An Idea by Bruce Mesnekoff to give relief from student loans

 

This Labor Day holiday marks not only the start of a new academic year for the nation’s colleges and universities but the stretch run in the 2016 presidential campaign, one in which the political discourse is polarized on issues such as immigration, national security and even national identity.

 

Today I have long phone call with MD of The Student Loan Help Center Mr. Bruce Mesnekoff, Who is also Student Loan consolidation expert from Florida. Let’s see what they suggest to our Listeners today.

 

While the presidential campaign is like no other we have witnessed in our lifetime, filtering through the harsh rhetoric is some direction and clarity for those of us who still think a college education and a college-educated workforce are critical to our country’s future. While we are not naive, nor do we believe that a public university education should be completely free, there is a plan to address the dramatic rise in college tuition costs and the crushing debt too many students and their families incur.

 

As MD of The Student Loan Help Center, we believe the plan put forward by Hillary Clinton will help graduates in Student Loan who need relief from the debt they currently carry and should be taken seriously.

 

If we talk about student debt in this country has reached crisis levels and is now estimated to be $1.2 -$1.5 trillion. Nearly 7 out of every 10 new graduates of four-year colleges are in debt and carry an average balance of nearly $30,000-$35,000. This is bad not only for those graduates but also the economy of our country. In fact, student debt has surpassed credit card, car loan and home equity lines of credit to be the second-largest source of consumer debt in this country.

 

So Bruce Mesnekoff, Now My Question to you is what is proposed, Can you discuss Clinton Plan with us today?

 

As per Bruce Mesnekoff, from The Student Loan Help Center, Clinton Suggests Graduates will be able to refinance their student loans just like borrowers can refinance other loans. They will also be able to enroll in income-based repayment so that the loan will be paid back, but at a rate and period that will work for them. And, they will be able to get relief for engaging in public service such as AmeriCorps as well as receiving credit for starting a business or social enterprise.

 

The plan also addresses the needs of current students and future graduates. Tuition has risen 40-45 percent at four-year public colleges and universities in the past 9-10 years, often shutting out students who are otherwise qualified. Under this plan, families earning less than $125,000-$130,000 would be able to send their children to public colleges and universities tuition-free. Federal assistance would also be expanded to include year-round Pell Grant funding and the expectation that students would work part time as well. In addition, enhanced funding for minority-serving institutions would be available.

 

As Bruce Mesnekoff told us, For the plan to work, however, there will have to be a commitment on the part of everyone involved. Federal investment will have to vastly increase, matched by states providing greater per-student support. Educational institutions/ Universities will have to do all they can to rein in costs and streamline pathways for student success. This is part of the “New College Compact” that includes students, faculty and everyone doing their part.

 

In California we have already been moving forward on many of these ideas. But we need to do more. The system of higher education in California has been the model for the rest of the world.

 

Unless there is a dramatic increase in federal and state investment, higher education in this state will be damaged irreparably.

 

Increasing the number of college graduates by millions is a national imperative and a public good. The Clinton plan recognizes that, and offers a possible path forward.

Student loans: According to you Bruce Mesnekoff paying them off early a good idea, but saving is also necessary, but paying on regular intervals till 120 payments will give your forgiveness and easy consolidation, let’s see how!!

 

It’s easy to wipe out your savings account or your 401(k) to eliminate your student loans if you have the savings to do it. But there are other important and, yes, boring things you should do with your money.

 

“Today everyone really want to get rid of his student loans. So my question is should I use my savings to pay them off now?”

 

I wish someone had told me before I went to college that student loans would be an emotional drain, not just a financial one. That monthly payment can feel like it’s going into a black hole, perhaps because what it’s gotten us is so abstract: We can’t host a dinner party at our education or take our friends for a ride in our transferable skills.

 

Scientists have even researched the inner turmoil loans can create. A 2015 study published in the journal Social Science & Medicine found that the more money 25- to 31-year-olds borrowed to pay for school, the poorer psychological health they reported.

