After you get a loan for your studies you have to stay in direct contact with a student loan servicing centre. A student loan servicing centre deals with the whole processing of your loan and also with the serviced once you have qualified for the loan. When you apply for a loan you have to keep checking for your status. If you won't chase it then it is very likely that you'll never get a loan since there are thousands of other students trying to get student loans. With the help of a student loan servicing centre you can access your loan status by sitting home. There are a number of different loan servicing centers across United States. The most famous one is NSLSS (national student loan service center).
With the help of a student loan servicing center you can also make you payments or check what will you end up paying? That's true. With the help of a loan repayment calculator you can find out the interest that you'll have to pay on the whole amount and the likely monthly payments. It is very simple to use. You just have to enter the loan amount and interest rate and it will calculate for you the amount of monthly payments as well as the interest that you'll pay for the whole amount of loan. Apart from a loan repayment calculator many student loan servicing centers offer at their sites a unique tool called "loan consolidation calculator". A loan consolidation calculator gives you the figures of monthly payments and your interest rate if you consolidate you first and second loans.
Other notable student loan servicing centers include SLSC situated in New York. It is currently dealing with over 55 universities. A servicing center can also let you change your payment plan online or make debt consolidation easily online. It saves your precious time and saves you the trouble of going all the way to an office of a loan servicing center, waiting in a long que for your turn and then filing for case. You can do this all by sitting at one place and without much physical improvement. A loan servicing center is of a great help to an individual (especially students who can save their time to invest in studies). Every individual must be clear about it and must utilize the facilities provided by a student loan servicing center.
11/25/2007
New revenue stream for student loan consolidation companies
Great News!! Student Financial Advisors is now accepting affiliates for partnerships on offering help with defaulted student loans. As part of our on going effort to provide students with the best customer service in the industry we can now offer student loan consolidation companies a profitable avenue to help students who have defaulted on their student loans.
Student Financial Advisors as several options to refinance defaulted student loans.
Once a student loan goes into "default" status the full balance of the loan becomes due immediately. It also means that other options for delaying payment, including student loan deferment and forbearance, can no longer be used. Most importantly student loan consolidation companies, up until now, had no options to help the student with defaulted student loans. This is a new revenue stream for student loan consolidation companies. Best of all after the nine month rehabilitation process the referring student loan consolation company can consolidate those students’ federal student loans.
Eventually, unpaid defaulted student loans can have long-term consequences beyond just the loan directly. For example, the students' credit report will take a hit. Once the loan has been forwarded for collection the student’s wages can be garnished and their federal income tax refunds can be withheld. You also lose your eligibility for other types of federal loans including student loan consolidation. Given the size of most student loans, it's usually impossible to repay a defaulted student loan in the single payment that loan collectors may request. There are mechanisms for repaying defaulted student loans and for both regaining your eligibility for more student loans and improving their credit score.
At Student Financial Advisors we offer assistance to everyday people, looking for financial relief from their student loan debt, federal and private. Daily, we provide help to dozens of people who want to avoid administrative wage garnishments and tax offsets. We help people establish affordable payments and reduce penalties and fees. We assist with student loan consolidation as well as work within a competitive system in which lenders compete for your student loans. This competitive environment yields the best interest rate for the student.
If your company is looking for a way to help students get out of default and get paid for it please contact us at www.studentfinancialadvisors.com
Student Financial Advisors as several options to refinance defaulted student loans.
Once a student loan goes into "default" status the full balance of the loan becomes due immediately. It also means that other options for delaying payment, including student loan deferment and forbearance, can no longer be used. Most importantly student loan consolidation companies, up until now, had no options to help the student with defaulted student loans. This is a new revenue stream for student loan consolidation companies. Best of all after the nine month rehabilitation process the referring student loan consolation company can consolidate those students’ federal student loans.
Eventually, unpaid defaulted student loans can have long-term consequences beyond just the loan directly. For example, the students' credit report will take a hit. Once the loan has been forwarded for collection the student’s wages can be garnished and their federal income tax refunds can be withheld. You also lose your eligibility for other types of federal loans including student loan consolidation. Given the size of most student loans, it's usually impossible to repay a defaulted student loan in the single payment that loan collectors may request. There are mechanisms for repaying defaulted student loans and for both regaining your eligibility for more student loans and improving their credit score.
At Student Financial Advisors we offer assistance to everyday people, looking for financial relief from their student loan debt, federal and private. Daily, we provide help to dozens of people who want to avoid administrative wage garnishments and tax offsets. We help people establish affordable payments and reduce penalties and fees. We assist with student loan consolidation as well as work within a competitive system in which lenders compete for your student loans. This competitive environment yields the best interest rate for the student.
