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Tag Archives: student loans

Start Handling Your Student Loan Repayment in 4 Steps

Student loan repayment can be overwhelming. It may be tempting to “think about it later” or stop paying on your loans when the budget gets tight. As much as you might be tempted to pretend that the problem doesn’t exist, ignoring your student loan payments or letting them go into default status can have serious consequences.  Potential consequences of defaulting on your student loans may include: Wage, tax and/or social …Read More

Ask An Expert: I’m struggling to make payments on my student loan. I have all federal and Perkins loans. Should I consolidate them to get lower interest?

A: Dear reader, consolidating your federal student loans could be an option to help you manage your payments and potentially avoid default. However, combining your loans may help you for other reasons that do not necessarily include lowering your interest rates. If you are thinking about consolidation, you can start by looking into Direct Consolidation Loans. This type of loan offers a consolidation option at no cost to you through …Read More

The Process of Getting A Student Loan

Each year across America, teenagers and people in their early twenties head to college. In this day and age, with the rising cost of college education – many students have basically no choice but to take out student loans. According to U.S. News, the average cost of tuition for an academic at a public in-state university is more than $10,000, over twice as much as it was back in 1998. …Read More

Why it Matters if a Credit Counseling Agency is NFCC®Certified

As part of Financial Literacy Month, we are doing a series on what it means to be certified by the National Foundation for Credit Counseling, why it matters, and when you should seek credit counseling. The National Foundation for Credit Counseling® (NFCC®) was founding in 1951. It is the nation’s first and largest nonprofit dedicated to improving people’s financial wellbeing. Membership with the NFCC demonstrates a member’s commitment to provide a …Read More

Graduating This Year? Now’s the Time to Take Control of Your Financial Health

By Bruce McClary The average 2016 graduate has more than $37,000 in student debt- up 6% from last year and levels of delinquencies and defaults are alarming. For many borrowers, managing student loan repayment is one more financial burden they have to consider on top of housing costs, credit card payments, car loans and more. Many don’t know where to turn for help or are not paying attention to the …Read More

Student Loans: More May Not Be the PLUS You Think

By Drew Kessler Part of being a parent is wanting to protect your children from things that might harm them, including a heavy student debt burden. This is why many parents turn to the Federal Parent Direct PLUS loan program. These loans put the burden of payment squarely on the parent. PLUS borrowing has grown from a little used option to account for 10% of all federal student loans issued in 2014. …Read More

CFPB Calls for Student Loan Servicing Reform

By Drew Kessler The Consumer Financial Protection Bureau (CFPB) has published a detailed report based on the results of its public inquiry on student loan servicing practices. The findings highlight troubling customer service practices in the student loan servicing industry and include recommendations for reframing oversight of the student loan servicing marketplace. The recommendations contained in the report are partly based on comments submitted to the CFPB after it launched a …Read More

Worth It!

By Drew Kessler The numbers are intimidating: 40 million Americans owe roughly $1.2 trillion in student debt as of mid-June. As Kyle McCarthy observed in a Huffington Post article, 40 million is more than the entire population of Canada. These figures are especially intimidating for current students. With close to two-thirds of students using loans to pay for college, it comes as no surprise that those currently in college—some 70%—say …Read More

Choose Help Over Avoidance

By Bruce McClary When applying for student loans, you’re more likely to be focused on the goal – being approved – than on how you’ll actually repay the loans. After all, at that point, it seems like you’ll have plenty of time to figure things out. Not being ready to address repayment isn’t unusual. Employment opportunities may be different from what you expected. Unanticipated changes in your education or family …Read More

Public Service Loan Forgiveness

By Bruce McClary The Public Service Loan Forgiveness program, or PSLF, rewards individuals who go into public service jobs. If those individuals make 120 monthly loan payments towards their student loan debt, the remaining balance is forgiven. This plan was created in 2007 under the College Cost Reduction and Access Act. In a speech, Richard Cordray, the director of the Consumer Financial Protection Bureau, said that the program was being …Read More