 

It’s easy to wipe out your savings account or your 401(k) to eliminate your loans if you have the savings to do it. But there are other important and, yes, boring things you should do with your money, especially if you’re earning an average income and have goals beyond kicking your loans to the curb.

 

So instead of throwing all your cash at your student loans, think of putting your money into Saving accounts, says Bruce Mesnekoff, a student loan expert and CEO of brucemesnekoff.com, and MD of The Student Loan Help center.

 

“Everybody should be contributing something to their emergency fund, something to retirement, and something to their debt, every single paycheck,” he says. Here’s how to do it.

 

Thinking towards your savings for high time.

 

Before tackling your loans head-on, Mayotte suggests setting up an emergency fund. That’s because without any savings, Start small and set aside $50 or $100 a month until you’ve got at least $1000. That pot of money will be there for you if, say, your car breaks down, and will keep you from going further into debt.

 

How to Take advantage of student loan forgiveness

 

Before you focus on aggressively paying down your debt, check to see if you’re eligible for student loan forgiveness. These programs can lower the total balance you need to repay, which should factor into how much money you put toward your loans. It’s crucial to talk to your school or student loan servicer and to dig into your loan information, so you don’t miss out.

 

“Part of it is, people don’t want to look at it, so they don’t know the options that are available,” says Bruce Mesnekoff, Student Loan Consolidation Expert.

 

Public Service Loan Forgiveness, for instance, will forgive your remaining federal student loan balance after you make 120 on-time monthly payments. It’s best to repay your loans on an income-driven repayment plan in the meantime. Those plans cut your monthly bill to 10 to 20 percent of your income, and you can send any extra money to savings instead of your loans. Teachers and borrowers of Perkins loans, which are for students with high financial need, have forgiveness options, too.

 

Automate your extra payments

 

If you’ve got your emergency fund, you’re saving for retirement and you’re not counting on a forgiveness bonanza, you’re ready to crush that student loan balance with what’s left. Make additional payments online and target your highest-interest loans first to save money on interest.

 

Or ask your student loan servicer/expert like Bruce Mesnekoff to increase the amount that’s automatically debited from your bank account every month.

 

No matter how you do it, paying extra toward your loans when you’re ready will get you a little closer to all the other ways you want to spend your money.

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Student loan tips by Bruce Mesnekoff, you should know but probably don’t.

Student loans: The more you learn about them, the more questions that seem to come in your mind, Correct? So Bruce Mesnekoff, According to you what’s the best way to get out of student loan debt? Do you think Any One can simplify his monthly payments? Whom do I talk to about all this?

 

Here are five tips you probably don’t remember while thinking about student loan, but should:

 

1. Think of your student loan consultant or provider as your new best friend

 

Your student loan service provider is the company that receives your payments, so it should be your first point of contact if you ever have trouble affording them or have questions about your loan. You should also contact your loan provider if you:

  • Graduate or leave school. Your servicer needs to be up to date on your progress. Keeping in touch will also help you learn about your grace period and repayment options.
  • Change your name, address or phone number.
  • Transfer schools.
  • Are a reservist called to active duty with the U.S. armed forces for more than 30 days.

 

2. Take advantage  of  tax  benefits  from  government and plan to get more rewards

 

The next time you’re doing your taxes, remember to check if you qualify for tax breaks based on your loans or student status. There are two main types of tax “Rewards” you may be able to take advantage of:

  1. Deductions: These reduce your taxable income and apply to educational expenses, as well as the interest you pay on student loans during a given year.
  2. Credits: These reduce the taxes you owe and apply to educational expenses while you’re in school.

 

3. Keep  an  eye and make track on  your  subsidized  federal  government loans

 

If you take longer than your published program length to graduate, you might become responsible for the interest on your subsidized loans while you’re still in school. Why? Subsidized loans, which are usually interest-free while you’re in school, have a maximum eligibility period.

 

The limit applies to those who first took out federal loans on or after July 1, 2013.

