Premier Student Loan Center Loan Forgiveness

The number of American students enrolling for post secondary education is increasing each year. Bearing in mind the economic uncertainty of the country, college and university degrees are seen by many as a valuable investment for a secure future.

However, as important as a post secondary education has become, the cost of it has also risen at a very steep gradient. This means that not many Americans are able to pay for the tuition costs out of their own pockets.

Student loans issued by the government enable those Americans to pursue a post secondary education who would not have been able to do so otherwise. As a result of this, an elevated number of indebted students graduates each year. Premier student loan center is a company that claims to be the solution for all the problems related to student loan debt. It offers services such as debt consolidation, and most importantly it offers loan forgiveness. In this article we will go through a complete guide to the premier student loan center loan forgiveness and other schemes related to loan forgiveness.

Premier Student Loan Center Shut Down

The premier student loan center became a successful company at an accelerated rate due to a very large number of customers. Because who would not like to have their students’ debt be lowered and taken care of?

However, Premier student loan center has come up with a rather unexpected decision of not accepting any new clients. The company has stated that they would be working with their existing clients until any further change in the decision. It is highly unlikely that the company would change its decision.

The reason behind this is that the company places a high emphasis on its customer services and client relations. Premier student loan center choose to rather entertain their existing customer base and help them get financial freedom, than to take on board new customers.

Premier Loan Center

It is a corporate that was established in 2014, and it has been in business for about 6 years now. Students are highly indebted even before they step out into the professional world and this does throw many of them into chaos.

Here, the Premier Student Loan Center comes to the rescue of such students by helping them through various services such as debt consolidation process, as well as loan forgiveness, debt analysis, and one-on-one budgetary consultation. In case you are wondering what debt consolidation is, it is the process whereby a person takes out a new loan in order to pay their existing loans and liabilities. This in turn is likely to raise your credit scores over the long term if you use it to pay off debt.

Premier student loan center claims to be extremely client friendly and all of its services are just one consultation away. However, it is worth keeping in mind that all of its services cost a fee. Premier student loan center loan forgiveness is a scheme that is increasing in popularity day by day. But is paying a fee for availing loan forgiveness a rightful decision? Well, there are some mixed views on this particular subject. To a layperson, the idea of loan forgiveness through a third-party would sound very exciting. Most of the reviews found online suggest that Premier student loan center is not a legitimate company. Anyhow, there are some positive reviews about the company out there as well.

Premier Loan Center BBB

The Better Business Bureau (bbb), founded in 1912, is on a mission to promote “marketplace trust,” which it does, most notably, by grading companies based on their trustworthiness and performance and by serving as an intermediary when customers have complaints.

According to the Better Business Bureau (bbb), Premier Student Loan Center is located at 173 Technology Dr Ste 202, Irvine, CA 92618-2489. The business was started by Mr. Albert Kim, on 8/5/2014 with the entity of a corporation. The alternate name for the corporation is Consumer Advocacy Center Inc. Please note that the Premier Student Loan Center is not BBB accredited as yet.

Premier student loan center does not enjoy the privilege of being a well thought of company according to the Better Business Bureau (bbb).  As of now, the Better Business Bureau (bbb) showcases 80 complaints that have been lodged against the company. Many reviewers have gone as far as referring to the company as a fraud. We cannot give any further judgements on the validity of the premier student loan center until it starts to accept new clients once again. Fair enough? But why not operate the smarter way and refrain from wasting dollar bills on the services that can be availed even without involving a third-party.

Do Teachers get Loan Forgiveness?

Teaching is a highly respected profession, but it often falls short in terms of financial rewards. To pursue a teaching career, you generally need a Bachelor’s degree, and many advanced teaching positions require a Master’s degree. The extensive educational requirements and relatively modest pay result in teachers accumulating more student debt compared to professionals in other fields.

Fortunately, teachers have access to several options that can help reduce or even eliminate their student debt. One prominent option is the Teacher Loan Forgiveness (TLF) program, which many teachers seek to ease their financial burden. The federal government established the TLF program to support teachers in managing their student loans and to encourage them to work in schools that serve low-income families.

To qualify for the Teacher Loan Forgiveness program, you need to meet specific eligibility criteria. First, you must have earned at least a Bachelor’s degree and obtained full state certification as a teacher. Second, you must have taught full-time for at least five consecutive years at a qualifying low-income elementary or secondary school. The Directory of Teacher Cancellation Low Income (TCLI) on the Federal Student Aid website can help you determine if your school qualifies.

By fulfilling these requirements, you can benefit from loan forgiveness and alleviate some of the financial pressures associated with a teaching career. This program not only provides financial relief but also supports teachers dedicated to serving underserved communities. If you meet the criteria, exploring the TLF program could be a valuable step in managing your student loan debt effectively.

Understanding VA Loan Eligibility and Requirements

As far as the eligibility of the kinds of loans is concerned, subsidized and unsubsidized Stafford loans from the Federal Family Education Loan (FFELP), and the William D. Ford Direct Loan Program is eligible. The portion of consolidation loan that paid off an eligible Stafford loan may also be eligible for forgiveness. It is also noteworthy that in order to avail loan forgiveness, you must be considered a new borrower. You are considered a new borrower if you got your loan after October 1st, 1998, and did not have an outstanding balance on a Stafford or Direct Loan when you got your loan.

