Currently Browsing: Education Loans
The author of this guest post is Kristen Hawley. Kristen is a freelance writer with a special interest in student loan debt legislation thanks to borrowing six figures to finance her own education. She blogs here to help others understand exactly what’s happening in the student loan universe and how to best manage their current situations for future success. Student loans: many of us have (or have had) them; few of us actually like talking about them....
Refinancing your student loans seems to be the thing to do lately. In the past year, I’ve had several friends tell me how they were able to lower their interest rate significantly by refinancing their loans with private loan providers. I decided to take a closer look at what all the student loan refinancing hype was all about and if it was really worth it. Types of Student Loans There are two types of student loans: federal and private. The Federal...
Here at ReadyForZero, we’re all about taking a holistic view of your finances. While we want to focus on helping you get out of debt, there are many ways that you can optimize your finances to both get out of debt and build wealth. One of the most important aspects of this is to educate yourself – which is why we cover so many topics on our blog and our resource centers. But now we’re going to take a step further to make sure that we address everything...
The U.S. Department of Education recently unveiled an improved methodology for calculating student-loan payment delinquencies. Where it once figured the late-payment rate of student loans as a whole to be 17 percent, the department has now determined that when the same data is expressed in terms of individual borrowers, it’s as high as 38 percent. However, the new calculations don’t even take into account the borrowers in default or have had...
As the economy slowly builds back up, there is still an astonishing number of people in the U.S. who are struggling to make ends meet – which means student loan payments are getting pushed to the side. Now the government is taking action. In a New York Times article released this week it has emerged that the government is sending debt collectors after defaulted student loan borrowers. Between this and the fact that there is no statute of limitations on...
There is now $1.2 trillion of student loan debt in America, and that number just continues growing. The Class of 2014 was the most indebted class ever, with average debt of $33,000. Over the next few weeks, the Class of 2015 will likely have even more debt. There are many reasons we are drowning in debt. Budget cuts for state universities have resulted in dramatically higher tuition. Private universities have engaged in a destructive spending war,...
It seemed like a classic utopian vision. Free prestigious university classes delivered online, open to anyone, offering the potential to slay the college debt monster. Instead, so-called Massive Open Online Courses, or MOOCs, proved how little students often learn from online classes. Dropout rates as high as 90 percent were reported, and it seemed that traditional higher ed’s stranglehold as the gateway to higher-paying jobs was even tighter. But...
Democrats (including President Obama) and Republicans have both argued for keeping these interest rates at their current level, but they’ve disagreed on how to pay for the extension of the low rates. So how will this debate affect you? Below we’ll describe the arguments on each side of this debate and how it may change (or not) your repayment of student loans. Which Loans Are Affected by This Student Loan Debate? The debate focuses on federal Stafford...
America’s higher education system is currently embroiled in a period of extreme flux, with budgetary concerns and an online education revolution fueling widespread change and uncertainty throughout the country. Perhaps the biggest issue facing students, institutions and government officials alike is what to do about the overbearing debt emanating from student loans. Total student debt now surpasses an astounding $1.2 trillion — roughly equal...
Can the government garnish your wages if you don’t pay your student loans? The short answer is yes, but only in some cases. Few students can make it through school without the help of student loans. Even if it is possible to get through the first four years without debt, many grad students find that they need to borrow in order to move further in education. While student loans can be a helpful way to get the education and skills you need, you do need to...
The Current State of Student Loans
Posted on Apr 17, 2020 in Education Loans | 1 comment
The author of this guest post is Kristen Hawley. Kristen is a freelance writer with a special interest in student loan debt legislation thanks to borrowing six figures to finance her own education. She blogs here to help others understand exactly what’s happening in the student loan universe and how to best manage their current situations for future success. Student loans: many of us have (or have had) them; few of us actually like talking about them....
How to Decide If You Should Refinance Your Student Loans
Posted on Jan 6, 2020 in Education Loans | Comments Off on How to Decide If You Should Refinance Your Student Loans
Refinancing your student loans seems to be the thing to do lately. In the past year, I’ve had several friends tell me how they were able to lower their interest rate significantly by refinancing their loans with private loan providers. I decided to take a closer look at what all the student loan refinancing hype was all about and if it was really worth it. Types of Student Loans There are two types of student loans: federal and private. The Federal...
