Few Aware of Income Based Repayment Option for Student Loans, Report
PHOENIX, ARIZ. – (News4us.com) February 11, 2013
The ugly and shocking $1 trillion truth: Americans owe more in student loan debt than on credit cards, and nearly one in six borrowers have a loan balance in default.
For many, monthly payments adjusted downwards to reflect a small percentage of actual income would indeed be a godsend.
Surprisingly, few know the federal Income Based Repayment program (IBR) already exists.
Arizona-based firm Federal Student Loan Advisory (FSLA), a centralized online resource center for borrowers seeking IBR help, loan consolidation or default guidance announced today the launch of its new website.
In an effort to assist those struggling to repay student loans, the federal Income Based Repayment program (IBR) was introduced in 2009.
But according to recent White House reports, enrollment levels have lagged far behind initial projections of 1.6 million per year, with only 600,000 borrowers enrolling since the program’s inception.
Many borrowers might clamor at a chance to take advantage of the IBR program… if only they were aware.
Repayment is based on the “pay as you earn” concept, wherein eligible borrowers pay 10-15 percent of their discretionary monthly income for up to 25 years.
At that time, loans with remaining balances may qualify for permanent debt forgiveness.
“This is huge,” says Patrick Zanders, Federal Student Loan Advisory (FSLA) co-founder and company spokesperson. “Millions are potentially eligible, but few know how to access information or enjoy the benefits of the IBR program.”
The FSLA aims to cut down on this confusion and “get the word out” by removing the complexity of the IBR program and providing a simple, easy-to-use resource for those struggling with high student loan payments.
In one location, the new FSLA site gives borrowers the ability to determine how much they could lower their student loan payments through the IBR program in minutes, avoiding red tape or complex questionnaires.
Borrowers are instantly advised of program eligibility simply by keying loan information into the free calculator on the site.
FSLA members gain immediate access to an online IBR application that can be completed with a digital signature.
The entire process, says Zanders, takes less than 15 minutes.
To find out more about the federal IBR program or to see if you qualify, visit the Federal Student Loan Advisory company website http://www.federalstudentloanadvisory.us/.
About Federal Student Loan Advisory:
Federal Student Loan Advisory is a service of Zanders & Daniels, LLC, of Phoenix, Arizona.
Media Contact: Patrick Zanders Federal Student Loan Advisory 18410 N. 27th Ave., Ste. 227 Phoenix, AZ 85053 http://www.federalstudentloanadvisory.us/
Phone: (623) 385-5560
Short URL: http://www.news4us.com/?p=16858