 

4. Consolidate your federal loans to keep track of payments, so that its easy future for you

 

Consolidation, the process of combining your loans into a single, new loan — can simplify your payments, but it might cost you more in the long run. If you consolidate your federal loans, your interest rate will be the average of your current rates, rounded up to the nearest 1/8 of 1%.

 

5. Subscribe GOOGLE News and Update Channels, have eye on them

 

6. Ask Consultants who giving free consultation like Bruce Mesnekoff and his Team from Student Loan help center for help.

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So Bruce Mesnekoff , Exactly What is loan forgiveness?

 

Public Service Loan Forgiveness. If you are employed in certain public service jobs and have made 120 payments on your Direct Loans (after Oct. 1, 2007), the remaining balance that you owe may be forgiven. Only payments made under certain repayment plans may be counted toward the required 120 payments.

 

According to Bruce Mesnekoff what is a public service job and how public service jobs helps in loan forgiveness?

 

Jobs with federal, state, local or tribal government organizations, public child or family service agencies, 501(c)(3) non-profit organizations, or tribal colleges or universities should be considered “public service jobs.” Government employers include the military and public schools and colleges.

 

Under this program, borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers.

 

Exactly Bruce Mesnekoff One of our Listener have question last week, Let’s Discuss the Danger of Student Loan Forgiveness.

The three main types of student loan forgiveness programs that qualify the most individuals are public student loan forgiveness and teacher student loan forgiveness and Income-Based Repayment Forgiveness. All of these plans have very strict requirements that must be met, and as such, there are dangers involved with all three.

For public student loan forgiveness, you can qualify to have the remainder of your Federal student loans forgiven after you make payments on your loans for 10 years (120 payments). In order to qualify, you have to be on a qualifying repayment plan, and you have to be working at a qualified public service organization for the entire time. In order to prove your qualification for the program, you have to submit paperwork annually to your student loan servicer.  #1 – failing to submit the paperwork could disqualify you from forgiveness.

#2 - dangers of public student loan forgiveness including missing payments, changing jobs, and not submitting your paperwork promptly after 120 payments have been made, that’s kind of biggest hard job. All of these could lead you to being disqualified from receiving student loan forgiveness.

In order to qualify, you must be a teacher for five or more years, and you must teach in a Title I school or in a school in which 30% or more of the students qualify under Title I. Furthermore, you cannot be in default on your loans as well.

Another danger is that if you worked in a Title I school, but were doing in on behalf of Americorps, you cannot qualify for Teacher Loan Forgiveness.

The biggest danger is that only $17,500 + of your loan will be forgiven. So, if you have more in loans beyond that, you’re still going to have to pay them.

Many more students qualify for student loan forgiveness because they are on an income-based repayment plan. Both IBR and PAYE offer student loan forgiveness at the end of the repayment term. However, there are more dangers involved with this type of student loan forgiveness; The biggest danger with these plans is that the student loan debt that is forgiven at the end of the plan turns into taxable income for the borrower. As such, borrowers who receive student loan forgiveness with these plans face large tax bills that they typically cannot afford.

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One of the biggest student loan myths out there is that borrowers can’t consolidate federal student loans and private student loans into one loan.  It’s understandable why people think that, since this wasn’t an option for many years.  But now that the choice is available, it’s important to understand whether federal and private loan consolidation is right for you especially when there’s the potential for significant cost savings on the line.

 

So Bruce Mesnekoff today tells us myth normally student have about student loan consolidation.

 

According to Bruce Mesnekoff there are Many Myths about Student Loan Consolidation in student minds, let’s discuss those.
 

 

1. Consolidation is the same as student loan refinancing?

 

Yes, Consolidation and refinancing are similar, but there are important distinctions. Please listen carefully,

 

“Consolidation” and “refinancing” used interchangeably, but they’re actually two distinct repayment options. Consolidation typically refers to bundling multiple federal loans into one through the federal government.