Ask the Get Out of Debt Guy: Options for Student Loan Co-Signers
Posted on Nov 8, 2019 in Education Loans | 1 comment
Here at ReadyForZero, we’re all about taking a holistic view of your finances. While we want to focus on helping you get out of debt, there are many ways that you can optimize your finances to both get out of debt and build wealth. One of the most important aspects of this is to educate yourself – which is why we cover so many topics on our blog and our resource centers. But now we’re going to take a step further to make sure that we address everything...
5 Ways We Can Save Students From Drowning in Debt
Posted on Sep 28, 2019 in Education Loans | Comments Off on 5 Ways We Can Save Students From Drowning in Debt
The U.S. Department of Education recently unveiled an improved methodology for calculating student-loan payment delinquencies. Where it once figured the late-payment rate of student loans as a whole to be 17 percent, the department has now determined that when the same data is expressed in terms of individual borrowers, it’s as high as 38 percent. However, the new calculations don’t even take into account the borrowers in default or have had...
Federal Loans Now Up For Grabs by Debt Collectors
Posted on May 14, 2019 in Education Loans | 1 comment
As the economy slowly builds back up, there is still an astonishing number of people in the U.S. who are struggling to make ends meet – which means student loan payments are getting pushed to the side. Now the government is taking action. In a New York Times article released this week it has emerged that the government is sending debt collectors after defaulted student loan borrowers. Between this and the fact that there is no statute of limitations on...
Student Loans: Ruining Students and Taxpayers
Posted on Jan 5, 2019 in Education Loans | Comments Off on Student Loans: Ruining Students and Taxpayers
There is now $1.2 trillion of student loan debt in America, and that number just continues growing. The Class of 2014 was the most indebted class ever, with average debt of $33,000. Over the next few weeks, the Class of 2015 will likely have even more debt. There are many reasons we are drowning in debt. Budget cuts for state universities have resulted in dramatically higher tuition. Private universities have engaged in a destructive spending war,...
How to Turn a $10,000 Investment Into a $70,000 Salary
Posted on Dec 6, 2018 in Education Loans | Comments Off on How to Turn a $10,000 Investment Into a $70,000 Salary
It seemed like a classic utopian vision. Free prestigious university classes delivered online, open to anyone, offering the potential to slay the college debt monster. Instead, so-called Massive Open Online Courses, or MOOCs, proved how little students often learn from online classes. Dropout rates as high as 90 percent were reported, and it seemed that traditional higher ed’s stranglehold as the gateway to higher-paying jobs was even tighter. But...
How the Debate Over Student Loan Interest Rates Affects You
Posted on Oct 2, 2018 in Education Loans | 1 comment
Democrats (including President Obama) and Republicans have both argued for keeping these interest rates at their current level, but they’ve disagreed on how to pay for the extension of the low rates. So how will this debate affect you? Below we’ll describe the arguments on each side of this debate and how it may change (or not) your repayment of student loans. Which Loans Are Affected by This Student Loan Debate? The debate focuses on federal Stafford...
5 Easy Ways to Reduce Student Loan Costs
Posted on Aug 24, 2018 in Education Loans | Comments Off on 5 Easy Ways to Reduce Student Loan Costs
America’s higher education system is currently embroiled in a period of extreme flux, with budgetary concerns and an online education revolution fueling widespread change and uncertainty throughout the country. Perhaps the biggest issue facing students, institutions and government officials alike is what to do about the overbearing debt emanating from student loans. Total student debt now surpasses an astounding $1.2 trillion — roughly equal...
Can the Government Garnish Your Wages if You Don’t Pay Student Loans?
Posted on Jun 19, 2018 in Education Loans | Comments Off on Can the Government Garnish Your Wages if You Don’t Pay Student Loans?
Can the government garnish your wages if you don’t pay your student loans? The short answer is yes, but only in some cases. Few students can make it through school without the help of student loans. Even if it is possible to get through the first four years without debt, many grad students find that they need to borrow in order to move further in education. While student loans can be a helpful way to get the education and skills you need, you do need to...
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