The repayment of the student loans starts way after the time of getting the loan. By that time the student can study and get a job and in many cases can repay the loan on his/her own. The parents don't have to carry the huge burden of expenses related to studies. Definitely taking student loans for studies is good for the child's career and of course for life.

After finishing studies a person who has taken a student loan can repay it when he lands a job. It is up to the person whether he or she wishes to pay a lump sum and finish the loan. All in all student loans are great for a person's career.

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What Happened To World-Class Universities From The Superpowers Of The 20th Century?

By [http://ezinearticles.com/?expert=Peter_Legrove]Peter Legrove 

Singapore did something to combat the rise of China and that is why they are where they are today. They have positioned themselves as a financial center and an educational center, but they are only a pimple on the very edge of Asia. Their rise is partly due to the fall of the 20th century superpowers of the USA, Europe and Japan. If these super powers were not drowning in debt then Singapore would not be as important in the world as it is today. It is very possible that Shanghai and Singapore will be the leading financial centers in the world very soon.

In the past it seems foreign universities flocked to set up in Singapore, but now I think the flocking is to China. They have to flock away from the dying 20th century superpowers to survive. And the only places to go are the far east, the near east, the middle east, the eastern bloc and a few out of the way places that no one wants to go to. Now Russia could be the next education center competing with China, or more likely they will be working together.

When you have to learn Mandarin and Russian to go to university then the balance of power is complete.

If America keeps finding oil and natural gas on their soil and Europe does the same we could wave goodbye to the Middle East as an up and coming education center, where I think education is free.

Free education could have been the start of the demise of education in the west. When the government pays, the price goes up.

In the dying 20th century superpowers, universities lived of government funding and government guaranteed student loans. So the price of education kept increasing, and that has priced them out of the market place. Now if you want an education it is cheaper to leave the dying 20th century superpowers, except Germany, and go to the East. There you can learn the language of the future as well as get a degree. And if you play it right you can get a scholarship from their government, or your government as is the case in NZ.

Then you can stay on and work in one of the 21st century superpowers.

Now the biggest change to hit mankind since the printing press or fire for that matter, is heading to a university near you. And when it gets there, change is the word. Will the universities of the 20th century upgrade or downsize, or go extinct to accommodate the new generation. The generation who have been brought up in front of a screen, in cyber space. The generation who can get what they want at the click of a mouse, or the touch of a screen. Are they going to go to a physical campus or a virtual campus? Are their internet friends who they have never met going to influence them to go to a virtual campus. Or will their classmates from school drag them off to a physical campus. Only time will tell. http://www.dcl.niu.edu/index.php/labs/virtual-world-lab/124-niu-glidden-campus-in-second-life

MOOCs are an introduction to courses at a physical university, but they are also an introduction to the virtual university world of the future. And they introduce the MOOCers to what they can do in cyber space. How many MOOCers will now attempt an online university instead of going to a physical campus. The change MOOCs are inflicting on the future hasn't got here yet, not surprising they have only been around for a couple of years. Give them time.

Now with the after affects of the 2007 economic crisis still with us. Where lots of graduates still haven't got jobs, maybe the mindset of get into university at any cost is no longer relevant. And cost is the factor and so is the major. So where can you get a world class education at a price you can afford. Try going to the East or cyberspace. It is still cheaper to go to the east now, but that might change as the internet generation comes of age. Also as universities have priced themselves out of the market place and the half-life of what you learn at university is getting shorter, why go to university. All you need is a diploma in a specific subject and you could get a job. Better still get the diploma while you are working. Not four years later and anything from $20,000 to over $100,000 in debt. And when companies accept MOOCs on a CV then education is free, anyway so far.

Peter Legrove is in the process of writing a new book. One of his other books in education is about teaching your children to read using phonics and Montessori sandpaper letters. This book is about MOOCs, what they are, how to do them, and the effect they might have on the future of education as we know it. This site is (c) Copyright Peter LeGrove 2004-2014, All Rights Reserved http://animalsdinosaursandbugs.com

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Student Loan Consolidation and Settlement Simplified

By [http://ezinearticles.com/?expert=Arman_Vakili]Arman Vakili 

Student loan consolidation and settlement is one of the hottest topics in the financial markets today. The main reason for this is that the national student loan debt (just in the Unites States) is over $1 trillion.

What's scarier is that the grand majority of the people who took out these loans didn't get a job related to their original field of study. And if they did get a job, they aren't making enough to pay their loans off. 

And probably the scariest part of the loan epidemic is that it's the only type of debt that cannot be "removed" through even bankruptcy. 

Which brings us to the question, "What can you do with them?"

Well... it all depends on the type of loan that you took out. There are private loans and then there are federal loans.

Private student loans are loans that were taken out from a financial institution and are usually the toughest to settle, if possible at all. You would normally have to go through a different financial institution - like a bank or a credit union - to see if you can take out a new loan or line of credit with a lower interest rate and transfer the balance. 

If possible, you should definitely consider using lines of credit versus actual loans into which to transfer the balance of your student loans. The main reason for this is that with loans you have to make payments the moment that the transfer is made. Whereas with lines of credit, you only make payments if you actually use the balance in the line of credit. 

And the interest rates with lines of credit are typically lower than loans. In some cases, it might make sense for you to use a home equity line of credit. It is extremely rare for this option to be the ideal choice so make sure you've exhausted all other options before choosing this one as your last resort. 

Federal student loans are a bit more black and white. Meaning that you don't really have too many options to choose from when trying to consolidate federal loans. 

In order to consolidate federal student loans, you would have to negotiate directly with the government. Luckily, the government recently announced a program where qualified candidates can consolidate their loans to lower interest rates and lower payments. 

In some cases, you can even qualify for $0 per month payments.

This is all case by case and you would have to speak with a qualified attorney to see what type of program and payment plan you qualify for. And even though they are rare, you can find competent and capable law groups that can negotiate on your behalf and consolidate your federal student loans.  

Visit our site for more free resources on [http://flawlessfinancial.com/blog/2015/04/08/student-loan-consolidation/]how to consolidate student loans, as well as our recommendation for a powerful law firm in California who specializes in student loan consolidations.

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