Stuck in Student Loan Debt? We've Got Answers

Every year, thousands of people default on their student loans. During this time of tough economic strife, many people have been unable to pay their loans because of job loss, reduction in hours or income, and even increased housing costs. While there is no perfect answer for repaying students loans, there are many options. The key is that you have to know what programs to ask your student loan lender about.  Sometimes, the people you talk to may not know about all of the student loan programs. We present a lot of information below, however the Consumer Financial Protection Bureau (CFPB) recently came out with a great tool for helping you determine what student loan repayment options you may qualify for. The...

Posted on Oct 31, 2011

Student Loan Borrowing on the Rise

Borrowing is up, but it’s not on credit cards. What are we using the money for? Automobiles and education. Our nation’s student loan debt has surpassed credit card debt and is expected to top $1 trillion this year. [1] While I am the first to say education is a good investment, it pays to be wise when borrowing to go to school. Financial experts still use the rule, “only borrow what you expect to earn in your first year after graduating.” That means if you are going to school to become an elementary school teach, your maximum student loan debt should be about $49,000. According to Student financial aid expert Mark Kantrowitz [2], Bachelor level students, graduating college this year,...

Posted on Jun 08, 2011

Save Money Now and In the Future with Student Loans

If you have student loans, now is the time to evaluate your loan program and look for options to save money right away and in the future. Two cost savings provisions of the College Cost Reduction and Access Act went into effect July 1, 2009 and are helping many people cut the cost of loan payments now, and plan for eliminating student loan debt in the future. Income Based Repayments The first thing to do if you have Federal Family Education Loans (FFEL) or Federal Direct Loans is to contact your lenders and apply for Income Based Repayments (IBR).  IBR payments are calculated on your (and your spouse’s) adjusted gross income from the previous tax year and your family size. If you...

Posted on Nov 23, 2009

Relief for Federal Student Loan Borrowers

Having trouble keeping up with your student loan payments? Lower payments or no payments at all may be a phone call away. Read this press release from the U.S. Department of Education to find out how you may qualify for the new program. U.S. Department of Education For Immediate Release July 1, 2009 Starting July 1, a new repayment option became available that makes monthly payments more affordable for Americans with heavy federal student loan burdens. The new Income-Based Repayment (IBR) plan protects borrowers by linking payments to income and family size. A related new program offers additional benefits to those working in public service jobs. “We know many graduates are concerned about their ability to repay student loans in the current economic environment,” said...

Posted on Jul 01, 2009