Thinking of Getting a Forbearance on Your Student Loan? Read This First…
Loans & Credit December 2, 2018
For many people, the offer of getting a reprieve from their student loans sounds too good to be true. So they take it!
That being said, the moment you would like your payments to resume, they often end up higher because the debts you have accumulated have gone above and beyond what you were stipulated to pay due to interest.
In fact, a report released by The Associated Press in 2017 regarding an audit carried out by the Department of Education showed that one of the country’s most popular loan service companies, Navient, influenced tens of thousands of its struggling borrowers to request extensions on their payments, otherwise known as forbearances.
Moreover, it was alleged by The Consumer Financial Protection Bureau that Navient raked in more than $4 billion in interest on debts of its borrowers through the use of forbearances from 2010 to 2015.
In a response, Navient has disputed the aforementioned allegation that was put in the audit, as well as the allegations made by the CFPB.
Despite the fact that delaying your payments increases debt, a report released in April by the Government Accountability Office shows that over 70 percent of individuals who had started paying back their student loans in 2013, had placed a forbearance on their debt for a period of time.
Forbearance may not be the reprieve you need as it can skyrocket the student debt that you have
What Options Do Borrowers Have? According to the vice president of communications at the National Foundation for Credit Counseling, the most logical step for any borrower is to first inquire whether the option of a deferment is available or not before requesting a forbearance.
The reason why is because when you opt for a deferment, interest is not accrued on the student loan, especially in times of economic hardship . Moreover, there are also deferments geared towards assisting cancer patients nowadays.
If the difficulty of paying off your student loan is unlikely to come to an end any time soon, it would be wise to join an income-driven repayment plan, which will deduct a small percentage of your monthly salary and direct it towards the loan
Is Requesting a Forbearance a Good Idea? That being said, is requesting a forbearance a smart decision? It depends on one’s current situation.
According to financial aid Mark Kantrowitz, when one is having short-term financial difficulties, like being unemployed for a short period of time or having a medical leave, then requesting for a forbearance might be a great idea.
A forbearance normally lasts one year, and borrowers have the ability to request for the forbearance up to three times.
When possible, nevertheless, individuals should request a partial forbearance and maintain it during the breaks that they have.
According to Kantrowitz, using this technique will prevent your loan from increasing in size.
Should You Have Faith in Your Lender? Provided that student loan servicers might not give borrowers with the most credible information, it assists you to review options with nonprofit organizations such as The Institute of Student Loan Advisors, which provides dispute resolution as well as free advice.
That being said, The National Foundation Credit Counseling also certifies the presence of student loan counsel
Finalizing your student loan early could be what you need to ensure that you get the financial reprieve that you need
The Benefit of Clearing off Your Student Loan Early It is quite a common scenario to graduate while having plenty of student loans. Indeed, most people tend to carry the debt longer than they anticipated, even if they don’t have any other pending debts!
So what is the benefit of paying off your student loan early?
It all boils down to lower debt to income ratio
This means that you will have more money to do other vital activities such as saving for your dream car or purchasing a house.
Indeed, this is one of the ways that you can plan for your future and ensure that you afford the benefits of great financial planning such as retiring with bumpy savings and investments.
You see, student loans can compromise your financial freedom and cripple your chances of having a successful business venture in the future.
