FAQ

FAQ's

A. Generally almost all Federal student loans cannot be included in a bankruptcy unless you can prove in bankruptcy proceedings using The Brunner Test of extreme hardship where you will never work again and have attempted to pay back the loans and cannot.

A: All of the IBR plans are based on your income, so if your income drastically increases or decreases from year to year, then your monthly payment will go up or down. Each year you will need to re-certify with the government to show your income.

A: Only federal loans can be consolidated. You must have at least one Direct Loan or Federal Family Education Loan (FFEL) Program loan that is in a grace period or repayment, and students who have graduated, are no longer in school, or are enrolled less than half-time typically qualify.

A: If you haven’t made a student loan payment in over 180 days, then you are risking going into default. Once in default, your servicer can take different measures in order to collect unpaid student loan payments:

  • Negative credit reporting to the credit bureaus that could result in difficulties obtaining credit cards, auto and home loans
  • Withhold or garnish your tax return funds
  • Force your employer to garnish up to 25% of your wages
  • Immediate increase of your interest rate to 18.5%
  • Refer your case to a collection company who will add collection fees to your balance
  • Immediate loss of your Title IV Financial Aid benefits
  • Garnish your Social Security
  • File a law suit against you
  • In some states they can revoke professional licenses

A: This is a temporary postponement of repayment put on pause, usually for a limited number of months. Unlike loan deferments, you will be responsible for paying the interest that accrues during a forbearance.

A: Your FSA ID consists of a username and a password that you will use to log in to federal student aid websites. You’ll also use it to electronically sign the FAFSA and other documents. Your username does not expire. But your password expires every 18 months, unless you change it more often.

A: Its when the IRS forcibly withholds your income tax refund check and pays your defaulted loans to the Department of Education.

A: This is a postponement of repayment that is available only if you are not in default. The government has deferment for specific circumstances such as economic hardship, school at least part-time, military service and unemployment. Depending on the type of loan you have, you may not have to pay the interest that accrues during a deferment.

A: The main reasons is only one payment each month helps keep track of everything makes it easier not to miss any payments.
There is only one lender, U.S. Department of Education and it may reduce the monthly payment amount by a longer term spread over a longer time period and/or a lower interest rate.

A: Be aware that if you re-finance your Federal student loans with a bank into private loans, the loans cannot be forgiven under any of the Federal Student Loan Forgiveness Programs.

A: Our services are reasonably priced and our goal is to take the frustration out of the process. Upon receipt of all information from you, we will complete the application forms required for the DOE program(s) that you chose. We quickly gather the relevant application documents and then prepare those documents for submission.
We will monitor the application progress and provide updates to you. Our costs depends on your unique situation, if you are in default or not, and credit worthiness. We offer our services from $495 to $995, or financing at $49/mo for 36 months. All our work is 100% GUARANTEED that you get enrolled in the program for the monthly payment in your signed Agreement.

No Upfront Fees
Many companies charge you large upfront fees. At Student Advisor Center, we charge a fee only after we’ve completed our work for our expertise, experience and time assisting you.

A: When you consolidate with us, the application process range is between 30 and 90 days, depending upon how fast you get those documents back to us. Returning the Department of Education requested documentation to us in a timely manner will shorten the application process.

A: The best ways are through consolidation or a rehabilitation programs. Loan rehabilitation is a one-time opportunity to clear the default on a defaulted federal education loan and regain eligibility for federal student aid. A student loan rehabilitation is typically a 9-10 month payment program where the borrower will make agreed upon payments to rehabilitate the student loans to remove the default status.

A: Yes you do have to pay since your student loans cannot be discharged because the school provided a poor education, did not provide job placement, or if you were not able to find a job in your field of study.

A: Once we complete your federal student loan consolidation, you will be eligible for additional financial aid for your education. You may also receive a deferment of the payment on your recently consolidated student loans so long as you are enrolled for at least what is considered half time.

A: Yes you can, consolidating your student loans is a free process just like filing your taxes or representing yourself in court. But are you willing to take the risk of not using an attorney or accountant? Managing your student loans is no different. The consolidation application process may not be easy for everyone and can be time consuming researching all the different options available. In some situations such as default, additional forms are needed that need to be sent in at the same time. If you do not do everything properly the first time, you will be denied immediately and you won’t be allowed to apply again for 6 months!

How we can help you with your student loan consolidation
Most people pay to have their taxes done to get the most in refunds and have peace of mind that its done correctly. Our fee ensures our clients that they are offered the best available program and that their paperwork is 100% processed correctly, it only makes sense to use a professional with the knowledge, experience, and resources to do it correctly. When it comes to potentially saving thousands of dollars every year and avoiding hours of wasted time, why take a risk?

A: Only in rare cases, including if you have new loans to consolidate that were not included in the first consolidation loan, if you are in default on a FFEL consolidation loan or if you want to get into the public service forgiveness program.

  • You can consolidate a single Federal Consolidation Loan as long as there is one Stafford Loan included that is not a part of the original consolidation.
  • You can consolidate your existing consolidation loans into a new Federal Loan Consolidation if the loans include at least one other FFEL or Direct Loan into the new consolidation loan.

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