 

It can make your monthly payments simpler or give you access to more favorable repayment plans or forgiveness programs.

 

Student loan refinancing refers to taking out a new loan usually one with a lower interest rate  to repay one or more existing loans.

 

2. The consolidation process is the same for both federal student loan and private student loans.

 

Big NO, Federal loan consolidation is different from private loan consolidation.

 

Federal loan consolidation is a government process, while private loan consolidation happens through private lenders. If you have both federal and private loans, you may want to consolidate your federal loans together and your private loans together, but it’s rarely advised to consolidate them all into one loan.

 

3. Consolidating  student loans is a no-brainer.

 

According to Bruce Mesnekoff , Student loan consolidation isn’t right for everyone.

 

Federal student loan consolidation sounds great: You go from juggling multiple interest rates, terms and loan servicers to having one monthly payment. But consolidation isn’t for everyone, says Bruce Mesnekoff, Founder of The Student Loan Help Center.

 

Federal loan consolidation can be beneficial if you need to do it to access a repayment option. For example, most income-driven repayment plans and forgiveness programs require that borrowers have a federal direct loan.

 

Let’s wait for next episode release on our radio and we will discuss more myths with Bruce Mesnekoff about student loan consolidation as this is biggest issue in student’s life in Untied States.

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Bruce Mesnekoff About Recent Student Loan Issues.

 

Hello Bruce Mesnekoff, Welcome to our Show Talkies,  As Our Student Loan Consolidation expert we have several questions for you. Let’s start our question answer round. Are you ready????

 

Bruce Mesnekoff : Yes John Let’s discuss today what do you have from you talkies and listeners too.

 

What do you think Bruce Mesnekoff , How many people are in debt from student loans?

 

About 40 million Americans hold student loans and about 70% of bachelor's degree recipients graduate with debt. The class of 2015 graduated with $35,051 in student debt on average, according to Advisors, a financial aid website, the most in history.

 

According to Bruce Mesnekoff, How big is student loan debt?

 

Of this $1.2 trillion in student debt, about $1 trillion is in federal student loans. This figure does not tell the full story, however, as the $1.2 trillion does not include funds students must divert away from retirement savings, parent borrowing, or credit card debt.

 

What do you  think , What is the average amount of student loan debt?

 

Average debt levels for all graduating seniors with student loans rose to $29,400 in 2012 — a 25% increase from $23,450 in 2008. In 2012: At public colleges, average debt was $25,550 — 25% higher than in 2008, when the average was $20,450.

 

According to Bruce Mesnekoff, What is the total amount of student loan debt?

 

This increases the total federal student loan debt outstanding by about 6% to 7%, or about $70 billion. If one were to include capitalized interest, total federal and private student loan debt probably hit the $3trillion milestone in late 2014.

 

Do you think everyone have to deal seriously with debt crises?

 

Yes, this is what I think John, every person and government officials have to deal honestly with deal seriously with debt crises. That’s why Sen. Bernie Sanders stunned Americans when he proposed to eliminate college tuition at public institutions, such as Germany, Sweden and many other countries have done. Yet, even Hillary Clinton now accepts that drastic measures are needed to rein in student debt. Clinton recently announced a proposal to eliminate in-state tuition for public colleges and universities for families with annual household incomes up to $125,000, although unlike Mr. Sanders, she has not been clear on how to realistically pay for it.  Meanwhile, Presidential candidate Donald Trump’s fix for the problem seems to be fraud, if Trump “University” is any indicator of his solutions.

 

What do you think Bruce Mesnekoff , Why the Next President  Should Forgive All Student Loans?

 

Bruce Mesnekoff:  By forgiving student loan debt—which is largely held by the government—a tremendous economic stimulus would be generated, whose beneficiaries are people, not banks.

 

Thanks for today’s Call Bruce Mesnekoff from Student Loan Consolidation expert and CEO of Student Loan Help center.

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Where do federal student loans come from?

 

According to me Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.

 

When did government student loans start?

