Welcome to my blog! My name is Lynn and I am a former student loan collector. For over a decade I collected on thousands of accounts for the Department of Education and several FFELP guarantee agencies. I also collected on Perkins and tuition accounts for several major universities. Eventually I a career jump...I became a Financial Aid Officer for a major Big 10 University. Along with awarding financial aid and advising students, I specialized in Default Prevention and Resolution. I am also a frequent contributor and moderator on several online forums.

I have gained very specialized knowledge and skills over the years having worked both side of the student loan field. It really bothers me that there are several companies, individuals, and so-called organizations that will change you hard earned money for information that is readily available free on the web. One "rogue" collector wants to charge $50 for a book and CD's for "secret information". Other organizations will attempt to charge you hundreds of dollars for a Direct Loan Consolidation application which is and always has been, free at the Direct Loan Consolidation website. I will be blogging about student loan collections and simple tips to help you manage your current or defaulted student loans. Have a basic question? I am more than happy to answer it! For free! However if you need more extensive help, I am more than happy to help you at very affordable rates!

Friday, March 22, 2013

New Changes in 2013

New Student Loan Repayment Option to Help Recent Graduates

For many recent college graduates, monthly student loan payments can be overwhelming. The good news is that a measure of relief is on the way for more than a million borrowers. The Obama Administration recently announced changes that will allow many borrowers to take advantage of a new repayment plan that could lower their monthly federal student loan bills.
The plan, known as Pay As You Earn, caps monthly payments for many recent graduates at an amount that is affordable based on their income. That helps borrowers to stay on track to repay their loan and avoid default.
The Pay As You Earn plan, which President Obama first announced in October 2011, caps payments for Federal Direct Student Loans at 10 percent of discretionary income for eligible borrowers.
As many as 1.6 million Direct Loan borrowers could reduce their monthly payments under the new Pay as You Earn plan. The new option complements additional repayment plans offered by ED to help borrowers manage their debt, including Income-Based Repayment, which caps monthly loan payments at 15 percent of a borrower’s discretionary income. Borrowers who are not eligible for Pay As You Earn may still qualify for Income-Based Repayment, which more than 1.3 million borrowers already use.
To learn more about Pay As You Earn, and to see if it’s right for you and if you qualify, please visit studentaid.gov/payasyouearn.


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1 comment:

  1. AnonymousAugust 10, 2017 at 5:34 AM

    Thank you for sharing such great information. It has help me in finding out more detail about Student Loans In India

    ReplyDelete

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