Many borrowers struggle needlessly due to a lack of information regarding the different and ever changing options that are available to get rid of debt once and for all.
New federal programs have been implemented to make student loan repayment more affordable for borrowers.
We’re here to help you navigate through the many options and paths you can take for student loan debt management.
New tax incentives can allow employers to match monthly student loan payments towards a qualified retirement plan (401K, IRA, 401B, etc.)
Hope Credit provides hope to struggling borrowers. Managing your education debt can be a daunting task for many borrowers. With the knowledge and expertise of our skilled enrollment advisers, you will be equipped with the best information possible to choose which course of action is best for you.
We’re Here to Help You
Hope Credit was established by debt relief professionals for the purpose of disseminating information regarding debt relief options for a variety of consumer debt types. We are primarily focused on the current $1.5 trillion student loan debt crisis, but also have expertise in other types of consumer debt. Many borrowers struggle needlessly due to a lack of information regarding the different and ever changing options that are available to get rid of debt once and for all.
Many borrowers struggle needlessly due to a lack of information regarding the different and ever changing options that are available to get rid of debt once and for all.
Hope Credit is federal student loan assistance company that helps federal student loan borrowers navigate the broken federal student loan system to reduce monthly payments and earn months toward student loan forgiveness.
The two primary benefits of federal student loans as opposed to other types of debt are:
Federal student loan borrowers can save money on monthly payments and work toward forgiveness of the entire balance including interest once a plan is implemented to take full advantage of existing federal law.
Yes. Hope Credit has achieved more than $25 million in federal student loan forgiveness for our clients. The main categories of forgiveness are:
There are several income based programs availaable through the U.S. Department of Education to lower student loan payments based on the borrower’s income and family size. These programs take a percentage of a borrower’s disposable gross income, and offer a generous deduction for the number of people supported by the student loan borrower..
Most student loan forgiveness programs require 20 or 25 years of repayment to achieve complete forgiveness. For government and non-profit full time employees, only 10 years are required.
To begin to plan your strategy to minimize student loan payments and maximize student loan forgiveness, you will need a printout of your student loan history called your Student Loan Data File. You can download this at https://www.studentaid.gov.
A student loan servicer is a collection agency contracted by the U.S. Department of Education to collect payments from student loan borrowers. Over the last 20 years, student loan servicers have been sued for misleading student loan borrowers and charging excessive collection fees. They have paid billions of dollars in settlements. Some student loan servicers are public corporations traded on stock exchanges and make billions of dollars from government contracts to collect student loan debt from student loan borrowers. Collection efforts include wage garnishment, tax refund offsets, and negative credit reporting for student loan borrowers.
When you receive a bill for your student loans, it will come from your student loan servicer. Some common student loan servicers are Mohela, Aidvantage, Nelnet, and Edfinancial.
Student loan interest rates are set by Congress. When you consolidate your student loans after college, you receive a fixed interest rate that is the weighted average of the consolidated loans. So there is no change in the effective interest rate. It is not possible to change the interest rate on your federal student loans. Borrowers who sign up for autopay can receive a .25% reduction in their student loan interest rate while they are on autopay.
Consolidation is the process of combining all of your existing student loans into one loan. This process is free and takes about 60-90 days to complete. The Department of Education usually issues one loan per semester or quarter. So upon graduation, a borrower can have 12 or more loans on their credit report. Consolidation reduces those individual line items on the credit report down to just one or two. However, there are certain circumstances where some loans should not be consolidated as they can reduce your options for income based programs.
Student loan servicers report federal student loans to the credit bureaus. These will affect a borrower’s credit rating similar to any installment loan with some exceptions.
The U.S. Department of Education doesn’t typically settle federal student loans. It is also very difficult to include federal student loans in a bankruptcy. Neither settlement nor bankruptcy are impossible, but are extremely rare for federal student loans.
