Clear Your Debt early to Enjoy Benefits
Friday, April 20, 2012, 2:00 AM | Leave Comment
Very few had over-estimated the prediction of a global crunch in job sector in the year of 2007. Those few were right as the global recession in 2008 overturned many aspirants’ dreams and cast a darker shadow in corporate sector which prevented the students to enter the financial market freely.
The situation had continued and gained momentum as millions and millions of dollar is still pending from the students who opted for private loans to secure their bright future.
The worldwide recession has made the investors to claim the outstanding from the students with the help of ethical and unethical measures.
Earlier the students thought the level of debt from the investor is manageable with the possibility of a good job. But that was not to be. The picture is changing in a rapid pace and seniors or the co-signers are put to face the canons.
The outstanding amount is a hardship for those elders. The statisticians predict that the trend will continue to rise and affect deeply to the economy of the country.
The rise of the college enrollment and attendance fees will make the situation worse. The borrowers can even face the pressure of lifetime debt with generally no chance of escape.
The sky is falling on the shoulders of the borrowers who dragged the heap of loans in their later years. The prospect of a good retirement life is silently evaporating from their life.
The disappearance of jobs form the market is a hard reality for the recent passed outs. This has made many investors to come out with a solution. They have invented three ways to ease the repayment process for the defaulters.
The first program is rehabilitation which is beneficial for the borrowers. This process helps them to arrange primary payments in 10 months time. If they meet the deadline then they can gain the advantage of paying the remaining amount in nine years and three months time.
The second program is Reinstatement. Here, you have to pay a certain amount of money in consecutive six months. If you succeed in this then you are eligible to get federal student benefits.
The federal student benefits will further help you from the student debt.
The final program is Consolidation. This program helps you to receive direct student loan from the department of education. This process secures the students from their defaulted student loan status. They should not posses any other loans to be eligible for the direct loan.
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