Knowledge Center
Student loans don’t have to be overwhelmingly difficult to navigate through. CLCSLS is here to help.
How does it work?
There are currently a handful of federally backed student loan repayment programs available that have forgiveness built into them. These programs allow you to pay an income based payment for a set term and have the remaining balance forgiven at the end of the term. Most borrowers think that they aren’t qualified for a forgiveness program when in reality, there are more than likely several programs that they are able to take advantage of. Call in to speak with an advisor and see if you qualify for any of these forgiveness programs. It only takes a few minutes to see if you qualify.
How long does it take?
After your initial financial analysis and loan review, your enrollment advisor will assist you with better understanding the different programs you’re eligible for so that you can make a knowledgeable decision on which will work best for you. Once you’ve chosen a program, Centerpointe will begin the document preparation required to submit your application to the Department of Education and your loan servicer. The normal timeline for a loan consolidation or entering an Income Driven Repayment Program is between 30 and 90 days, however, there may be situations that can cause the process to lengthen.
What if I'm disabled?
Total and Permanent Disability Discharges are available to borrowers who qualify based on several factors including when you became disabled, how long you’ve been disabled and whether or not you’re totally and permanently disabled or partially disabled. Speaking with a FlexxPrep advisor will allow you to understand whether or not a TPD is the right choice for you.
Why don't I just go on a forbearance or deferment?
While forbearances and deferments have their usefulness when it comes to student loan repayment, they are only temporary resolutions. Deferments and forbearances are temporary postponements of loan repayments. After your deferment or forbearance time is up, you still have to repay the balance of your student loans. Income driven repayment programs are more permanent solutions to student loans and allow you to make payments based on income for a set term and once that term has been completed, the balance is forgiven.
Who do I make payments to?
Centerpointe is a third party document preparation company that assists student loan borrowers with their enrollments into federal repayment and forgiveness programs. You will continue making payments to your current loan servicer or a new loan servicer, depending on your specific situation.
What if I'm a public service employee?
In September of 2018, tens of thousands of borrowers applied for Public Service Loan Forgiveness and less than 1% of applicants were approved. FlexxPrep will help you understand what needs to be done in order for you to qualify.