The government watchdog Consumer Financial Protection Bureau released a blistering report recently outlining the widespread problems in the way student loans are managed. The conclusion? According to the Washington Post: The sloppy, haphazard work of student loan servicers, the middlemen who collect and apply payments, is creating obstacles to repayment, raising costs and driving borrowers … Continue reading The Surprising Number of Borrowers Behind on Student Loans
College affordability, a pressing issue for students, was touched on during Tuesday night’s Democratic presidential debate. With student loan debt at its highest ever, and the current costs of most institutions forcing many prospective students to be priced out of higher education, viewers were looking to the debate for answers to this growing crisis. Former … Continue reading #DemDebate: Candidates Discuss Student Loan Debt Solutions
Sen. Franken has been a champion of college affordability for years, and now he’s taking on one particular aspect of the rising costs of college: textbooks. Sen. Franken introduced a bill this week to set up a competitive grant program for colleges to allow professors to write online open-source textbooks. Franken said: “At the University … Continue reading Sen. Franken: College Affordability Champion
What do you spend more on each month: your student loan payments or groceries? If you said student loan debt, you’re not alone. Student debt is surpassing groceries as a primary expense for many borrowers. This is especially true for younger families. According to new research by the Associated Press, the average college-educated head of … Continue reading Student Loans or Groceries?
One of the advantages of declaring bankruptcy is that you can discharge your debt; however, that’s rarely the case for student loans. In 2005, Congress passed a law – enacted at the request of private lenders looking to make more money – that set a high bar for what undue hardship meant when it came … Continue reading It Could Get Easier to Discharge Student Loans
You’re a high school senior, doing your research on where you should go to college. You pick your top choices, you’re ready to apply, and then another consideration comes to mind: Student. Loan. Debt. Now you have to go back through your college list and see if you can afford to even apply to your … Continue reading Student Debt Factoring Into College Decisions
Good news for graduates: federal student loan borrowers’ default rates are down, according to new federal data. Bad news for graduates: 611,000 borrowers who entered repayment in 2012 defaulted within three years, and the total number of federal borrowers has risen to 7.5 million. The for-profit college industry makes up a disproportionate share of student … Continue reading Are You One Of The 611,000?
Gallup and Purdue University surveyed 30,000 graduates of four-year colleges for the second year in a row, and found some disturbing results. You’ve probably heard that only 50% of college graduates, according to this survey, think that their college education was worth the cost, but there’s even more. As you can see, recent graduates have … Continue reading Life Milestones Delayed By Student Loan Debt
You’ve probably heard parents or friends talk about refinancing their homes, but did you know you can also refinance your student loans? Refinancing essentially changes the terms of your loan and gives you a new repayment plan. If you’ve graduated, landed a good-paying job, and have good credit, refinancing can group all your loans – … Continue reading Student Loan Refinancing 101
You’re sitting down to pay your monthly bills. You get to your student loan payments, and as you’re writing your check, you glance down and notice a vague note on your statement. Something about repayment options that could help borrowers in distress manage their loans. There aren’t any more specifics from the Department of Education, … Continue reading What is Income-Based Repayment?