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FREQUENTLY ASKED QUESTIONS
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PROCESSING
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[av_toggle title=’How does the process work?’ tags=” av_uid=’av-2bjh2gj’]
- Educate and Qualify: We will consult and educate you on various programs available to you by collecting eligibility information from you to give you an estimate on your qualified plans
- Pick out the programs that fit your needs: Our enrollment specialist will explain each option in details, both pros and cons
- Application process: We will process your application from the beginning to the end in a professional and timely manner.
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[av_toggle title=’How long does the process take?’ tags=” av_uid=’av-299kohf’]
The documentation process will usually take up to 30-90 days to process depending on the program that you have enrolled for. To speed up the process, please send in any requested documents as soon as possible.
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Give us a call today to speak to a professional for a free no obligation consultation to see if you qualify for any federal relief programs.
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[av_toggle title=’Why do I need to be placed on an Admin Forbearance?’ tags=” av_uid=’av-271ob3n’]
You are placed on an admin forbearance so you won’t have to pay your current and old plan while transitioning into your new federal program.
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CONSOLIDATION
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[av_toggle title=’Should I consolidate my loans?’ tags=” av_uid=’av-1zxk9sz’]
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[av_toggle title=’What student loans can be consolidated?’ tags=” av_uid=’av-1yzqf7n’]
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[av_toggle title=’When can I consolidate my loans?’ tags=” av_uid=’av-1w16wib’]
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[av_toggle title=’How does consolidation affect my interest rate?’ tags=” av_uid=’av-1v2k48z’]
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[av_toggle title=’Can you consolidate private student loans with federal student loans?’ tags=” av_uid=’av-1stq3g3′]
No, a private loan cannot be consolidated with your federal student loans. It can only be consolidated with other private loans.
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[av_toggle title=’Can I still go to school?’ tags=” av_uid=’av-1s195ar’]
Yes you certainly can. The consolidation process will not affect you in any negative way.
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[av_toggle title=’When will it reflect on my account?’ tags=” av_uid=’av-1pzg95f’]
Usually the loans will reflect as “paid in full” after 45 days when you log onto your student aid portal. In some cases it may take up to 90 days.
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[av_toggle title=’How will this affect my credit?’ tags=” av_uid=’av-1odqhrn’]
It should help your credit, once all your loans are consolidated, your old loans will say paid in full. You will have less unpaid loans and your new loans will be current and up to date.
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INCOME DRIVEN REPAYMENT PROGRAMS
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[av_toggle title=’What is an income driven repayment plan?’ tags=” av_uid=’av-5cveoz’]
An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size, normally you will pay 10-15% of your discretionary income depending on which plan you choose.
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- Revised Pay As You Earn Repayment Plan (REPAYE Plan)
- Pay As You Earn Repayment Plan (PAYE Plan)
- Income-Based Repayment Plan (IBR Plan)
- Income-Contingent Repayment Plan (ICR Plan)
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[av_toggle title=’Why do I have to recertify every year?’ tags=” av_uid=’av-50my7n’]
Its a mandatory requirement of the program. The recertification is to make sure you still need the program offered to help student loan borrowers that are in financial need.
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[av_toggle title=’What happens if I miss a payment?’ tags=” av_uid=’av-1cj99pv’]
You can potentially get kicked off the program and reverted back to your old standard plan.
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[av_toggle title=’What happens if I get laid off?’ tags=” av_uid=’av-4nzhlv’]
Your plan would adjust to your unemployment and your monthly payments will still count towards your term.
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[av_toggle title=’When will my loans be forgiven?’ tags=” av_uid=’av-19a4vlf’]
Your loans will be forgiven (principle + interest) at the end of your term.
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[av_toggle title=’Could my monthly payments change each year?’ tags=” av_uid=’av-18e2gyb’]
Yes, your monthly payment could increase or decrease because the program is determined by your family size and income.
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PUBLIC SERVICE LOAN FORGIVENESS
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[av_toggle title=’What is the public service loan forgiveness?’ tags=” av_uid=’av-11r3i5v’]
In 2007, under the William D Ford Act, congress enacted the Public Service Loan Forgiveness program which made federal student loan borrowers who work for a non profit or in a public sector eligible to have the remaining balance on their federal loans forgiven after 120 payments.
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[av_toggle title=’Do I qualify for Public Service Loan Forgiveness if I only have FFEL loans?’ tags=” av_uid=’av-z9tk03′]
No, you must first consolidate your loans in a Direct Consolidated loan before you are considered for PSLF. The good news is we can help you with that.
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[av_toggle title=’What are some examples of a public service?’ tags=” av_uid=’av-c0k9f’]
- Non profits
- Nurses (government hospitals)
- police officer
- teachers
- park ranger
- post office
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DEFAULT
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Your federal student loans are considered in default after 270 days (nine months) of non-payment. Consequences include:
- Immediate increase in the interest rate of your student loans to 18.5 percent in addition to any collection agency fees.
- Immediate loss of your Title IV financial aid benefits.
- Negative reporting to the three credit bureaus, which could result in difficulties obtaining credit cards or home and auto loans.
- Withholding of your federal income tax return by the IRS to repay the defaulted student loans.
- Administrative wage garnishment of up to 25 percent of your paycheck.
- You can get sued to collect on the defaulted student loans. Unlike other debts, there is no time limit on suing to collect on your student loans.
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[av_toggle title=’How do I get out of default?’ tags=” av_uid=’av-pukrib’]
There are 2 solutions to help you get out of default. The first one is a direct loan consolidation, the second solution is a rehabilitation program. Contact our enrollment specialist for more information.
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[av_toggle title=’How long does it take to get out of default?’ tags=” av_uid=’av-nvsjeb’]
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*By submitting you consent to receive emails, calls, text messages from Alumni Support Center and its affiliates regarding student loans and related matters
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Alumni Support Center is a specialize company that educates student loan borrowers on government programs and prepare applications for applicants who wish to enroll into the various programs offered through The Department of Education. We will counsel and walk you through your options and help prepare and finalize your documents, depending on which program(s) you choose. Alumni Support Center is not affiliated with Federal, State, or Local Government agencies. Alumni Support Center is not a loan servicer or originator. Consumers with student loan debt have the legal right to use an attorney or process federal student loan services documentation on their own behalf through the Department Of Education.
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