Le Cordon Bleu Students Helped By Lawsuit Loans
There are many resources to assist graduates of Le Cordon Bleu with finding jobs in these difficult times. The most popular of those resources is the college career counseling services provided by the Association of College Financial Aid (ACF) or the National Association for School Administration (NASCA). However, for recent graduates that need additional assistance with finding jobs or returning to school, a resource designed just for them may be more helpful. The Federal Government’s Office of Vocational and Adult Education (OVAE) provides funding to eligible students and their parents who wish to reduce debt after graduation. For students like Le Cordon Bleu graduates interested in reducing debt, OVAE provides an online directory of several organizations and government agencies that can provide the funding you need.
There are two specific channels for attaining loan forgiveness for Le Cordon Bleu graduates: First, the Borrowers Protection To Repayment plan; and second, the Closed School Loan Delinquency Plan. Both plans can be obtained via federal loan forgiveness programs that have been implemented in response to the recent economic hardship experienced by college graduates. The federal loan forgiveness programs offer the Cordon Bleu and other public colleges and universities loans that are based on unsubsidized and subsidized Stafford loans. Unsubsidized Stafford loans are offered by every federal agency, as well as many private, for-profit organizations. Although most students borrow subsidized Stafford loans, about five percent of Le Cordon Bleu’s graduates receive unsubsidized loans. To identify the different programs that can reduce your student’s debts, contact the financial aid office at your college of choice.
The second option is the Closed School Loan Delinquency Plan, which can also be obtained from OVAE. This plan is not available to graduates of other schools, and is only for Le Cordon Bleu graduates. The government has mandated that all students graduating from OVAE schools must begin repayment on these loans right away, so that they are not placed in a pool of borrowers who may not be able to repay their loans or who will be paying too much interest. The Loan Rehabilitation Center offers students, parents, and graduates with the tools and resources they need to find the right place to begin repayment. Because it is part of the federal government’s loan forgiveness plans, you do not have to worry about finding the right place.
While students from low or modest means do not typically pay off their loans in time, they do forget tax debt the minute they leave school. A student loan forgiveness is available to these individuals, but only if the student has not been in any financial trouble since early high school. The government forgives student loans if the individual has not been delinquent on any of his or her student loans for three years. The three years is considered the “three-year rule,” because the longer you can go without defaulting on a student loan, the more you have to show in order to qualify for tax debt forgiveness. The student does not necessarily need to be delinquent on these loans to qualify for this assistance. There are many circumstances where a student may have started missing or filing inaccurate payments but has been able to resolve them all on his or her own, and still qualifies for tax debt forgiveness.
For some students, OVAE loans are the best way to pay off all of their debt, but they often think about the loan as a loan. Students who have used OVAE tend to get more creative with their repayment strategies. Some focus on getting debt counseling so they know what their monthly obligations are, while others work to reduce their debt. A student who has enough funds to pay back his or her college debt through OVAE may consider consolidating the debt into one loan with a lower rate so they only have one monthly payment to make. Students may also choose to pay down the balances on their credit cards, which often have a lower interest rate than many college credit cards.
Before applying for loan forgiveness, a student may want to see if he or she qualifies for a loan discharge. Each year, students who are enrolled full-time in an accredited college or university can apply to have the loans forgiven. This applies to government loans as well as private loans. The loan discharge allows the loan to be discharged from one’s credit report, providing a financial relief. However, it can be difficult to get this type of discharge if the school that issued the loan does not have any record of the student’s financial responsibility.
The OVAE loans that do qualify for loan forgiveness programs offer different types of settlements, and therefore it is important to understand the repayment plans. It is possible to have the loans discharged, but this will involve a great deal of time going in and out of the financial institution trying to get the money paid off. The better avenue to take is to work with a good debt management company who can help to pay off the debts and get the ball rolling on the payments so that you can be debt free in five years.
As an alternative to the lawsuit loan forgiveness programs available to Le Cordon Bleu students, many schools offer their graduates a service that helps with any pending legal issues. The program, known as Legal Services for Le Cordon Bleu, is a great way for a student to not only get their finances worked out after graduation, but also to find some form of work in the legal field. These services are offered by various law firms around the nation, and they are offered for free. The service helps people not only with legal issues but also with housing problems, financial issues, and other types of problems that come up with the experience of being a college graduate.