A new private company called SafeStart is offering a loan repayment option for in-debt students that may provide an alternative to the government’s new income-based repayment (IBR) program. SafeStart is marketed to borrowers at colleges, universities and online schools who are worried about whether they will be able to make their monthly loan repayments after graduation.
Students who pay into the program—a cost of around $40 – $60 for every thousand dollars of Stafford loans they take out—are covered in case they find themselves unable to make monthly payments during the first five years after graduating. They receive an interest-free line of credit which can be used to make up to 36 payments over a five-year period, provided the student meets the qualifications for financial hardship. College graduates are considered to be facing financial hardship if their monthly student loan payments exceed 10 percent of their income.
Money management training and debt counseling are also included in the program, which currently serves undergraduates only. Some financial aid experts are skeptical that SafeStart offers any significant advantages over government repayment programs, but it could be a viable option for some individuals, depending on their financial and career situations after they graduate.
The term debt refers to the accumulated amount of loan that a person is unable to repay. They usually pile up when you spend more than earnings or are unable to pay for your credit card bills or lack proper budget planning. So debt consolidation is the best option for managing your debt. It is an integral part of debt management keeping in mind all financial constraints that can help an individual to get rid of debts.
To give a fillip to affordable housing across the country, the government is likely to clear a proposal to provide one per cent interest subsidy on housing loans up to Rs 10 lakh for houses not costing more than Rs 20 lakh.
These loans can also be taken to satisfy several types of business-related purposes like to expand the business, to purchase advanced technology tools, to renovate the office, to fund the permanent employees, to start a new branch, to pay off the debts and for advertisement purposes. Depending on you purpose, you can take any of the following business loans: