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Tag Archives: student loans

#AskanExpert: What is Borrower Defense to Repay and Who Qualifies?

Q. I attended a school and accrued over $22,000 in student loans. I feel that I was misled to believe I was guaranteed to be able to get a job when I graduated. I’ve heard of the borrower defense to repay rule but what is it and who qualifies for student loan forgiveness?   Dear reader, The plan made popular during the Obama administration is most widely known for being …Read More

Tax Implications of Student Loan Debt and Forgiveness

There are a few different ways that student loan debt affects your taxes, from possible deductions to what you may owe in the future.   You can deduct student loan interest from your income. If you paid interest on student loans last year, you can lower your taxable income by up to $2,500. Student loan borrowers can deduct the interest paid last year through the student loan interest deduction. The student …Read More

Improving Your Chances for Successful Student Loan Refinancing

Student loan debt is a common component of earning a college degree for many graduates. In fact, the latest statistics highlight the growing number of college graduates with student loan debt, many of which leave school with nearly $30,000. Regardless of the amount, student loan debt can be a financial burden that lasts for several decades.   There are many ways to handle this debt, and nearly all come with …Read More

Preparing for Large Purchases Before College Graduation

Saving Before Graduation While it’s difficult to focus on the future with a mountain of homework in front of you, there are easy ways to start saving before you graduate. Since a vast majority of college students share housing, many are able to drastically cut electric, utility, cable, and internet bills. Some Ways Student Can Cut Costs: Share streaming services, phone plans, and grocery bills with roommates or family. Negotiate …Read More

How Student Loans and Paying Them Off Affect Your Credit Score

Student loan debt is becoming almost commonplace in America. According to the Student Loan Report, approximately 70 percent of college students in 2018 have student loans, with an average of $27,975 in debt per borrower. I’m not going to go further into the statistics; the more important topic to discuss is the impact that these loans have on each and every borrower, including the potentially surprising outcome of paying off …Read More

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