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Zippyloan’s network of lenders offers a full range of loans for people with excellent credit as well as bad credit.
Has your monthly Student Loan Payments dropped also?
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If so, it's time to check to see if you can reduce your monthly payments!
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Make sure you know your Credit Score before you begin refinancing
Get Your Free Credit Scores from All 3 Bureaus.
Student Loan Forgiveness
Believe it or not, it is possible to have part or all of your federal student loans forgiven. You could be eligible for a student loan forgiveness program after you graduate and agree to either volunteer in specific programs, serve in the military or work in specific careers that are in low paying / high need areas.
The Public Service Loan Forgiveness Program (PSLF) was created under the College Cost Reduction and Access Act of 2007. This program allows people with Federal Direct Loans to have their outstanding debt forgiven once they make 120 qualifying monthly payments under a qualifying repayment plan.
If you choose to work in a specific career path, you may also be able to get part or, all of your student loan debt forgiven. The Teacher Loan Forgiveness Program is one program that allows individuals who teach for five complete and consecutive academic years in low-income schools (there may be other qualifications) to be eligible for up to $17,500 in loan forgiveness of their Federal Stafford Loans.
What's Your Credit Score?
On the surface it may seem fairly straight forward. You have outstanding debt (or you want to get a new credit card, car loan, etc.) and each month you make a payment which covers your interest expense and pay part of your outstanding balance. However, the amount you pay in interest each month (and over the life of your loan) can vary widely depending on your credit score.
The fact is, people with better credit scores tend to pay lower interest rates. A lower interest rate can save you a substantial amount of money over the course of time it takes you to pay off your loan.
So, what can you do to improve your credit score?
The first step is know your credit score(s) and understand what factors the 3 credit bureaus use to determine your score. While each credit bureau will use a slightly different scoring model, the following items are generally taken into consideration.
Credit Utilization Rate – This calculation shows what percentage of revolving credit you currently have outstanding. In other words, what percentage of your total credit limit have you already used (what do you owe divided by your credit limit).
Payment History – Over the course of your loans, do you consistently pay on time? Do you pay off the loan and avoid late fees? Your Payment History can have a dramatic impact on your Credit Score. Therefore, it is important to make sure you consistently pay on time.
Credit Mix – There are different types of credit and your score could benefit from having a good mix of credit types. These credit types fall into a few categories such as Installment Loans (auto loans, student loans, etc.), Mortgage Loans, Bank Credit Cards, as well as Retail and Gas Credit Cards.
Credit Age – This factor is based on how long you have actively been using credit. The longer you have been using your credit the larger history that can be used to help determine your score.