Additionally, clearing your student loan also reduces the effects of financial stress and pressure in your life. It will give you the sweet luxury to focus on other facets of your life and have these affairs in order without having to worry about the burden of the student loan disrupting your cash flow
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Are You A startup? Here’s how legal advice can become more affordable for you! Starting a business in any industry certainly requires a great deal of monetary, as well as time-based investments; not to forget a great deal of research to understand how the market works. Indeed, this is done to ameliorate the startup for greater chances of survival. Among the myriad of problems that startups face, one of the most challenging ones are legal issues. When compared to massive enterprises that usually have a large legal team with the most prominent lawyers at their disposal, startups usually find themselves struggling with legal issues as a result of having a restrictive budget. Legal advice can be the most expensive aspect of starting a business Some of the Most Common Legal Issues Startups Face. There are a number of legal issues that could be riddling a startup during its first months of operation. Some of them include, but not limited to business restructuring, mergers, expansion, property affairs, legal action, tax handling, and employee contracts. While it’s vital that such issues are handled with utmost care and precision, startups usually lack the financial power to handle these issues as a result of the high cost of attorneys. With this in mind, here are 5 essential ways that startups can deal with legal issues cost effectively. Gain a Basic Understanding of Rules, Laws, and Regulations Whether you choose to hire an attorney, it’s vital that as an entrepreneur, you have a basic understanding of the existing laws in the country regarding the industry that you are planning investing in. Indeed, these are the laws that will dictate the insurance, marketing, finance, employment, expansion, and intellectual property of your company. That being said, if you have a basic understanding of these issues, you can be able to handle a minor legal issue that does not have adverse consequences. Nevertheless, it is advisable to first seek legal advice prior to handling the issues because some minor legal issues might become complex as a result of misinterpreting the information provided. Experienced attorneys can be too expensive for some small businesses to afford Searching for Legal Funding Usually, hiring the services of an attorney or a legal advisor is one of the most secure ways to ensure that your business gets the ideal legal representation. Unfortunately, lawyers are not cheap, and thus, many small startups are unable to afford enough legal advice. That being said, one other option is to seek legal funding, though it is not that common. Though recently the demand for legal funding has been steadily increasing. Legal funding is a special kind of finance system used by law firms that are involved in either consumer or commercial litigation. In such a case, payment is only accepted in the event that a successful litigation outcome takes place, hence making it a viable option for cash flow. Hiring a Lawyer That Doesn’t Have as Much Experience The lawyers and attorneys that are currently working with multinational organizations begun practicing law from an early period of time, and hence have amassed plenty of experience in legal matters over the years. Nevertheless, they had to start somewhere, right? So if your business is small and does not require a high level of expertise in legal matters, then you can hire a freshly baked lawyer. This way, they’ll be gaining all the experience they need, and they also do not require a demanding fee. That being said, small businesses can seek legal funding, as well as legal advice from personal connections Seek Legal Advice on a Regular Basis To prevent yourself from having a series of legal issues that could cost you an arm and leg, it is advisable that you allocate a sizeable part of your budget to seeking legal counsel. Perhaps it can be on a monthly basis, or after a couple of months, which can be used to analyze future plans from a legal perspective. Indeed, the counsel in question will provide you with the guidance to make the right decisions to avoid future legal problems. If possible, ensure to stick to one attorney because they are more likely to understand your business structure than hiring multiple lawyers and starting afresh with them. Use Personal Connections Last but not least, you can seek personal connections to get legal advice. For instance, do you have friends or family that are in the legal field? If that’s the case, then why not call in a couple of favors to help you steer your startup in the right direction in terms of legal matters? Besides, it will be free of charge or just buy them dinner!
Are You A startup? Here’s how legal advice can become more affordable for you! Starting a business in any industry certainly requires a great deal of monetary, as well as time-based investments; not to forget a great deal of research to understand how the market works. Indeed, this is done to ameliorate the startup for greater chances of survival. Among the myriad of problems that startups face, one of the most challenging ones are legal issues. When compared to massive enterprises that usually have a large legal team with the most prominent lawyers at their disposal, startups usually find themselves struggling with legal issues as a result of having a restrictive budget. Legal advice can be the most expensive aspect of starting a business Some of the Most Common Legal Issues Startups Face. There are a number of legal issues that could be riddling a startup during its first months of operation. Some of them include, but not limited to business restructuring, mergers, expansion, property affairs, legal action, tax handling, and