Student Loan Help - Stop Wage Garnishment

Are you behind or struggling with your student loans? Are you currently being sued or having your wages garnished or threatened to be garnished? If you answered yes to any of these questions the following article could change your life. You could have the garnishments stopped, receive a 4-5 month payment break, start making payments YOU can afford, and get out of debt. Debt problems and wage garnishment can cause marital problems, problems on the job, can cause depression and make life downright miserable.

In this bailout economy there are programs available for almost every type of financial hardship you could think of. The "Economic Stimulus Package" for the banks, "Cash for Clunkers" for the auto makers, "Making Home Affordable Plan" for home owners in trouble with their mortgage, and more.

With all these programs available there are many ways to eliminate different types of debt, and get back on your feet, however when it comes to Federally backed loans such as Student Loans, there never seems to be a solution. Even Bankruptcy can't get rid of your student loans.

Thankfully there are new program available for those who are having financial difficulty with their student loans. This particular article focuses on those in "Default" (minimum 270 days behind) on Federally backed student loans.

The Income Contingent Repayment plan or "ICR" consolidates your defaulted student loan(s) into one new loan and a repayment plan with monthly payment based on; your yearly income, family size, and loan amount. As your income rises and falls, so do your payments. Your monthly payment will be re-evaluated annually, based again on your family size, annual Adjusted Gross Income (AGI) as reported on your federal tax return, and the total amount of your restructured loans(s). After 25 years any remaining balance on the loan is forgiven. There are no "prepayment penalties" and if you die, the loan dies with you.

The obvious question is, "what is the interest rate on this new loan, or what's in it for them?" The interest rates will surprise you considering the risk. Typically interest rates range between 2.5% to 8.25%. The date(s) the loan(s) were taken out, and when the loans were consolidated primarily dictate the interest rate. The ICR is NOT based on credit, so not to worry if your credit is bad. Once the rate is locked it is locked forever. Currently all loans that are variable that were taken out between 7/98-6/06 the interest rate lock is 3.75%. If before 7/98 = 4.5%, and if after 6/2006 the interest rates are from 6-6.8%. All "Parent Plus" and "Grad Loans" are 8.25% regardless of other factors.

Perhaps the best feature of all, the program is guaranteed to improve your current situation or your money back.

Not all loans qualify for the ICR program however there are other options available.

Learn more about Student Loan relief, and other debt relief programs at http://www.serenitydebtsolutions.com. Or Call 1-877-9-SERENITY and speak to A Consumer Debt Consultant who will analyze your situation for free with no obligation, and find out what programs you may qualify for today.

The faster you seek help, the faster you will feel relief. Typically you will receive a 4-5 month payment break before making payments!

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