An Overview of Student Loan Debt Consolidation

February 17, 2008 Student Loan Debt Consolidation No Comments

By Angela Rogers

A student loan debt consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment. The repayments of a student loan debt consolidation loan can be significantly lower than the payment required under the standard 10-year repayment option. Under the Federal Family Education Loan (FFEL) Program, banks, secondary markets, credit unions, and other lenders provide the student loan debt consolidation loan. Under the William D. Ford Federal Direct Loan (Direct Loan) Program, the federal government provides the student loan debt consolidation loan.
Most federal education loans are eligible for inclusion in a student loan debt consolidation loan, including subsidized and unsubsidized Direct and FFEL Stafford Loans, SLS, Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans. However, private education loans are not eligible for inclusion in a student loan debt consolidation loan.
To find out which loans can be included in a student loan debt consolidation loan contact the Direct Loan Origination Center’s Consolidation Department if you’re applying for a direct student loan debt consolidation loan. Contact a participating FFEL lender if you’re applying for a FFEL student loan debt consolidation loan.

It is worth noting that you are still eligible for a student loan debt consolidation loan after you graduate, leave school, or drop below half-time enrollment. You can also get a student loan debt consolidation loan while you’re in school. You must, however, be attending at least half time and have at least one Direct Loan or FFEL in an ‘in-school period’ which generally means that you have been continuously enrolled at least half time since the loan was disbursed. There are a number of conditions that need to be met for you to qualify for a student loan debt consolidation loan, especially if you are delinquent or in default and your loan holder will be able to give you all the necessary information.
If the same holder holds all the FFEL loans you want to consolidate, you must obtain the student loan debt consolidation loan from that holder, unless you haven’t been able to get a loan with income-sensitive repayment terms that are acceptable to you. To be eligible for a William D. Ford direct student loan debt consolidation loan, you must have either a direct Stafford subsidized or unsubsidized loan that will be included in the student loan debt consolidation loan or have at least one Federal Family Education Loan (FFEL) program Stafford subsidized or unsubsidized loan.
Angela Rogers is the editor for http://www.debt-helper.info - Your guide to debt help and debt consolidation.

Article Source: http://EzineArticles.com/?expert=Angela_Rogers

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HOPE Scholarship-Lifetime Learning

Tax Credits for Your Tuition Payments 

In late January or early February of each year, qualified students enrolled at EvCC in the previous year receive a 1098T notification from Everett Community College. This notification is related to the federal tax credit programs called the Hope Scholarship or Lifetime Learning Tax Credit.

These tax credit programs may be claimed against federal income taxes for the payment of qualified tuition and related expenses. It is the responsibility of the student and/or individual tax payer to determine his or her eligibility and the deductible amount of tuition/fees.p>

A A college cannot provide you with tax advice, so instead of calling us, you may wish to find out if you might be eligible by reading information at these websites:

http://www.scholarshipexperts.com/signup.jsp?sourceid=2819030

You may also wish to consult the IRS or a tax accountant for assistance. Your own check receipts, credit card statements, or your own copy of your receipt showing tuition paid at the time you registered may support your claim.

Beginning at the end of January, you can review your previous year tuition costs by generating your previous class schedules via the Student Kiosk function on our website. We strongly encourage you to do this in order to doublecheck the dollar amount shown on the 1098T. We are aware that in some cases student loans may not have been calculated properly when the 1098T was printed, so it is important for you to doublecheck.

How do I get to the "HOPE Scholarship" login?

  1. Upon entering the Student Kiosk, click on “Hope Scholarship” in the left column
  2. Enter your student ID
  3. Enter your PIN
  4. Click on “View My 1098-T Data”. You may need to scroll down to see all the information. For each quarter on the list on the screen, you can click on the quarter and see more detail.

NOTE: We strongly recommend that you change your PIN number to a secret code. You can do this by selecting Student Pin Change on the menu in the left column on the Student Kiosk page.

If you believe there is an error on your 1098T, and/or if you do not have computer access you may request written information by submitting a written inquiry (with your name, student ID number, address, phone number and signature) to Administrative Services – Hope Scholarship, EvCC, 2000 Tower Street, Everett, WA 98201.