The amount that one is forgiven is decided upon many factors. The maximum amount that can be forgiven sums up to $17,500 and is only applicable to teachers who have taught secondary mathematics, science, and special education. All other elementary and secondary school teachers can be forgiven upto $5,000 only. The procedure to receive the loan requires you to complete the Teacher Loan Forgiveness Application and submit it to your loan servicer at the end of your fifth consecutive teaching year.

Maximizing Teacher Loan Forgiveness Programs

The Public Service Loan Forgiveness (PSLF) is another popular option for teachers indebted with student loans. The PSLF is better than TLF due to many reasons, one of them being its terms and conditions. Fortunately, PSLF is not just for teachers, anyone who has worked full-time for a government or a non-profit agency in a specific public service can avail it. You must be wondering why PSLF is particularly important for teachers. This is because as a teacher it is very easy to qualify for it since your job is in the public sector. Also, the requirements do not include you to work in a low-income or public school. However, one must have worked full-time for at least 10 consecutive years.

Now, how the PSLF program operates is that it forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Also, they don’t have to be consecutive payments, periods of forbearance do not disqualify you. Similarly to the Teacher Loan Forgiveness Program (TLF), the Public Service Loan Forgiveness also applies only to Direct Federal loans you can calculate through the public service loan forgiveness calculator. Other federal loans can be made eligible through debt consolidation.

Interestingly, If you meet the requirements of both the PSLF and TLF programs, you are not restricted to any one of them. You can take advantage of both of them!

Does Forbearance Affect Student Loan Forgiveness?

If you are wondering what forbearance is, it is basically an agreement where your lender allows you to temporarily stop making payments or to make a smaller payment than the actual periodic amount that you owe. You will have to pay the reduced amount back later. So, forbearance acts as a temporary relief and mounts up the payments that have to be paid back later, so, there is no progress towards loan forgiveness.

The applicable interest during forbearance can be either paid off while it is accumulating or it can be allowed to be added up in the principal amount so that you can pay it at the end of the forbearance period, also known as capitalization. Hence, capitalizing can result in the amount of loan repayment becoming higher.

Interestingly, following the Coronavirus, in March 2020, the office of Federal Student Aid automatically gave temporary relief and suspension of payments to all of its borrowers. A 0% interest rate was also applied. However in normal circumstances, forbearance does not happen automatically, you need to submit an application to your loan provider.

There are two main types of forbearances, general and mandatory. You can request a general forbearance if you are temporarily unable to make your scheduled monthly loan payments for the following reasons:

• Financial difficulties,
• Medical expenses, and
• Change in employment.

You are eligible for a mandatory forbearance if:

• You are serving in a medical or dental internship or residency program.
• Payments on your federal student loans are greater than 20% of your total monthly gross income.
• You are serving in an AmeriCorps position for which you received a national service award.
• You are in a teaching position that would qualify you for teacher loan forgiveness.
• You qualify for partial repayments of your loans under the U.S. Department of Defense Student Loan Repayment Program.
• You are an active member of the National Guard, but you are not eligible for a military deferment.

In short, forbearance does not affect student loan forgiveness in a positive way. For example, if  you are interested in availing a Public Services Loan Forgiveness, periods of forbearance would not count towards the 120 monthly payments that are required to be made. Forbearance would not let you make progress towards loan forgiveness.

Best Repayment Plans for Student Loan Forgiveness: What You Need to Know

Repaying a student loan means returning the borrowed amount along with interest. Repayment plans allow you to spread payments over time, typically with fixed monthly amounts. The 10-year Standard Repayment Plan divides your balance into 120 equal payments, requiring the same amount every month. Payments under this plan must be at least $50.

Federal student loans offer various repayment options, some linked to your income. You can choose the 10-year Graduated Repayment Plan, which starts with lower payments that increase every two years, the 25-year Extended Repayment Plan, or one of four income-driven plans. Income-driven plans cap payments at a percentage of your income and forgive the remaining balance after 20 or 25 years. Selecting a repayment plan requires careful consideration of its advantages and drawbacks. Here’s a guide to repayment plans that qualify for student loan forgiveness.

To qualify for Public Service Loan Forgiveness (PSLF), consider the Income-Based Repayment (IBR) Plan, the Pay As You Earn (PAYE) Plan, or the Income-Contingent Repayment (ICR) Plan. These plans adjust payments based on your income and family size.

• Income-Based Repayment (IBR) Plan: Sets payments according to income and family size.
• Pay As You Earn (PAYE) Plan: Monthly payments are 10% of your discretionary income but capped at the 10-year Standard Repayment amount.
• Income-Contingent Repayment (ICR) Plan: Payments are the lesser of 12-year fixed payments adjusted for income or 20% of discretionary income.

The 10-Year Standard Repayment Plan and any plan with payments equal to or more than this qualify for PSLF. To maximize forgiveness, the 10-Year Standard Plan offers the lowest remaining balance after 120 payments. However, IBR, PAYE, and ICR plans might result in higher forgiveness due to lower monthly payments and longer terms. If you don’t meet PSLF requirements, you’ll owe the full loan balance, including interest, unless forgiven under IBR, PAYE, or ICR terms.

Conclusion

Premier Student Loan Center presents itself as a legitimate company. However, the Better Business Bureau (BBB) complaints highlight significant concerns, though some positive reviews do exist.

It’s important to remember that you shouldn’t spend hundreds or thousands of dollars on services that might be available for free. Many legitimate programs exist to assist with student loan repayment.

This guide will walk you through various student loan repayment plans, detailing their terms and conditions. By understanding these options, you can make an informed decision and avoid unnecessary expenses.