Making Sure Every Step of Your Future is a Success.

Teacher Loan Forgiveness

We have many programs that we can get you into that will qualify you for the best option for teacher loan forgiveness. Our generous programs offer fast forgiveness. The exact amount you’ll be forgiven depends on the subjects and grade levels you teach. You can get up to $17,500 forgiven on your direct and federal Stafford subsidized and unsubsidized loans as long as you have been employed as a full-time teacher for 5 consecutive years. The basic purpose of the Federal Teacher Loan Forgiveness Program is to promote the teaching profession by making it easier for individuals to become and remain teachers. 

Public Service Loan 

The Public Service Loan Forgiveness (PSLF) is a program designed to help individuals employed full time in non-profit organizations. Some obvious organizations include, but not limited to, charitable, military, and educational positions. Under PSLF, all Direct Loans qualify.  PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying payments while working full-time for a qualifying employer. Only payments made under certain repayment plans (primarily income-driven repayment plans) qualify for PSLF. We are here to  help give back to you as you did to your community!

Borrower of Defense Loan

If you believe that your school misled you or engaged in any sort of misconduct by violating state laws relating to your Federal loans, you may be eligible to have your loans forgiven through the borrower of defense program. Through this program, our experienced team will fight on your behalf to make sure you get your student loans forgiven. Only federal direct loans are eligible for forgiveness under borrower of defense, and those loans must have been taken out for the purpose of attending school. To decide whether you should submit an application for loan forgiveness under borrower defense, first find out if your student loans are eligible by giving us a call today.

Disability Discharge

When you take out student loans, you trust that you’ll eventually make enough money to pay them back. But what if you’re struck by a sudden illness or are involved in an accident that leaves you unable to work? This is where student loan forgiveness for disability comes in. If the borrower has a service obligation from a TEACH Grant, this may also be discharged if they qualify for Total and Permanent Disability with the U.S. Department of Education. This includes our war heroes. Let us take one small load off  your shoulder by helping you during your hardships.

Loans in Default

If you have missed several payments on your federal loans, they fall into default. Defaulting will drastically reduce your credit score, impact your ability to receive future credit, and can lead to the seizure of personal property. Financial Credit Journey are professionals in restructuring your loan terms by enrolling your into a repayment plan that can be as low as $0 a month. Defaulted loans may also be brought out of default by consolidation. By consolidating the defaulted loans or entering into a rehabilitation program it will guarantee that you will not get  your wages garnished. We offer several options in the case of a default including a rehabilitation program to get you back into good standing with the Department of Education.

Student Loan Consolidation

Consolidating loans means to combine any previous, current, or outstanding loans into one loan that has only one interest rate. That is right, no more several interest loans accumulating. This means that your interest rate will be averaged across the board instead of a fluctuating one that you may currently have on your loans. If you have several loans, we can consolidate prior to getting you into a loan forgiveness program. If you consolidate loans other than Direct Loans, consolidation can provide you access to additional income-driven repayment plan options and Public Service Loan Forgiveness. 

Forbearance and Deferment

In some cases, borrowers may be eligible to receive a deferment or forbearance on their federal student loans. This allows you, the borrower, to temporarily stop making payments or reduce monthly payments in order to help avoid default. When a loan is in forbearance/deferment, the loan is being postponed to a later time. However, the main difference in a deferment and forbearance is that with a deferment, the borrower may not be responsible for paying the accrued interest on certain types of loans during the deferment period as it would be with a forbearance. 

School Closure Discharge

What happens if your school closes when you are enrolled? In these circumstances, borrowers may be eligible for School Closure Discharge if they attended a school that closed while they were enrolled or if they withdrew 120 days before the school's closure. 

By receiving a closed school discharge, you then have no obligation to repay the loan and we will work to get back any prior payments that were made through forced collection or voluntarily.

Repayment Options 

Aved Consulting Firm offers custom tailored repayment options that specifically meet your budget because one size does NOT fit all.  Based on income and household size, we can extend the terms of your payback and this will lower your monthly and total loan amount to make your payments more manageable for anyone stuck with the base repayment ratio. Not paying anything for your loans will result in your loans falling into a default and we do not want that to happen. So in other words, it’s better to pay something rather than nothing, but  we want you to pay the lowest amount. That is why we consolidate your loans and get you into a repayment plan that fits you best. It is important to know your options and we can fix you up with a payment strategy that fits your lifestyle and plans for the future.