employee contracts. While it’s vital that such issues are handled with utmost care and precision, startups usually lack the financial power to handle these issues as a result of the high cost of attorneys. With this in mind, here are 5 essential ways that startups can deal with legal issues cost effectively. Gain a Basic Understanding of Rules, Laws, and Regulations Whether you choose to hire an attorney, it’s vital that as an entrepreneur, you have a basic understanding of the existing laws in the country regarding the industry that you are planning investing in. Indeed, these are the laws that will dictate the insurance, marketing, finance, employment, expansion, and intellectual property of your company. That being said, if you have a basic understanding of these issues, you can be able to handle a minor legal issue that does not have adverse consequences. Nevertheless, it is advisable to first seek legal advice prior to handling the issues because some minor legal issues might become complex as a result of misinterpreting the information provided. Experienced attorneys can be too expensive for some small businesses to afford Searching for Legal Funding Usually, hiring the services of an attorney or a legal advisor is one of the most secure ways to ensure that your business gets the ideal legal representation. Unfortunately, lawyers are not cheap, and thus, many small startups are unable to afford enough legal advice. That being said, one other option is to seek legal funding, though it is not that common. Though recently the demand for legal funding has been steadily increasing. Legal funding is a special kind of finance system used by law firms that are involved in either consumer or commercial litigation. In such a case, payment is only accepted in the event that a successful litigation outcome takes place, hence making it a viable option for cash flow. Hiring a Lawyer That Doesn’t Have as Much Experience The lawyers and attorneys that are currently working with multinational organizations begun practicing law from an early period of time, and hence have amassed plenty of experience in legal matters over the years. Nevertheless, they had to start somewhere, right? So if your business is small and does not require a high level of expertise in legal matters, then you can hire a freshly baked lawyer. This way, they’ll be gaining all the experience they need, and they also do not require a demanding fee. That being said, small businesses can seek legal funding, as well as legal advice from personal connections Seek Legal Advice on a Regular Basis To prevent yourself from having a series of legal issues that could cost you an arm and leg, it is advisable that you allocate a sizeable part of your budget to seeking legal counsel. Perhaps it can be on a monthly basis, or after a couple of months, which can be used to analyze future plans from a legal perspective. Indeed, the counsel in question will provide you with the guidance to make the right decisions to avoid future legal problems. If possible, ensure to stick to one attorney because they are more likely to understand your business structure than hiring multiple lawyers and starting afresh with them. Use Personal Connections Last but not least, you can seek personal connections to get legal advice. For instance, do you have friends or family that are in the legal field? If that’s the case, then why not call in a couple of favors to help you steer your startup in the right direction in terms of legal matters? Besides, it will be free of charge or just buy them dinner! ', 'facebookShare', 'width=626,height=436'); return false;"
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Are You A startup? Here’s how legal advice can become more affordable for you! Starting a business in any industry certainly requires a great deal of monetary, as well as time-based investments; not to forget a great deal of research to understand how the market works. Indeed, this is done to ameliorate the startup for greater chances of survival. Among the myriad of problems that startups face, one of the most challenging ones are legal issues. When compared to massive enterprises that usually have a large legal team with the most prominent lawyers at their disposal, startups usually find themselves struggling with legal issues as a result of having a restrictive budget. Legal advice can be the most expensive aspect of starting a business Some of the Most Common Legal Issues Startups Face. There are a number of legal issues that could be riddling a startup during its first months of operation. Some of them include, but not limited to business restructuring, mergers, expansion, property affairs, legal action, tax handling, and employee contracts. While it’s vital that such issues are handled with utmost care and precision, startups usually lack the financial power to handle these issues as a result of the high cost of attorneys. With this in mind, here are 5 essential ways that startups can deal with legal issues cost effectively. Gain a Basic Understanding of Rules, Laws, and Regulations Whether you choose to hire an attorney, it’s vital that as an entrepreneur, you have a basic understanding of the existing laws in the country regarding the industry that you are planning investing in. Indeed, these are the laws that will dictate the insurance, marketing, finance, employment, expansion, and intellectual property of your company. That being said, if you have a basic understanding of these issues, you can be able to handle a minor legal issue that does not have adverse consequences. Nevertheless, it is advisable to first seek legal advice prior to handling the issues because some minor legal issues might become complex as a result of misinterpreting the information provided. Experienced attorneys can be too expensive for some small businesses to afford Searching for Legal Funding Usually, hiring the services of an attorney or a legal advisor is one of the most secure ways to ensure that your