 

The Labour government under Tony Blair passed the Teaching and Higher Education Act 1998 which introduced tuition fees of £1,000 to start in the 1998/9 academic year. In addition, maintenance grants were replaced with repayable student loans for all but the poorest students.

 

What is Student loan forgiveness?

 

As per Bruce Mesnekoff , Public Service Loan Forgiveness. If you are employed in certain public service jobs and have made 120 payments on your Direct Loans (after Oct. 1, 2007), the remaining balance that you owe may be forgiven. Only payments made under certain repayment plans may be counted toward the required 120 payments.

 

What percent of student loans are federal?

 

In 1996-97, 93 percent of the $38 billion (in 2006 dollars) in loans to undergraduate and graduate students came from the federal government. A decade later, 76 percent of the $77 billion in education loans was federal and 24 percent came from private and state sources.

 

What is federal student loans international students?

 

Bruce Mesnekoff Said BIG Yes, they can get, Students who are not US citizens or non-citizen permanent residents and who are attending an eligible US college or university may apply for international student loans.

 

Is financial aid only for US citizens?

 

As per Bruce Mesnekoff , The FAFSA is not intended to be used by schools for processing institutional aid applications submitted by international students. Only US citizens and eligible noncitizens may receive federal student financial aid. US citizens have SSNs, eligible noncitizens have ARNs, and international students have neither.

 

How can international students get loans?

 

According to Bruce Mesnekoff All international students applying for loans must have a US co-signer in order to apply. A co-signer is legally obligated to repay the loan if the borrower fails to pay. The co-signer must be a permanent US resident with good credit who has lived in the US for the past two years.

 

Thank you Bruce Mesnekoff to get on call with us, we will sure get back to you with our new questions.

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Bruce Mesnekoff has always told students to be very careful with the loans that they incurred.  If they are not very careful on this matter, they are most likely to suffer the consequences once the time comes that they would have to start repaying their loans.  This is the reason why you should come to learn about some of the most effective ideas to keep your loans under control.   One of this is not to immediately settle for the first loan offer that you would encounter.  You do have to learn more about the offers of the other potential loan providers so that you could actually get a good deal.

It is normal for creditors to frequently give information to their borrowers regarding their statuses.  If you are a borrower, you should see to it that you would be getting this information without misses.  This could be done by just making sure that you check always your mailbox.  Bruce Mesnekoff reminds students that the creditors have always seen to it that the student borrowers are informed about their situations.  Of course, unless you do your part in checking your mailbox or your inbox, there is a possibility that you would not get the necessary information. This is something that Bruce Mesnekoff has been warning students about.

There are many documentary requirements that are asked once you are in the stage of processing your own student loan.  But the paperwork does not stop there.  You would also have to make sure that your papers related to the loan are in order always.  Through this, you would certainly be aware of the developments, especially when you have already begun making payments.  Aside from this, there would be times when you would be required to attend sessions where loan problems are going to be discussed.  Bruce Mesnekoff says that by attending these, you would get more ideas about how to deal with your student loans.

It is during college that you would learn a lot of things.  The learning does not stop at the four walls of the classroom.  In fact, you would get to know more about life outside of it.  It is also during this stage when you would have the opportunity to learn how to take control of your finances.  This includes making your budget and actually sticking to it.  At this point also, says Bruce Mesnekoff, you would get to know how to put your student loans under effective control.

Bruce Mesnekoff professional student loan consolidation consultant perpetually reminds students to modify their loan payments suitably.  If attainable, the payment schedules should be followed in spite of what.  It should, in fact, be enclosed within the monthly budget of the coed whereas he or she continues to be at school or faculty.  However, it’s a undeniable fact that this might be tough.  As a student, you’d for certain notice what quantity you have got to pay simply to end a semester. except for tuition fees, you furthermore may ought to modify the expenses for extra-curricular issues that area unit even as vital for your total development as a student. this might positively place you at the danger of defaults.

