Federal student loans can be a lifesaver for many students. They are an easy answer to exorbitantly high fees that are difficult to pay in one go. But, only as every action has an equal and opposite reaction, your federal student loan could turn around and bite you when you least expect.
If you are having trouble paying monthly fees, then you are not alone. Many students who have taken federal student loans suffer one way or another due to huge repayment debt. The good news is that you might just be eligible for a federal student loan debt relief program. There are many programs out there, so you may qualify for at least one of them. No matter the plan, in the end, you might just save tens of thousands of dollars that you would otherwise have had to pay off.
The goal of this article is to inform you about the critical aspects of federal student loan debt relief: the dos and don’ts, and even the most absolute need to know the information. So, without further ado, let’s get this loan show on the road.
Aequitas Capital has been under fire regarding many accusations. According to many attorneys, the management took advantage of the ambition of students to scheme them with the help of the now-bankrupt Corinthian College. They charged the students with high-default loans. If you don’t live under a rock, you understand by now that this was nothing more than a sham. The institutions, besides victimizing unwilling students, also tricked taxpayers and the Government. One of the worst accusations made towards Aequitas Capital is that these loans allowed the company to get hold of federal taxpayer’s money with the claim that it will be used to fund programs to help students. But of course, this was all a lie. In the end, the money spent on earning the degree was not worth the costs.
The way this little scheme was uncovered was since Corinthian was no longer able to continue making payments to Aequitas, it started to sit on top of a jumbo loan. Since the university was closing, there was no way for students to graduate and work to pay off their loans. You might already understand where this is going, after the word got out, the Exchange Commission started investigating the little deal between the two. In the end, the ordeal was declared a Ponzi scheme, and nothing more.
If you are here, then most likely you are eligible for a refund. To find out if you qualify once everything has been approved, you will need to speak with the State Attorney General. Lucky for you, you can pinpoint the exact person you need to talk to by just Googling the name. Searching with the words “attorney general of (your state)” you can find your way to their office. From there, you can either email or call them to get more information. If you have a hard time for some reason finding the right person, some websites hold a list of State Attorney generals, which you can use to find yours.
Let’s say that you do not qualify for the Aequitas Capital Forgiveness program. In this case, you do not need to fret, because there are plenty of forgiveness programs out there for you to choose from. So, you are not out of luck yet.
You might be better off qualifying for Federal Student Loan Forgiveness programs. The reason for this is, depending on your location, the Government tends to take it easy on students when compared to private lenders. To understand more about which program is suitable for you, feel free to check out other blogs on the website. If you have a hard time finding the right plan, you can always contact the website, or just use old trusty Google.
Some services can offer you solutions and handle your student loan related problem in return for money. But you can use some tactics to get yourself set up without spending much money. Usually, first calls to loan forgiveness services are free. They also give free consultations you can use to get them to research for you. Since they have the necessary tools in hand, you are better off getting help from them than doing all the powerlifting yourself.
Even if you cannot benefit from a federal loan forgiveness program or Aequitas Capital Forgiveness, you can still make it with a private loan student forgiveness program. Individual loan institutions may be harder to negotiate with, but certain specific cases do come up.
If you have ever taken a loan from Navient, you may be lucky. The reason for this is, they are also getting charged by the Consumer Financial Protection Bureau. This may ring a bell because they are the same organization hunting down the Aequitas settlement issue. They have been nailed for abusing students who have taken a loan from Navient. This private lender is also being accused of being a terrible student loan servicing hub.
Students who have taken out loans from DeVry also have a high chance of receiving loan forgiveness. Heck, they might even be eligible for a refund. The reason why they are under the Federal Trade Commission is that they robbed students out of money. Through misleading ads, they lead them to believe that they are going to get better education options through their loans. But naturally, the students did not get any of that in return.
Last but not least, you might be in for a treat if you have taken any private loans from the National Collegiate Student Loan service. They are forced to offer forgiveness benefits because they have made errors that led them to lose the paperwork of many loan takers. The paperwork lost proved their ownership of student loans that amounted up to 5 billion US dollars. Imagine getting a piece of that pie!
You could be entitled to Aequitas Capital forgiveness or any other program. Whichever your case, there are some things you should keep an eye out for. For starters, you might end up owing taxes in regards to the amount of money you are forgiven. To fully understand the issue, you should check your local laws regarding taxes on student loan return programs. If you are not fully aware of the regulations, you might be surprised by the response of the IRS in regards to your tax filing.
You might also want to research information regarding president Trump’s plans for student loan programs. With the ongoing political events, things could change at any moment. Trump’s policies could differ from that of previous president Obama’s student loan forgiveness program.
As a student who has problems with their loan repayment, you should be careful about what you read. You should also be cautious about who you trust as a loan relief program. There are unfortunately still many loan forgiveness scams that are out there. You would not want to make things worse for yourself by falling for them. There could be scammers and con artists that prey on your dire situation to make a buck or two for themselves.
The Aequitas Capital Forgiveness settlement is a substantial leap in the battle to fight student loan scams. Think of it as a harsh lesson for other agencies to not scam students. If such a significant hedge fund can be brought down, then no one is safe. Aequitas Capital was not the only one to get involved in the student loan business. Corinthian College is also certainly not the only for-profit institution to follow suit. Hence, you can bet your pretty penny that the Securities and Exchange Commission (SEC) will be investigating many other related firms to uncover more Ponzi schemes.
You can also be sure that even if they do not find an exact setup like that of Aequitas Capital, they will be able to find similar ones. If an organization has operated in the same manner, it could also be under the risk of being attacked. They could also be accused of taking advantage of taxpayers and students.
In some instances, the Government, too, can be accused of being lax when it comes to prosecuting the guilty in regards to student loans. You could even go far as to say that they are not too worried when it is the consumer that is being screwed over. But boy-oh-boy, they are serious about chasing down those who abuse the tax dollars that were given to them. Well, what can you do?
It is safe to say that the Aequitas Capital forgiveness case will be the starting momentum when it comes to many other firms falling in a domino effect chain reaction. It could even burst the student loan debt balloon to save millions of other Americans from their excessive debts. These debts can amount to trillions of dollars in some cases.
It might be a little too soon to tell how different attorneys and courts will take action in the future to similar settlements. But you can be sure that there will be positive outcomes. There is a high chance that you will be seeing a growing trend in the upcoming years of cases like Aequitas being brought to court. If you are lucky and everything goes well, Aequitas Capital Forgiveness will be seen as the spearhead that broke the student loan bubble. It will be one of the first dominos that started the domino effect. The Aequitas Capital forgiveness program will surely create a name for itself in American history.
The Aequitas Capital Forgiveness program will surely benefit the hundreds if not thousands of students involved. The settlement, however, will surely help millions more in the future by preventing further similar cases from happening. Greedy investors have always been looking to benefit from anything that can make them money. Student loan programs are, unfortunately, deals that can help them fulfill their interests. But fortunately for you, you can use the Aequitas Capital Student loan forgiveness program to relieve yourself from the weight of never-ending debt. Just make sure to know where to look, and read similar blogs like this one to educate yourself regarding the issue further!