business gets the ideal legal representation. Unfortunately, lawyers are not cheap, and thus, many small startups are unable to afford enough legal advice. That being said, one other option is to seek legal funding, though it is not that common. Though recently the demand for legal funding has been steadily increasing. Legal funding is a special kind of finance system used by law firms that are involved in either consumer or commercial litigation. In such a case, payment is only accepted in the event that a successful litigation outcome takes place, hence making it a viable option for cash flow. Hiring a Lawyer That Doesn’t Have as Much Experience The lawyers and attorneys that are currently working with multinational organizations begun practicing law from an early period of time, and hence have amassed plenty of experience in legal matters over the years. Nevertheless, they had to start somewhere, right? So if your business is small and does not require a high level of expertise in legal matters, then you can hire a freshly baked lawyer. This way, they’ll be gaining all the experience they need, and they also do not require a demanding fee. That being said, small businesses can seek legal funding, as well as legal advice from personal connections Seek Legal Advice on a Regular Basis To prevent yourself from having a series of legal issues that could cost you an arm and leg, it is advisable that you allocate a sizeable part of your budget to seeking legal counsel. Perhaps it can be on a monthly basis, or after a couple of months, which can be used to analyze future plans from a legal perspective. Indeed, the counsel in question will provide you with the guidance to make the right decisions to avoid future legal problems. If possible, ensure to stick to one attorney because they are more likely to understand your business structure than hiring multiple lawyers and starting afresh with them. Use Personal Connections Last but not least, you can seek personal connections to get legal advice. For instance, do you have friends or family that are in the legal field? If that’s the case, then why not call in a couple of favors to help you steer your startup in the right direction in terms of legal matters? Besides, it will be free of charge or just buy them dinner! &url=http://mortgageafterlife.com/legal-advice/startup-heres-legal-advice-can-become-affordable/', 'twitterShare', 'width=626,height=436'); return false;"
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Are You A startup? Here’s how legal advice can become more affordable for you! Starting a business in any industry certainly requires a great deal of monetary, as well as time-based investments; not to forget a great deal of research to understand how the market works. Indeed, this is done to ameliorate the startup for greater chances of survival. Among the myriad of problems that startups face, one of the most challenging ones are legal issues. When compared to massive enterprises that usually have a large legal team with the most prominent lawyers at their disposal, startups usually find themselves struggling with legal issues as a result of having a restrictive budget. Legal advice can be the most expensive aspect of starting a business Some of the Most Common Legal Issues Startups Face. There are a number of legal issues that could be riddling a startup during its first months of operation. Some of them include, but not limited to business restructuring, mergers, expansion, property affairs, legal action, tax handling, and employee contracts. While it’s vital that such issues are handled with utmost care and precision, startups usually lack the financial power to handle these issues as a result of the high cost of attorneys. With this in mind, here are 5 essential ways that startups can deal with legal issues cost effectively. Gain a Basic Understanding of Rules, Laws, and Regulations Whether you choose to hire an attorney, it’s vital that as an entrepreneur, you have a basic understanding of the existing laws in the country regarding the industry that you are planning investing in. Indeed, these are the laws that will dictate the insurance, marketing, finance, employment, expansion, and intellectual property of your company. That being said, if you have a basic understanding of these issues, you can be able to handle a minor legal issue that does not have adverse consequences. Nevertheless, it is advisable to first seek legal advice prior to handling the issues because some minor legal issues might become complex as a result of misinterpreting the information provided. Experienced attorneys can be too expensive for some small businesses to afford Searching for Legal Funding Usually, hiring the services of an attorney or a legal advisor is one of the most secure ways to ensure that your business gets the ideal legal representation. Unfortunately, lawyers are not cheap, and thus, many small startups are unable to afford enough legal advice. That being said, one other option is to seek legal funding, though it is not that common. Though recently the demand for legal funding has been steadily increasing. Legal funding is a special kind of finance system used by law firms that are involved in either consumer or commercial litigation. In such a case, payment is only accepted in the event that a successful litigation outcome takes place, hence making it a viable option for cash flow. Hiring a Lawyer That Doesn’t Have as Much Experience The lawyers and attorneys that are currently working with multinational organizations begun practicing law from an early period of time, and hence have amassed plenty of experience in legal matters over the years. Nevertheless, they had to start somewhere, right? So if your business is small and does not require a high level of expertise in legal matters, then you can hire a freshly baked lawyer. This way, they’ll be gaining all the experience they need, and they also do not require a demanding fee. That being said, small businesses