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Improve Your Credit Score

May 22, 2013

Improve Your Credit Score  Defaulted student loans will cause an i9 listing on your credit report – the absolute worst listing you can have for a trade line (or credit line) on your credit report.  The i9 listing will prevent you from being able to apply for a mortgage, car loan, and additional sources of credit.  In addition, many employers review credit reports in our current job market.  This i9 rating can prevent you from getting a job.  Once you complete our program, the negative items will be removed from your credit report and you will become FHA eligible.  Speak with one of our loan counselors at (877-282-7587) to find out how we can improve your credit score.

 

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If You Ignore Your Student Loan Payments You’ll Risk Going Into Default

May 8, 2013

If you don’t make your student loan payments, you risk going into default. Defaulting on your loan has serious consequences. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe.You should understand how missing a loan payment can be a problem.You need to know what default means and the consequences of default.You need to know what you need to do if your loan is in default or if you think the default on your loan is an error. You can read more about this at http://www.nwcdr.com/student-loan-q-a/ 

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Understanding Repayment

May 7, 2013

When it comes to repaying your federal student loans, there’s a lot to consider. Understanding the details of your repayment plan can save you time and money. Find out when repayment starts, how to make your payments, your repayment plan options, what to do if you have trouble making your payments, and more!

 

 

REMEMBER: You must repay a student loan even if your financial circumstances become difficult. Loans can’t be canceled because you didn’t get the education or job you expected. They can’t be canceled because you didn’t complete your education (unless you couldn’t complete your education because your school closed). Read more about this at http://www.nwcdr.com/student-loan-q-a/ 

 

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What are the benefits of a Direct Consolidation Loan?

April 30, 2013

 

Direct Consolidation Loans allow borrowers to combine one or more of their federal education loans into a new loan that offers several advantages.

1.) One Lender and One Monthly Payment

2.) Flexible Repayment Options

3.) No minimum or maximum loan amounts or fees

4.) Varied Deferment Options

5.) Reduced Monthly Payments

6.) Retention of Subsidy Benefits

7.) Temporary In-School Consolidation Authority

For more information on direct consolidation loans you can contact one of our student loan debt experts at http://www.nwcdr.com/student-loan-consolidation/ or call toll free (877) 282-7587.

 

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What does putting my student loans in forbearance mean?

April 24, 2013

Forbearance

Forbearance is a period during which your monthly loan payments are temporarily suspended or reduced. Your lender can grant you a forbearance if you are unable to make loan payments due to certain types of financial hardships. During forbearance, principal payments are postponed but interest continues to accrue. Unpaid interest that accrues during the forbearance will be added to the principal balance of your loans, increasing the total amount you owe.If you are in need of further assistance you can contact one of the student loan debt experts at http://www.nwcdr.com/student-loan-consolidation/ 

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Students with criminal convictions have limited eligibility for federal student aid. You need to make sure you understand your status, and don’t assume you can’t get aid.

April 18, 2013

Yes, your eligibility may be suspended if the offense occurred while you were receiving federal student aid (grants, loans, or work-study). When you complete the FAFSA, you will be asked whether you had a drug conviction for an offense that occurred while you were receiving federal student aid. If the answer is yes, you will be provided a worksheet to help you determine whether your conviction affects your eligibility for federal student aid.

If your eligibility for federal student aid has been suspended due to a drug conviction, you can regain eligibility early by successfully completing an approved drug rehabilitation program or by passing two unannounced drug tests administered by an approved drug rehabilitation program. If you regain eligibility during the award year, notify your financial aid office immediately so you can get any aid you’re eligible for.

If you are convicted of a drug-related offense after you submit the FAFSA, you might lose eligibility for federal student aid, and you might be liable for returning any financial aid you received during a period of ineligibility.

Other convictions that can limit eligibility are: 

If you have been convicted of a forcible or nonforcible sexual offense and you are subject to an involuntary civil commitment upon completion of a period of incarceration for that offense, you cannot receive a Federal Pell Grant. 

Make sure you understand your status, and don’t assume you can’t get aid. 

 

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What is the difference between being DELINQUENT or in DEFAULT with your student Loans?

April 11, 2013
Default
Failure to repay a loan according to the terms agreed in the promissory note. For most federal student loans, you will default if you have not made a payment in more than 270 days. You may experience serious legal consequences if you default.

Delinquent
A loan is delinquent when your loan payments are not received by the due dates. A loan remains delinquent until the borrower makes up the missed payments through payment, deferment, or forbearance. If the borrower is unable to make the payments, he or she should contact his or her loan provider to discuss options to keep the loan in good standing. You can also contact one of the student loan debt experts at http://www.nwcdr.com/student-loan-consolidation/