If your company is looking for a way to help students get out of default and get paid for it please contact us at www.studentfinancialadvisors.com
11/20/2007
Tuscson Man Faces Criminal Charges In Fraudulent Student Loan Scheme
Federal investigation shows he netted over $624,000
TUCSON, Ariz. – LAWFUEL - The Legal Newswire - Stephen Gallagher, 27, of Tucson, was arrested on November 9, 2007, and made his initial appearance in U.S. District Court on November 13, 2007 for allegedly engaging in a fraudulent scheme to obtain student loan funds which netted him over $624,000. On November 15, 2007, a U.S. Magistrate Judge set a $5,000 cash or corporate surety bond for his release which was posted later that day.
The criminal complaint, filed on November 8, 2007, alleges that from 2003 to 2007, Gallagher submitted over 200 student loan applications via the Internet to various financial institutions. The majority of these loan applications originated from one of eight different America On-Line (AOL) email accounts registered in the name of Stephen Gallagher. He submitted loan applications in his own name as well as in the names of unsuspecting individuals, later adding these other individuals to his bank account so he could deposit the student loan checks which were made payable in the name of the borrower. Supporting documentation, such as proof of employment and residence verification, was submitted to each financial intuition via FAX machine. Much of this documentation was determined to be fraudulent.
To date, the Federal Bureau of Investigation has identified approximately 42 fraudulent student loans totaling $624,287.32 to be associated with Gallagher. Applications were submitted for attendance at Stanford University, George Washington University, University of Arizona, and Scottsdale Culinary Institute. None of the individuals listed as the borrower on the student loan applications ever attended these institutions. The financial institutions that funded the student loans include: First Marblehead, Wells Fargo, Key Bank, Education Finance Partners, Suntrust, JP Morgan Chase Bank, Chela Funding, Richland Bank, and Sallie Mae. In total, Gallagher applied for over $10 million in student loan funds from these financial institutions.
A conviction for bank fraud carries a maximum penalty of 30 years in federal prison, a $1 million fine, or both. A criminal complaint is simply the method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until competent evidence is presented to a jury that establishes guilt beyond a reasonable doubt.
The investigation was conducted by the Federal Bureau of Investigation with assistance from the U.S. Department of Education. The prosecution is being handled by Eric Markovich, Assistant U.S. Attorney, District of Arizona, Tucson, Ariz.
TUCSON, Ariz. – LAWFUEL - The Legal Newswire - Stephen Gallagher, 27, of Tucson, was arrested on November 9, 2007, and made his initial appearance in U.S. District Court on November 13, 2007 for allegedly engaging in a fraudulent scheme to obtain student loan funds which netted him over $624,000. On November 15, 2007, a U.S. Magistrate Judge set a $5,000 cash or corporate surety bond for his release which was posted later that day.
The criminal complaint, filed on November 8, 2007, alleges that from 2003 to 2007, Gallagher submitted over 200 student loan applications via the Internet to various financial institutions. The majority of these loan applications originated from one of eight different America On-Line (AOL) email accounts registered in the name of Stephen Gallagher. He submitted loan applications in his own name as well as in the names of unsuspecting individuals, later adding these other individuals to his bank account so he could deposit the student loan checks which were made payable in the name of the borrower. Supporting documentation, such as proof of employment and residence verification, was submitted to each financial intuition via FAX machine. Much of this documentation was determined to be fraudulent.
To date, the Federal Bureau of Investigation has identified approximately 42 fraudulent student loans totaling $624,287.32 to be associated with Gallagher. Applications were submitted for attendance at Stanford University, George Washington University, University of Arizona, and Scottsdale Culinary Institute. None of the individuals listed as the borrower on the student loan applications ever attended these institutions. The financial institutions that funded the student loans include: First Marblehead, Wells Fargo, Key Bank, Education Finance Partners, Suntrust, JP Morgan Chase Bank, Chela Funding, Richland Bank, and Sallie Mae. In total, Gallagher applied for over $10 million in student loan funds from these financial institutions.
A conviction for bank fraud carries a maximum penalty of 30 years in federal prison, a $1 million fine, or both. A criminal complaint is simply the method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until competent evidence is presented to a jury that establishes guilt beyond a reasonable doubt.
The investigation was conducted by the Federal Bureau of Investigation with assistance from the U.S. Department of Education. The prosecution is being handled by Eric Markovich, Assistant U.S. Attorney, District of Arizona, Tucson, Ariz.
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