How does it work?
Step #1 — Initially, we’ll collect the information you input on our site in order to get a snap-shot of your loan standings. By having this information up front, it will streamline our ability to guide you to which option provides the greatest benefit. After that, it’s easy! We’ll make a quick follow up call, pull up your government loans on file with the Department of Education, and within a few minutes our counselors should have a very clear idea of which programs will work best based on your income and number of household members. The best part is there are NO credit checks or asset requirements for your approval!
Step #2 — Once you’ve picked which repayment option you’re most comfortable with, we take care of the rest! Student Loan Advantage will be responsible for filling out, processing, and sending your application to the Department of Education. Here’s where most of the ‘heavy lifting’ happens. These applications have to be completed and processed in a very specific manner, and mistakes are not tolerated by the Department of Education. Part of employing Student Loan Advantage is to ensure that these applications are done perfectly, in the correct order, and at the appropriate times every year. The Department of Education will then be paying off all of your existing loans within 30-60 days, so you’ll have a short vacation from your payment while everything is processed!
Step #3 — Lastly, we will maintain and service your account as long as you’d like our help. Our service includes quarterly check-in’s and evaluations to ensure you’re still on the best repayment plan! For example, if you or your spouse were forced to take a pay cut OR experienced a job loss, it would make more sense to transition to an income-based program vs the standard repayment option. We offer the flexibility to switch anytime!