There area unit several students WHO truly represent the lure of default. you will assume that this inevitable and since of this, would take a passive perspective towards the problem. this can be clearly a wrong move. However you will ne’er acumen wrong this can be if you are doing not get to grasp regarding the results. this can be the explanation why Bruce Mesnekoff has invariably build it a degree to encourage students to find out regarding the results of being idle once it involves loan payments.  Bruce Mesnekoff firmly believes that students ought to in the slightest degree price avoid defaults.

One of the key reasons why defaults ought to be avoided is that these simply build matters worse for you.  If you have got defaulted, the soul would oblige you to pay the complete quantity of the balance. this implies that you simply would now not be allowed the repayment rate.  Of course, this may leave you a far larger monetary burden. It’s a undeniable fact that several students ultimately slave besieged and declared themselves bankrupt, which might end in your right to amass loans completely removed.  Bruce Mesnekoff warns students that after this happens, their credit ratings may drop to zero.

If you have got defaulted along with your student loans, you will even run the danger of your obtaining your tax refunds eliminated. except for this, you’ll even face the likelihood of lawsuits.  All the results mentioned would definitely provide you with a headache. you certainly would need to avoid them the maximum amount as you’ll. however if you’re very bent avoiding these, you actually ought to dodge the likelihood of default. you would like to hunt ways that to repay your student loans while not bearing the burden an excessive amount of. you’ll learn from the recommendation of Bruce Mesnekoff.

Repayment options are good to possess when dealing with a surplus of federal student loan debt. Because student debt has toppled credit card debt for that highest home debt, it's a speculate why more people are not trying to find financial relief.

 

There are many different payment options depending on your type of student loan debt relief you are interested in or what your personal loans are eligible for. Federal loans do not go with the 'one size satisfies all' classification.

 

*IBR (Income-Based Pay back) plans cover monthly payments depending on your household family and income dimension. After 25 years of entitled payments the remainder from the loan is forgiven.

 

*Pay When You Earn Payment Plans commenced in 2012 for what is known as a 'new borrower'. Obligations may vary each and every year based on family and income size, tax submitting status and where you live. Nowadays, this plan offers some of the lowest monthly payments as compared to all other national repayment alternatives.

 

*Graduate Repayment Plans supply short-term comfort.

 

*Expanded Repayment Strategies offers low payments over a longer time frame. Interest increases over time according to the length of the bank loan.

 

*Financial loan Consolidating wraps multiple financial loans into one simple payment at a fixed attention.

 

*Deferment will bring short term relief by postponing obligations. There are unique circumstances which would make a debtor eligible. The federal government will make the interest monthly payments during this time.

 

*Forbearance may also bring temporary relief from postponing payments but the government will not pay the curiosity. Loan amounts will expand with curiosity while in forbearance.

 

*Financial loan Rehabilitation Plans will help those borrowers who definitely have loans in default. Both loan company and consumer must decide on the payment terms and conditions. Once the loan is back in good standing upright, the lender will likely remove the go into default status. A rehabilitated personal loan may then be eligible for other payment options.

 

So that you can rehabilitate the money, *Perkins Loan Rehab requires 9 payments from the borrower towards the direct financial institution.

 

*General public Service Financial loan Forgiveness is an excellent program for public support employees together with the government, military or community schools who definitely have federal university student debt issues.

 

You may have a number of loans with each open to several relief alternatives. Before getting into any one of repayment plan, it is crucial that the student loan debt is examined carefully. You want to make certain that you maximum benefit benefits from these loan pay back options as you can. Hire a financial student relief service to method your financial loans in the ideal way to get by far the most guaranteed cost savings. Reputable businesses stand by their loan cpus for their understanding behind education loan relief opportunities.

 

The task could be very daunting for that average person. The time it would use to get through a government aid service range may prevent anyone to stop, even though not simply are federal government system and varieties conditions complex. No one wants folks quitting in terms of finding debt relief. Go on a step in the best direction and call a specialist service for the free education loan debt comfort consultation right now!

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