Know the Best Student Loan Repayment Options with Alum Financial
Source:https://alumfinancial.blogspot.com/2019/08/know-best-student-loan-repayment.html
Alum Financial is a phenomenal company that is aimed at educating the individuals about all the repayment options that loan servicers do not inform them of. Our services are indispensable and help you a great deal with monthly student loan repayment.
Following is the list of services we offerFinancial Analysis Alum Financial analyzes and evaluates your current financial situation and lets you choose the best repayment program. We help you reduce monthly payment obligations so that you can focus on your financial goals.
Document Preparation Our team helps you relieve from the stress of managing loan paperwork. We take care of all the document preparation for you. Yearly Recertification We intimate you when it’s time to recertify your information to your loan servicer.
Repayment programs Since our foremost goal is client satisfaction, we educate you about several repayment programs as mentioned below. Standard Repayment Under this program, you will have to pay the same monthly amount for 10 years. Also, the amount of interest to be paid is lower. Generally, this is the best deal.
Extended Repayment As the name suggests, it offers you more time to pay back your loan amount. However, over time, you will have to pay more than the standard repayment. It is because a longer period builds up more interest. It is to be noted that this option is available only for the borrowers who owe more than $30,000. Graduated Repayment This allows you to pay low payments each month for 2-4 years. However, it has one major drawback that the interest continues to grow on the larger unpaid amount. You may end up paying more than standard repayment.
Income-Based Repayment (IBR) If you qualify for partial financial hardship (based on your income and family size), your payments are reduced to 15% of your gross income. After 300 eligible IBR payments in 25 years, the outstanding loan amount may be forgiven. The amount is taxable though! Pay as You Earn This is similar to IBR. The difference is that the repayment requirements are10% of gross income and the unpaid loans are forgiven after 20 years. But note that it is more difficult to qualify.
Income-Sensitive Repayment (ISR) This program lets you decide the part of your income that you can use for monthly loan payments for up to 5 years. This is available for FFELP Stafford and Grad PLUS loans. The outstanding loan forgiving conditions are the same as IBR. Income-Contingent Repayment (ICR) After analyzing your family size, family income, and amount of Direct Loan debt, this program determines your loan payment amount.
At Alum Financial, we understand the necessity of taking student loans. However, you need to understand that it is equally important to consider the repayment options. We help you relieve from the stress of repayments. If you think you are trapped in the vicious cycle of loan repayments and do not have slightest idea what to do, get in touch with us. For more details, you can browse our official website. As noted by most of our clients, we are the best company that helps you with student loan repayments.
thank you for watching