It is estimated that Americans owe more than $1.53 trillion in student loan debt! And that debt wasn’t just created by the young and fresh out of college crowd. That also includes borrowers who returned to the classroom after a decade or more! Did you know student loan lenders give a repayment schedule to be completed within ten years? You’d be surprised to learn that it actually takes closer to 20 years to pay off these student loans! That’s two decades!
Breaking it down even further, 1 in 4 Americans have accumulated student loan debt with an average debt amount of $37,712. That’s a staggering 44.7 million people with an average monthly student loan payment of $393! Think what you could do with that money every month!
If this resembles your situation and you’re not feeling the love of being overburdened by student loan debt, we have three options that may help you.
With the Loan Forgiveness option, certain loans may be forgiven. This means the borrower is not responsible for repayment, plus it skips a damaging report to the credit agency. Loan forgiveness may be granted to specialized professionals like teachers, government employees, and healthcare workers who meet specific criteria.
If you have several creditors with your student loans, all your loans can be consolidated under the Loan Consolidation option. This option gives you a convenient monthly payment at the Prime interest rate. This can save you thousands of dollars in interest, and your loan will also come current if you have fallen behind on your payments.
Under the Loan Rehabilitation option, you may be eligible to repair your loan with a payment of a specified amount based upon your income. If you make on-time payments for nine months, the loan is considered paid, and derogatory information is removed from your credit report.
Depending on the circumstances, you can save money on penalties and lowered interest rates by using our services. These items can give you a lower payment and more savings. We’ll also work with you to avoid wage garnishments from late payments.
And best of all, we do it all for you!
If you’d like to be head over heels with your finances once again, you owe it to yourself to give the experienced professionals at Miller, Hollander & Jeda a try! With our streamlined online process, we can easily see if you qualify for Student Loan Modification Benefits.