Business

Jason Spencer Dallas, author, takes an active interest into researching student loans in todays society and their correlation with older societal controls.  There are endless corelations to how student debt is used to control the masses just as religion and serfdom have done in the past.

Jason Spencer Dallas, an author, takes an active interest into researching student loans in today's society and their correlation with older societal controls.  There are endless correlations to how student debt is used to control the masses just as religion and serfdom have done in the past.

Article body: Student loan consolidation can be the recent college graduates best friend in the world. Nothing could be better than exponentially lowering the monthly payment of student loans during a time of such difficult transition that even deciding what socks to wear each morning can be all to overwhelming. For those students who have had to rely on the help of private loans or personal student loans instead of or in addition to federal student loans, consolidation is even better. Private loans generally have much higher interest rates than federal student loans and knowing that they are hanging over a student's head as he or she approaches graduation can be one of the biggest, most worrisome burdens imaginable. In an ideal situation, students could consolidate their private loans right with their federal loans, but that is simply not possible. However, even the relief of lowering the monthly payment of personal student loans is just that-a huge relief. With most private loans, the student needs to have a cosigner. He or she does not necessarily need a cosigner in order to consolidate private student loans, but having one can never, ever be a detriment. Furthermore, if a student can find a cosigner with an excellent credit score, then his or her interest payments might end up being exponentially lower. A lot of companies also offer what is known as a cosigner release benefits. This means that if the student makes payments on time for a set span of time-such as four years-then the cosigner will be completely released from the debt. Many consolidation companies offer other added benefits for student loan consolidation. For example, some companies allow borrowers to make interest-only payments. This means that the student can get rid of a lot of the interest, thereby lowering the amount of the actual loan and loan consolidation. This thus allows the borrower to save a substantial amount of money in the long run. Moreover, a large number of consolidation companies extend the maximum loan payment an addition ten years over the average student loan term. This, too, allows the monthly payments to be lower. However, in most cases, the borrower is not penalized if he or she is able to repay their loan earlier than the time set by the student loan consolidation plan-if, for example, they later get a high paying job. By submitting to a student loan consolidation plan, a student has a chance to get ahead. The time following graduation, whether a student has finished his or her education or intends to continue on to graduate school, is a huge transitional period. It can be confusing and hectic and in most cases, students face the burden of immediate debt due to their student loans. Tuition costs are rising every year, meaning that students accrue more and more debt during the course of their college educations. By simply being able to consolidate any private loans, students are ensured a lower monthly payment, which can be so beneficial during a time of such change.

Jason Spencer Dallas, an author, takes an active interest into researching student loans in today's society and their correlation with older societal controls.  There are endless correlations to how student debt is used to control the masses just as religion and serfdom have done in the past.

Jason Spencer Dallas, an author, takes an active interest into researching student loans in today's society and their correlation with older societal controls.  There are endless correlations to how student debt is used to control the masses just as religion and serfdom have done in the past.

It wasn't too long ago that the Consumer Financial Protection Bureau (CFPB) was empowered by Congress to take on colleges and student loan servicers like veritable financial super heroes. And they're not resting on their laurels – they're rapidly evolving into the tough cops on the student loan block, most recently by filing a lawsuit against private for-profit college franchise ITT Tech accusing them of predatory lending. CFPB takes on private mega-school ITT Tech If you've got a TV, no doubt you've seen their ads promising to change your life by giving you a world-class education and incredible job opportunities. Even if this was the typical outcome, the costs to attend are prohibitive. Bachelor's degrees from ITT can cost $88,000 and Associate's an incredible $44,000. Pricing your educational programs this high is objectionable, but not legally actionable. But it's how ITT urged students to finance these astronomical tuition rates that's the subject of the lawsuit.

President Barack Obama will undoubtedly be remembered for his healthcare reform legislation that was recently passed by Congress. However, there is another program that is much less well known that could affect far more people directly. This is the Obama student loan forgiveness program. Under the terms of this program, anyone who makes his monthly payments for twenty years after leaving college is eligible to have his/ her remaining balance forgiven. At least, this applies to anyone with Federal Direct loans, Stafford loans, and Perkins loans. Those who take out their loans from private lenders such as Sallie Mae are still responsible for repaying their loans in total. Individuals who spend ten years in public service positions become eligible to have their loans forgiven at that point rather than having to wait the full twenty years. This means that their debt is forgiven in half the time and their debt reduced significantly sooner. It is also a part of the plan that monthly payments be capped at a level of 10 percent of the money that left over when all taxes are paid and basic necessities taken care of. This cap has been at 15 percent, which takes a lot more money out of the pockets of citizens and out of the economy. There are also programs in place that allow teachers to work for just five years in elementary or high schools that have been designated as low income schools by the Dept. Of Education. This applies to FFEL loans and to Direct loans. Military personnel are also able to achieve forgiveness for their student loans if they have a degree. This program works for members of all five branches of service, including the Coast Guard and Reserves. A final option is to apply for income based repayment terms. While it is probably best to sign up for this early in the life of the loan, older loans may still qualify for this lower payment plan. Of course, the clock starts all over when one signs up for this option. That means that someone who has worked in public service for eight years and