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Frequently Asked QuestionsHow does the process work? The process is very simple and easy. Just complete the inital pre-qualification form and an approval or denial will be given based on the accurate information you provide to us. If you are approved, just complete the rest of the application. Upon completion, the verification page will appear. After verifying that the information you have submitted is correct, several pre-populated forms - including the promissory note - will be immediately emailed to you. Once received, check the forms for accuracy, sign, and mail to the provided lender's address. What will my payments be? You can use our Payment Calculator to estimate your monthly payments. I used the calculator, but my payments were extremly low. Is this right? While our payment calculator is not a guarantee of what your payments will be, it has proven to be fairly accurate. Remember, loan payments are not based on credit but on gross income, family size, and other income factors. Will my interest rate be high? Your rate is guranteed to be a fixed rate not higher then 8.25%. I have tried other debt management companies. How are you different? We are not a debt management company. We offer consulting services for people who are in default on student loans. How long does the consolidation process take? Approximately 45 days from the time the lender receives your loan paperwork. I never went to court yet I was garnished. Is this legal? Yes it is... Under this judicial act of 1991:Under Section 488A of the Higher Education Act of 1965, as amended in particular by Section 605 of the Emergency Unemployment Compensation Act of 1991, Pub. L. 102-164, November 15, 1991, authorizes the U.S. Department of Education to collect defaulted Federally-financed student loans by administrative wage garnishment up to 15% of a borrower's wages. This loan is over 12 years old. Can the government still collect this legally? Yes. Section 484A of the Higher Education Act as currently in effect empowers the government, schools and guaranty agencies to collect U.S. Department of Education-financed loans without regard to any limitation period that might previously or otherwise have applied to those debts. Although this retrospective, resuscitative effect may appear unusual, Congress has the power to revive time-barred claims because statutes of limitations are procedural rules, and can be established, modified, enlarged or eliminated by the jurisdiction under which a debt is enforced without violating a defendant's constitutional or statutory rights. My tax refund was taken? Why? Since 1986 the Department of Education has referred millions of defaulted student loan debts to the Treasury Department for collection by offset against Federal income tax refunds, and now, against other Federal payments to defaulters as well. The Department of Education can refer to Treasury for Federal offset any FFELP/GSL loan on which ED has paid reinsurance or any loan or grant liability the Department of Education now holds. I was a minor when I signed the promissory note. Can they still collect? The defense of infancy is an argument that, under applicable law, the signing of a contract by a minor would not create a binding obligation. Federal and State law has eliminated this claim as a valid defense to repayment of GSL and many Perkins/NDSL obligations. Can this loan be discharged under bankruptcy? The borrower's bankruptcy options on student loans have shrunk to a very few. Changes to the Bankruptcy Code in late 1998 made student loans non dischargeable, regardless of the age of the loan, unless the borrower can establish substantial hardship. My credit is horrible! Can I still get a new loan? Yes, you can! The Asgard Student Loan Consolidation Program® was designed with you in mind. I'm on a fixed income due to disability. Can my payment be adjusted? Yes. We can give you information on programs designed to assist the financially challenged. A collection agency is calling me day and night at home and work. Can You help me? Yes. We have a program in place to stop collection agency harassment and intimidation. |
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