Free student loan verification can save you a lot of money
INDIANAPOLIS – There are two major financial concerns for getting a higher education. The first concern is the money you need before and during college. People try to get loans, grants, scholarships, or money from other sources to pay for their college education.
The second concern is paying back what you owe after you leave college. In this story, we focus on one nonprofit organization that helps both. But in this case, we are focusing on what happens after graduation. InvestEd is an Indiana non-profit organization that has been in existence for 40 years. They offer what are called âstudent loan reportsâ. The folks at InvestEd say that some of the loans they have verified are at an interest rate of 8% or more, which can be financially crippling.
âThe amount they pay each month could almost all be used for interest. And often they could cut that number in half or much less than what they are currently paying, âsaid Bill Wozniak, vice president of marketing for InvestEd.
In part, InvestEd is working on refinancing the loans. They give very detailed and specific advice and they look at your situation to save you money. This non-profit organization is about Hoosiers who help Hoosiers. This is their goal.
If you think talking to someone will take a long time, you don’t. You simply dial 317-715-9015. This is the number for people working at InvestEd. They will tell you that you fall into one of three different categories. The first category is where they tell you that you don’t need any help and that your loan structures are as good as possible for your given situation.
âThen we have category two where the people we talk to have a decision or two to make to get the most out of their lending situation. We go over the pros and cons of what they can do. And the third category is people who really need to get out of super high interest loans, and we can help and can often significantly reduce their monthly payments, âWozniak said.
They are experts who help you pay off your loans cheaply and save thousands of dollars. Higher rate private loans can often be refinanced into a lower rate loan. Thus, refinancing makes it possible to repay it more quickly and with less interest. But what if it is a government loan? The Biden administration and the US government are discussing the possibility of writing off thousands of dollars in student debt.
âWe are aware of this possibility. We also often know that some of the federal loans are best left where they are or consolidated by the federal government. It happens all the time. And that consolidation or even getting a better federal payment plan will lower your payments, but it won’t affect your chances of getting a loan forgiveness, âWozniak said.
Whatever your financial situation, they will come up with the best and most accurate plan for you. You usually just need your loan information and maybe a FICO credit score. And remember, there is no charge.
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