Consolidation

The first option we would start with  is seeing if your loans qualify for consolidation. If you have several loans, consolidating them will allow for great results. For example, as the borrower, you will be able to keep better track of your payments because you will only be making only one payment for all your loans. Federal, Stafford, Perkins, Plus, and Supplemental loans can all be consolidated into one existing loan. This will then drop your interest rate and allow you to remain in a consolidation program or get you into another repayment plan. 

Standard Repayment

This is the most basic repayment option in which the borrower will most likely be  placed into after their grace period. This is a 10 year repayment plan option and because of this, borrowers will pay the lowest interest amount compared to the rest of the repayment options. However, this option does not work for everyone as it does require a reliable income to meet the monthly expectations.

Income-Based Repayment (IBR)

Income-based repayment is the most widely known income driven program available to students with federal loans.  This repayment option contributes to allowing the borrower to keep their loan payments budget-friendly with payment caps based on their income and family size. After 25 years of qualifying payments, IBR will forgive the remaining debt if your first loan was before July 1, 2014 with a cap of 15%. Any loan on or after July 1, 2014, IBR caps loans at 10% of discretionary income and loans are forgiven after 20 years. 

Pay as you earn (PAYE)

This repayment option caps your monthly Federal student loans at 10% of your discretionary income. Part of the IBR program, borrowers who qualify for PAYE, monthly loan payments will be two thirds of what they would be compared soly to Income-based repayment. After 20 years of monthly payments, any remaining student loan balance will be forgiven. Most people who qualify for PAYE will have borrowed for college for the first time during the 2008-09 academic year and will have still been in school during the 2011-12 academic year as this is considered more of the new repayment options.

Revised Pay as you Earn (REPAYE)

Like Paye, this repayment option limits the size of your Federal student loan payments to 10 percent of your discretionary income. Repayment terms for the REPAYE plan are 20 years for eligible undergraduate loans and 25 years for eligible graduate loans. If you qualify for public service, you can use it with REPAYE to have your remaining balance of student loans dismissed. Generally this option is great if you did not qualify for PAYE and if you are single since your spouse income will also factor into your monthly payments. 

Income Sensitive Repayment (ISR)

This is a great option for borrowers with FFEL loans as it will allow the individual to establish what percentage of their income their loan payment will be. All though not as popular as many of the other repayment options, this plan is also used to offer relief if the borrower is struggling to keep up with their loan payments. The only catch here is that you typically have this option available for only 5 years. It works well if you just graduated and are looking for a job or need some more time. After the 5 years, you could switch to another type of income driven repayment plan. This repayment option typically caps your monthly loan payments at 4% and 25% of your monthly gross income and borrowers must reapply for income-sensitive repayment each year by submitting their tax return and/or W2 statements.

Income Contingent Repayment (ICR)

This is a 25 year repayment plan in which the remaining balance of your loans will be forgiven. The ICR plan is calculated by 20% of the borrower’s discretionary income and what the payment would be on a fixed 12 year adjusted income. Because this plan does not require a financial hardship, it is easier to get qualified. Only student loans may be included in the income contingent repayment plan. Parent loans, such as the Parent PLUS loan, are not eligible. Only loans that are guaranteed by the Federal government may be included.

Extended Repayment 

An extended repayment plan is exactly how it sounds-extended. With this repayment option, the borrower has 25 years to repay the loan resulting in lower monthly payments, but an increase in the number of payments. This repayment plan is recommended only for individuals struggling to pay their current monthly loan payments and is a good option for those who do not qualify for any other repayment option. Borrowers need to have at least $30,000 in outstanding loans to be eligible.

Graduated Repayment

On a graduated repayment plan, your monthly payments would be less than a standard repayment plan, but never lower than the accrued interest on your monthly plan. Direct and FFEL loans are eligible for this program and though your payments start low, they will increase every two years. For recent grads, managing and organizing the repayment of student loans is a major responsibilities. Taking advantage of this loan repayment option will allow you to start your payments very low until you settle into your career, but still be able to pay off your loans in a short 10 year term.

National Defense Student Loan Discharge

The National Defense student loan discharge is designed for individuals who put their life on the line for the United States. It is a valuable program worth taking advantage of that can save the borrower tens of thousands of dollars. To qualify you must have served at least one full year in one of the branches in the United States Armed Forces, and deployed for the full year in an imminent danger or hostile fire area. Military service that ended prior to August 14, 2008 will qualify for 50% of the loans being dismissed and anything after can qualify up to 100%  dismissal. This program is available only for Federal Perkins Loans.