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presidential hopeful Hillary Clinton unveiled her New College Compact, with the ambition of making public colleges debt-free for students. Her plan is estimated to cost $350 billion over 10 years, and focuses on three key areas. First, federal grants of $150 billion would be given to states to fund public colleges. These grants would only be given to states that agree to increase funding for education and commit to making debt-free study a reality. If...
These days, it’s not uncommon for people to be worried about what you can do if you don’t pay your student loans. But if you’re in a position where you might not be able to make your student loan payments, your first step should be to get informed about your rights and learn what actions can help you navigate through this challenging situation. It’s always important to call your lender and attempt to work out an agreement with them, rather than simply...
Student loan debt has surpassed $1.2 trillion, ticking up several thousand dollars per second, according to FinAid.org. For recent graduates entering the workforce, the average loan for a bachelor’s degree amounts to more than $35,000. Failure to repay can lower credit scores and lead to garnished wages and legal action; this debt can’t be eliminated through bankruptcy. One way to make loans easier to manage, and potentially decrease the...
You may have recently heard a bit of false news: that there will be no more grace periods on student loans. Despite the fact that the Chicago Tribune ran a headline to that effect on Thursday of last week, it’s actually not true. The truth is that that interest will now begin accumulating on student loans sooner, but the “grace period” that postpones any required payments until 6 months after graduation has not been eliminated. The inaccurate story began...
when people are moving to the more “balanced” stage of their lives, their 30s, loan repayments still aren’t always top of mind. When you have a robust social life, savings goals, vacation plans, rent payments and a bad Seamless or Uber habit, it’s easy to forget that student loan payments should remain a financial priority. As someone who has learned the hard way but managed to turn it around, below are five tips to help you stay...
If you’re struggling to pay back student loans, you’re in good company. Americans owe a total of almost $1.129 trillion in student loans. Those figures can be pretty intimidating for recent graduates, especially those who haven’t yet found a job. So how can you pay off loans quickly and on time, avoiding the dark waters of default? Here are some tips. 1. Get organized It’s important to know to whom you owe what, and to chart a course for paying it off....
Dominique Brown is the author of YourFinancesSimplified and InsiderRealEstateTips. He writes about “whatever he pleases” and today he wanted to write about credit and student loans. First: A Definition of “Credit Score” As you probably know, your credit score is the result of a complicated calculation. To get your credit score, the credit bureaus inspect five different areas of your financial situation including: HISTORY: Do you pay your bills on time,...
Student loans have a tendency to follow people around for a long time. In fact, new studies show that people are now retiring… and hauling their student loan payments along with their golf clubs and cruise tickets. While new measures have been put in place to forgive people of their student loan debt after a certain number of years, the fact is, you don’t want to hold onto the loans that helped you pay for college. You’re better off using that money for...
In the nearly ten years since I graduated college (!), the face of student loan debt has changed quite a bit. In my college days, we mostly joked about our loans. My classmates and I would look at our total debt number in comparison to our major and say, “Yeah, we’re going to be paying that off well into middle age…” or “We’ll probably have kids in school and still be paying these loans off.” Now that there legitimately are many parents paying off their...
A few tips and tricks tend to be popular go-tos in financial advice. Namely, creating a budget and taking advantage of opportunities to increase earning power. And while both are viable (and valuable) ways to pay off your debt even quicker, they also require long-term focus and maintenance. By no means a bad thing when it comes to keeping in touch with your finances – they are the pillars for your debt repayment, after all! But it goes without saying...
3 Problems With Clinton’s New Student Loan Plan
Posted on Apr 8, 2018 in Education Loans | Comments Off on 3 Problems With Clinton’s New Student Loan Plan
presidential hopeful Hillary Clinton unveiled her New College Compact, with the ambition of making public colleges debt-free for students. Her plan is estimated to cost $350 billion over 10 years, and focuses on three key areas. First, federal grants of $150 billion would be given to states to fund public colleges. These grants would only be given to states that agree to increase funding for education and commit to making debt-free study a reality. If...
What Happens If I Can’t Pay My Student Loans?
