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Student Loans

Ask an Expert: Does Income-Driven Repayment for Student Loans Affect Homeownership?

Q: I am in a position where I would like to buy my first home but I have some student loans that I’m worried about.  Right now, I am on the income-driven repayment (IDR) plan, will this be an issue I need to consider before taking the leap to homeownership? A: Dear reader, It’s definitely wise to consider your student loans if you plan to become a homeowner in the future. Getting approved for …Read More

How Does Student Loan Debt Affect the Economy?

Remember the 2008 financial crisis?   You know, the one that economists say is the worst since the great depression.   The crisis began due to issues in the subprime mortgage sector. These high-risk loans led to a large number of new homebuyers, which drove up housing prices, which led to people borrowing against their homes and eventually, the housing “bubble” would burst.   As you know, this led to …Read More

Should You Consolidate Your Student Loans After Marriage?

Did you recently tie the knot?  Getting married is one of the largest steps people can take in life, and it comes with its share of difficulties and confusion, especially when it comes to debt and finances. With student loan debt for graduates increasing every year, many will begin to get married and wonder if they should consolidate their own student loans with their spouse’s. As marriage is the combination …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