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Debt Question

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Soooo, i've been in discussion with a loan counseling company, GLadvisor. They were recomended to me via a resident I know. She said a lot of the resdients use them, to help them out with all the rigamaroo that is Income Based Repayment, loan forgiveness, and consolidation.



here is what they are offering: for an annual payment of 450$ (250$ of which is a tax write off), they will sign me up, do all the paperwork for, and annually evaluate me for Income Based Repayment, loan forgiveness, looking into the best long term and least expensive way to pay off my private loans with or without consolidation, depending on what appears to be in my financial best interest, looking at my finances and seeing where money is and isnt being spent, and where it should be going instead, finding me the best banking with the highest interest returns, and if i return to school for my masters full time, deferring my subsidized loan interest, and paying down as much of it at the same time. oh and they do my taxes, and my significant others. I can cancel at anytime, and none of the work they did would be undone, they just would no longer continue to evaluate my situation for the best possible financial picture.



1) has anyone else used this, or a company like it? Was it worth it?


2)Is doing this all on my own that hard?


I never had any debt until I went back to school, so all of this is so new and scary!

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I contacted the same agency bc one of my good friends is a resident and he used them. Once they sent me their initial evaluation, it was clear to me that it would be relatively simple to perform the tasks they do for you. To consolidate your loans with the government is a relatively simple process on the DirectLoans website. You simply input all of your loan information, personal information, salary information. They contact your loan companies to verify the amounts of your loan(s). They present with the options (i.e. 30 year payment, 15 year, Income Based Repayment - if eligible, Income Contingent Repayment - if eligible). For me and some of my other PA colleagues, I found we made too much to qualify for the Income Based Options, your case may be different. That's really all GLAdvisor does. They also help to file your taxes, but that is also a relatively easy process online using Turbotax for free. I found that our time is not as "strapped" as that of a resident/intern so to me it was not worth it to use the company. The process with DirectLoans takes about 2-3 months so be sure to include that into your equation. I think you can begin to apply in month 4 of your 6 month post-grad deferment period. Be sure to check the new laws Obama passed in the fall which take effect this January which may offer more assistance. Im not sure how it works since my consolidation was done last year prior to the legislation. Hope this helps...

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