Frequently
Asked Question
Asked Question
A Credit Manager can obtain an approval in just one hour from the time income documentation is received. Once an approval is accepted the submission is completed between 45 and 90 days.
Income verification is typically one of two options, tax returns/ 1040’s from the previous year or, recent paycheck stubs. When using recent paycheck stubs they need to be within the last 60 days and must cover a 30 day period. They must also be consecutive. There are other options for self-employed and none employed.
No, you do not need to be employed in order to qualify for any of the programs provided.
The process ﾠhas a positive effect on credit. Once consolidated, all federal loans will show up as paid off. If a client is in default, the status will change and no further negative marks will be reported and the recovery of credit can begin. This will help when applying for credit cards, automobile loans and mortgage financing. If you are current on your federal student loans during the time of processing the consolidation, you will not see a negative mark on your credit or a reduction of scores so long as you make all scheduled payments on your existing student loans.
We strongly encourage that you continue making any and all payments during the application process. We do also strongly advise working with our Credit Managers on a structured plan if doing so proves difficult or even impossible.
No, however, we encourage the continuation of payments to keep the current credit score. Nonpayment can reduce your score and although the application and submission will help in repairing it, the damage is quite significant. It can take quite a while to repair the damage.
Yes! You certainly can in fact many of our applicants are in default. We strongly encourage you begin the application process as soon as possible. Once a loan or loans is placed into a “DEFAULT ACTION APPROVED status by the DOE (Dept. of Education) the program is no longer available.
We work with the DOE and this is a federal program. Currently the DOE is not assisting students with enrollment depending instead on compliant organizations and actual service providers.
No, there are no risks to enrollment. Currently, regulation with both the DOE and the FCC are strictly enforced and companies are subject to audits of files and clients to ensure the safety of the consumer. All CRM and or client data are secured with an approved encryption. All Credit Managers are certified and trained. There are no consequences to applying. You are either approved and there is benefit or you are not.
The William D. Ford Act was passed in 2007 however the responsibility was first placed with specific service providers. Only a select few were made aware. In 2012 regulatory rules were placed and qualified organizations were provided with access. Once FCC laws and regulation were made available these organizations were provided with consumer data. It’s still very small but growing and the word is getting out, you do have options.
