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Student Loans


General Information


In the United States, there is over 1.3 Trillion dollars of outstanding student debt with the average student graduating with over $26,000 in student loans and this average is only for undergraduate students.  In many instances, due to the type of degrees, the financial or economic crisis, the attainment of higher education has not resulted in a corresponding increase in income, and thus, we have the creating of a perfect storm.  Higher education costs with lower graduation incomes equals repayment hardship.    And finally, the US Government has taken action to address this very serious gap between individual’s debt loads and their ability to repay. 


Student Loan Forgiveness & Studen Loan Consolidation


The Department of Education has created guidelines to establish which loans and individuals are eligible for consolidation or forgiveness programs.   Depending on the type of loans you have, your individual situation, where you work and other variables, you can benefit from one of four main Consolidation Programs, which are summarized as follows:

  1. Standard Repayment. With the standard repayment, you will pay a predetermined or fixed amount each month until your loans are paid in full.  Your monthly payments will be at least $50, and the term may vary from 10 to 30 years.  Under the Standard Repayment, you monthly payments may be higher than other plans,   but you will repay your loans faster than other programs.
  2. Graduated Programs. Under this program, you payment plans begin at a lower level, and then increase gradually, with a term of up to 10 years.   This program works best for individuals who expect their income to increase steadily over time.    Your monthly payment will be at least the interest accrued during any specific period but never larger than 3 times than the lower payments under the plan.
  3. Income Based Repayment (IBR). This is a new plan developed under the Obama Administration for the major types of federal student loans made to students.  Under the IBR, the monthly payments will be determined in accordance with an individual’s capacity based on income, family size and other factors.  You are eligible for IBR in the monthly payment under this program is less that under the 10-year standard plan.   Additionally, if you make payments, however small, for 20 years and meet certain requirements, you may have the remaining balance of your debt (loans) cancelled.  Also, if you work in public service there could be a forbearance of the debt after 10 years.  This plan required annual certification to ensure that your income is consistent with your payment.
  4. income Contingent Repayment (ICR). This is a flexible plan that allows meeting your Direct Loan obligations taking into account and individual’s particular financial hardships.   Each year, your monthly payments will be calculated on the basis on your adjusted gross income (AGI), spouse income, family size and total amount of loans.


What does First Consumer do for you?


First Consumer, as your Student Loan Advocate, assists and educates consumers in understanding the options and finding the most effective solution for which they are qualified, for their student debt.   Once consumers are qualified and ready for enrollment  we facilitate the 60-90 day consolidation process while our highly trained team members will construct the submission package with all the necessary documents, which then we submit to the DOE on clients behalf.   On an ongoing basis, First Consumer will continue to be the liaison between the client and Loan Services ensuring that required documents and or deadlines are met and submitted correctly and on time. 


Eligible Loans


  • Subsidized Federal Stafford Loans
  • Direct Subsidized Loans
  • Subsidized Federal Consolidation Loans
  • Direct Subsidized Consolidation Loans
  • Federal Insured Student Loans (FISL)
  • Guaranteed Student Loans (GSL)
  • Unsubsidized and Nonsubsidized Federal Stafford Loans
  • Direct Unsubsidized Loans, including Direct Unsubsidized
  • Loans (TEACH) (converted from TEACH Grants)
  • Unsubsidized Federal Consolidation Loans
  • Direct Unsubsidized Consolidation Loans
  • Federal PLUS Loans (for parents or for graduate and Professional Students)
  • Direct PLUS Loans (for parents or for graduate and
  • Professional students)
  • Direct PLUS Consolidation Loans
  • Federal Perkins Loans
  • National Direct Student Loans (NDSL)
  • National Defense Student Loans (NDSL)
  • Federal Supplemental Loans for Students (SLS)
  • Parent Loans for Undergraduate Students (PLUS)
  • Auxiliary Loans to Assist Students (ALAS)
  • Health Professions Student Loans (HPSL)
  • Health Education Assistance Loans (HEAL)
  • Nursing Student Loans (NSL)
  • Loans for Disadvantaged Students (LDS)


Ineligible Loans


  • Loans made by a state or private lender and not Guaranteed by the federal government
  • Primary Care Loans
  • Law Access Loans
  • Medical Assist Loans



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