Posted on Feb 28, 2018 in Education Loans | 1 comment
These days, it’s not uncommon for people to be worried about what you can do if you don’t pay your student loans. But if you’re in a position where you might not be able to make your student loan payments, your first step should be to get informed about your rights and learn what actions can help you navigate through this challenging situation. It’s always important to call your lender and attempt to work out an agreement with them, rather than simply...
Should You Refinance Your Student Loans?
Posted on Nov 13, 2017 in Education Loans | Comments Off on Should You Refinance Your Student Loans?
Student loan debt has surpassed $1.2 trillion, ticking up several thousand dollars per second, according to FinAid.org. For recent graduates entering the workforce, the average loan for a bachelor’s degree amounts to more than $35,000. Failure to repay can lower credit scores and lead to garnished wages and legal action; this debt can’t be eliminated through bankruptcy. One way to make loans easier to manage, and potentially decrease the...
Student Loan Grace Periods are NOT Going Away
Posted on Sep 5, 2017 in Education Loans | 1 comment
You may have recently heard a bit of false news: that there will be no more grace periods on student loans. Despite the fact that the Chicago Tribune ran a headline to that effect on Thursday of last week, it’s actually not true. The truth is that that interest will now begin accumulating on student loans sooner, but the “grace period” that postpones any required payments until 6 months after graduation has not been eliminated. The inaccurate story began...
5 Ways to Prioritize Your Student Loan Payments
Posted on Jul 26, 2017 in Education Loans | Comments Off on 5 Ways to Prioritize Your Student Loan Payments
when people are moving to the more “balanced” stage of their lives, their 30s, loan repayments still aren’t always top of mind. When you have a robust social life, savings goals, vacation plans, rent payments and a bad Seamless or Uber habit, it’s easy to forget that student loan payments should remain a financial priority. As someone who has learned the hard way but managed to turn it around, below are five tips to help you stay...
Paying Off Student Loan Debt: It’s Time to Make a Plan
Posted on May 17, 2017 in Education Loans | 2 comments
If you’re struggling to pay back student loans, you’re in good company. Americans owe a total of almost $1.129 trillion in student loans. Those figures can be pretty intimidating for recent graduates, especially those who haven’t yet found a job. So how can you pay off loans quickly and on time, avoiding the dark waters of default? Here are some tips. 1. Get organized It’s important to know to whom you owe what, and to chart a course for paying it off....
Does Student Loan Debt Hurt Your Credit Score?
Posted on Mar 5, 2017 in Education Loans | Comments Off on Does Student Loan Debt Hurt Your Credit Score?
Dominique Brown is the author of YourFinancesSimplified and InsiderRealEstateTips. He writes about “whatever he pleases” and today he wanted to write about credit and student loans. First: A Definition of “Credit Score” As you probably know, your credit score is the result of a complicated calculation. To get your credit score, the credit bureaus inspect five different areas of your financial situation including: HISTORY: Do you pay your bills on time,...
9 Actions that Can Help You Pay Off Student Loans Faster
Posted on Jan 26, 2017 in Education Loans | 2 comments
Student loans have a tendency to follow people around for a long time. In fact, new studies show that people are now retiring… and hauling their student loan payments along with their golf clubs and cruise tickets. While new measures have been put in place to forgive people of their student loan debt after a certain number of years, the fact is, you don’t want to hold onto the loans that helped you pay for college. You’re better off using that money for...
Best Student Loan Refinance Companies
Posted on Dec 12, 2016 in Education Loans | 1 comment
In the nearly ten years since I graduated college (!), the face of student loan debt has changed quite a bit. In my college days, we mostly joked about our loans. My classmates and I would look at our total debt number in comparison to our major and say, “Yeah, we’re going to be paying that off well into middle age…” or “We’ll probably have kids in school and still be paying these loans off.” Now that there legitimately are many parents paying off their...
One Simple Change That Shaved 7 Months Off My Student Loan Debt Repayment
Posted on Oct 6, 2016 in Education Loans | 2 comments
A few tips and tricks tend to be popular go-tos in financial advice. Namely, creating a budget and taking advantage of opportunities to increase earning power. And while both are viable (and valuable) ways to pay off your debt even quicker, they also require long-term focus and maintenance. By no means a bad thing when it comes to keeping in touch with your finances – they are the pillars for your debt repayment, after all! But it goes without saying...
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