can seek legal funding, as well as legal advice from personal connections Seek Legal Advice on a Regular Basis To prevent yourself from having a series of legal issues that could cost you an arm and leg, it is advisable that you allocate a sizeable part of your budget to seeking legal counsel. Perhaps it can be on a monthly basis, or after a couple of months, which can be used to analyze future plans from a legal perspective. Indeed, the counsel in question will provide you with the guidance to make the right decisions to avoid future legal problems. If possible, ensure to stick to one attorney because they are more likely to understand your business structure than hiring multiple lawyers and starting afresh with them. Use Personal Connections Last but not least, you can seek personal connections to get legal advice. For instance, do you have friends or family that are in the legal field? If that’s the case, then why not call in a couple of favors to help you steer your startup in the right direction in terms of legal matters? Besides, it will be free of charge or just buy them dinner! ', 'pinterestShare', 'width=750,height=350'); return false;"
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Are You A startup? Here’s how legal advice can become more affordable for you! Starting a business in any industry certainly requires a great deal of monetary, as well as time-based investments; not to forget a great deal of research to understand how the market works. Indeed, this is done to ameliorate the startup for greater chances of survival. Among the myriad of problems that startups face, one of the most challenging ones are legal issues. When compared to massive enterprises that usually have a large legal team with the most prominent lawyers at their disposal, startups usually find themselves struggling with legal issues as a result of having a restrictive budget. Legal advice can be the most expensive aspect of starting a business Some of the Most Common Legal Issues Startups Face. There are a number of legal issues that could be riddling a startup during its first months of operation. Some of them include, but not limited to business restructuring, mergers, expansion, property affairs, legal action, tax handling, and employee contracts. While it’s vital that such issues are handled with utmost care and precision, startups usually lack the financial power to handle these issues as a result of the high cost of attorneys. With this in mind, here are 5 essential ways that startups can deal with legal issues cost effectively. Gain a Basic Understanding of Rules, Laws, and Regulations Whether you choose to hire an attorney, it’s vital that as an entrepreneur, you have a basic understanding of the existing laws in the country regarding the industry that you are planning investing in. Indeed, these are the laws that will dictate the insurance, marketing, finance, employment, expansion, and intellectual property of your company. That being said, if you have a basic understanding of these issues, you can be able to handle a minor legal issue that does not have adverse consequences. Nevertheless, it is advisable to first seek legal advice prior to handling the issues because some minor legal issues might become complex as a result of misinterpreting the information provided. Experienced attorneys can be too expensive for some small businesses to afford Searching for Legal Funding Usually, hiring the services of an attorney or a legal advisor is one of the most secure ways to ensure that your business gets the ideal legal representation. Unfortunately, lawyers are not cheap, and thus, many small startups are unable to afford enough legal advice. That being said, one other option is to seek legal funding, though it is not that common. Though recently the demand for legal funding has been steadily increasing. Legal funding is a special kind of finance system used by law firms that are involved in either consumer or commercial litigation. In such a case, payment is only accepted in the event that a successful litigation outcome takes place, hence making it a viable option for cash flow. Hiring a Lawyer That Doesn’t Have as Much Experience The lawyers and attorneys that are currently working with multinational organizations begun practicing law from an early period of time, and hence have amassed plenty of experience in legal matters over the years. Nevertheless, they had to start somewhere, right? So if your business is small and does not require a high level of expertise in legal matters, then you can hire a freshly baked lawyer. This way, they’ll be gaining all the experience they need, and they also do not require a demanding fee. That being said, small businesses can seek legal funding, as well as legal advice from personal connections Seek Legal Advice on a Regular Basis To prevent yourself from having a series of legal issues that could cost you an arm and leg, it is advisable that you allocate a sizeable part of your budget to seeking legal counsel. Perhaps it can be on a monthly basis, or after a couple of months, which can be used to analyze future plans from a legal perspective. Indeed, the counsel in question will provide you with the guidance to make the right decisions to avoid future legal problems. If possible, ensure to stick to one attorney because they are more likely to understand your business structure than hiring multiple lawyers and starting afresh with them. Use Personal Connections Last but not least, you can seek personal connections to get legal advice. For instance, do you have friends or family that are in the legal field? If that’s the case, then why not call in a couple of favors to help you steer your startup in the right direction in terms of legal matters? Besides, it will be free of charge or just buy them dinner! Starting a business in any industry certainly requires a great deal of monetary, as well as time-based investments; not to forget...
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