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GL Advisor is a unique service designed to help professional graduates navigate financial issues and make the best decisions regarding student debt relief. These issues include student loan repayment, consolidation, forgiveness or deferment.
Upon leaving graduate school, many new professionals find themselves with a significant amount of debt in the form of student loans, little time and facing big financial decisions. How they manage their loan repayment and early financial decisions will have a direct impact on their future financial well-being. Unfortunately, recent graduates have few places to turn for advice and they rarely have the assets to retain certified financial planners. Even when consulting with a financial planner, the vast majority do not comprehend the nuances of a graduate’s debt burden. Additionally, many lenders are not forthcoming with information on student loan repayment plans, consolidation, deferment options and other loan tactics which can save considerable interest costs. However, Graduate Leverage understands the unique needs of this group, and as a result created our student loan repayment advisory service, for new professionals and graduate students.
Student Loan Repayment, Consolidation, Forgiveness and Deferment
GL Advisor performs a thorough analysis of a client’s financial portfolio and provides a personalized integrated financial plan designed to lower the cost of student loan debt and improve the client’s financial situation. As part of this financial plan and overall student loan repayment strategies, GL Advisor assists with clients’ tax preparation and helps clients optimize the use of government programs when appropriate. GL Advisor provides clients with detailed information and instructions on how to use repayment, consolidation, forgiveness and deferment programs to maximize savings. GL Advisor will determine if the client is eligible for these programs, then complete and submit all necessary paperwork to the client’s lender who will then process and approve the request.
GL Advisor provides clients with detailed information and instructions on how to use the following repayment, consolidation, forgiveness and deferment programs to maximize savings:
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- Income-Based Repayment (IBR) – a new federal loan repayment option (for certain loans) that became available in July 2009, which can significantly reduce monthly payments for high debt/lower income borrowers. GL Advisor helps clients determine if they should qualify for IBR and monitor eligibility, understand potential savings from subsidies and evaluate strategies to maximize the subsidy savings and loan forgiveness amount, if applicable.
- Federal Student Loan Consolidation – Interest rates for variable Stafford Loans adjusted to historically low rates on July 1, 2010, so some borrowers will have the opportunity to lock in these low rates (1.87% - 2.47%) for the duration of their loan repayment, resulting in significant cost savings. GL Advisor will assist with Structured Consolidation, which is a strategy GL Advisor developed to ensure the lowest rate and highest interest cost savings are achieved when consolidating federal student loans.*
- Public Service Loan Forgiveness – in the Public Service Loan Forgiveness program, the government will forgive remaining federal student loan debt on Direct Loans after the borrower makes 120 monthly payments while working full-time in certain public service jobs. This program has the potential to provide significant benefits to those planning on a career in the public sector including, but not limited to, graduates of law school, business school, both allopathic and osteopathic medical school and others.
- Economic Hardship Deferment (EHD)– a federal option that provides eligible borrowers payment relief on their federal student loans. While the eligibility criteria changed on July 1, 2009 to restrict qualification, GL Advisor finds that many recent graduates are still eligible for EHD. The main benefits of this program are that qualified borrowers will not need to make payments on their federal loans during the deferment period and the government will pay the interest on the subsidized loans during the deferment period.
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Many recent graduates are finding GL's student loan repayment advisory extremely valuable as it is helping them achieve significant savings by reducing the cost of their debt.
Sign up to receive a free personalized assessment. One of our experienced advisors will analyze your loan portfolio and send you an assessment that will highlight potential savings achievable through our service. After you receive your initial assessment, you will have the opportunity to retain GL Advisor to manage the entire process.
If you have additional questions and would like to speak to an advisor, please contact us at 877-552-9907.
GL Advisor is a division of Graduate Leverage, LLC.
* All consolidations are done through the Federal Direct Loan Program and include only federal student loans.
* What others say about GL Advisor