Most student loan borrowers aren’t aware of the full realm of student repayment options that exist. Instead, they are sometimes driven toward forbearance or deferment plans and can end up in serious delinquency,
Washinton, DC (PRWEB) April 16, 2013
The Student Loan Alliance (SLA) today launched a new website that will provide immediate help to borrowers struggling with student loan debt at http://www.studentloanhelp.org. The new website not only provides resources for borrowers to become more informed about their loan repayment options, but provides the option of speaking one-on-one with a trained nonprofit credit counselor. Counselors will be available to anyone in the United States who needs to discuss options to repay their student loan debt.
“Student loan borrowers clearly need more awareness of their repayment options,” said Springboard executive and SLA chairman Aaron Horvath. “The SLA will play a critical role in providing objective education and counseling to improve borrower assistance in this area.”
Studentloanhelp.org provides access to numerous calculators and a questionnaire to assist teachers, military service members, and other struggling borrowers identify programs that may help them. A nonprofit credit counselor will help each borrower determine their best repayment option, including programs such as Income Based Repayment (IBR), Pay As You Earn (PAYE) and Public Service Loan Forgiveness programs (PSLF). In addition to providing options for a borrower’s student loan debt, a counselor, will address the borrower’s full debt picture, including credit card, mortgage and other loans.
“Most student loan borrowers aren’t aware of the full realm of student repayment options that exist. Instead, they are sometimes driven toward forbearance or deferment plans and can end up in serious delinquency,” said SLA President Larry Gilmore. “With programs like Income Based Repayment that provide reduced monthly payments and principle forgiveness, the SLA will increase consumer awareness and assist with application submission.”
The Student Loan Alliance (SLA) is a nonprofit organization representing the 9 largest consumer credit counseling organizations across the country focused on developing long-term solutions to address the student loan crisis. The participating organizations are: Consumer Credit Counseling Services of Dallas, Consumer Credit Counseling Services of San Francisco, Clearpoint, CredAbility, GreenPath, Money Management, Inc., Novadebt, Springboard Nonprofit Consumer Credit Management and Take Charge America. Alliance members deliver efficient counseling and timely assistance by implementing best-in-class systems and processes. The SLA is committed to addressing the crisis by promoting partnership, developing effective outreach and awareness campaigns, and providing streamlined education and counseling.