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How Does a Pending Foreclosure or Short Sale Affect Financial Aid?

How Does a Pending Foreclosure or Short Sale Affect Financial Aid?

How do we answer the question "Do you own your home" on financial aid forms when we are in pre-foreclosure? We are not yet in active foreclosure, but are several years ...

Mark Kantrowitz
Published January 28, 2013
Dropping Out Means Paying Back Financial Aid

Dropping Out Means Paying Back Financial Aid

As if there weren't enough reasons not to drop out of school, the Department of Education has provided yet another. Students who drop out of college are required to pay back ...

By Michael Pugh
Published January 4, 2013
White House Releases Model Financial Aid Award Letter "Shopping Sheet"

White House Releases Model Financial Aid Award Letter "Shopping Sheet"

Photo courtesy of Department of Education.

Mark Kantrowitz
Published July 24, 2012
Government Report Reviews Private Student Loans and Recommends Statutory Changes

Government Report Reviews Private Student Loans and Recommends Statutory Changes

The Consumer Financial Protection Bureau (CFPB) and the US Department of Education released a report to Congress about private student loans on July 20, 2012 as mandated by section 1077 of ...

Mark Kantrowitz
Published July 19, 2012
Congress Passes One-Year Interest Rate Freeze

Congress Passes One-Year Interest Rate Freeze

Congress passed legislation on Friday, June 29, 2012 to prevent the interest rate on subsidized Stafford loans to undergraduate students from doubling July 1, 2012. The last-minute legislation, which passed with ...

Mark Kantrowitz
Published June 29, 2012
Is There a Better Option for Financing a College Education than a Parent PLUS Loan?

Is There a Better Option for Financing a College Education than a Parent PLUS Loan?

Parental options for higher education lending.

Mark Kantrowitz
Published May 16, 2012
Student Loan Debt Clock Reaches $1 Trillion

Student Loan Debt Clock Reaches $1 Trillion

The student loan debt clock reached the $1 trillion milestone at about 6:40 am ET on Tuesday, May 8, 2012. Although the student loan debt clock is for entertainment purposes only, ...

Mark Kantrowitz
Published May 8, 2012
How will a Parent's Financial Troubles Affect the Student's Eligibility for Student Loans?

How will a Parent's Financial Troubles Affect the Student's Eligibility for Student Loans?

My 17-year-old daughter is eager to begin college. We have some difficult financial situations to contend with and could use your advice and direction. Her dad and I are divorced. I ...

Mark Kantrowitz
Published May 7, 2012
An Early Look at the New Income-Based Repayment Plan

An Early Look at the New Income-Based Repayment Plan

A new version of income-based repayment (IBR) was enacted by the Health Care and Education Reconciliation Act of 2010, but will be effective only for new borrowers on or after July ...

Mark Kantrowitz
Published May 3, 2012
A Primer on the Doubling of the Subsidized Stafford Loan Interest Rate

A Primer on the Doubling of the Subsidized Stafford Loan Interest Rate

This article summarizes the background concerning the doubling of the interest rate on new subsidized Stafford loans to undergraduate students from 3.4% to 6.8% on July 1, 2012. It also discusses ...

Mark Kantrowitz
Published April 24, 2012
What are the Downsides and Upsides to Unsubsidized Federal Student Loans?

What are the Downsides and Upsides to Unsubsidized Federal Student Loans?

As a guidance counselor, I have many families asking me if there's any downside to taking out a federal unsubsidized loan. They need loan money either way and the rates for ...

Mark Kantrowitz
Published April 23, 2012
Should Students and Parents Who are Close to Retirement Borrow to Pay for College?

Should Students and Parents Who are Close to Retirement Borrow to Pay for College?

I am 47 and recently divorced single parent of two children, ages 7 and 8. I spent the last 9 years as a stay-at-home parent. As a result of the divorce, ...

Mark Kantrowitz
Published April 16, 2012
Impact of Tax Filing Status on Income-Based Repayment for Married Borrowers

Impact of Tax Filing Status on Income-Based Repayment for Married Borrowers

We married in January of last year, after my husband graduated with a Master's degree in December. His loans total $65,000 and he earned $20,000 last year. I graduated in May ...

Mark Kantrowitz
Published March 19, 2012
Congressman Hansen Clarke Proposes Student Loan Relief Legislation

Congressman Hansen Clarke Proposes Student Loan Relief Legislation

Rep. Hansen Clarke (D-MI-13) introduced the Student Loan Forgiveness Act of 2012 (H.R. 4170) on March 8, 2012. If enacted, this legislation will provide student loan forgiveness for federal education loans, ...

Mark Kantrowitz
Published March 12, 2012
How to Deal with a Defaulted But Paid-Off Student Loan that Reappears

How to Deal with a Defaulted But Paid-Off Student Loan that Reappears

Years ago, I went to a two-year school and obtained my Associate's degree. I defaulted on the loan. However, my taxes were taken years later (twice) to take care of the ...

Mark Kantrowitz
Published March 5, 2012
Social Worker with Six Figure Debt Seeks Advice Handling Student Loans

Social Worker with Six Figure Debt Seeks Advice Handling Student Loans

Help! I am a 24-year-old recent college graduate who is struggling to find full-time employment. I'm currently working full-time hours on a three-month contract that is going to expire at the ...

Mark Kantrowitz
Published February 27, 2012
Borrowers with a Recent Bankruptcy are Ineligible for the Federal PLUS Loan

Borrowers with a Recent Bankruptcy are Ineligible for the Federal PLUS Loan

Borrowers who have had a bankruptcy discharge in the last five years are generally not eligible for the Federal PLUS loan. They remain eligible, however, for Federal Stafford, Federal Perkins and ...

Mark Kantrowitz
Published February 16, 2012
Consumer Bankruptcy Attorneys Call for Return of Bankruptcy Discharge for Student Loans

Consumer Bankruptcy Attorneys Call for Return of Bankruptcy Discharge for Student Loans

The National Association of Consumer Bankruptcy Attorneys (NACBA) held a press conference on Tuesday, February 7, 2012 during which they called on Congress to allow federal and private student loans to ...

Mark Kantrowitz
Published February 8, 2012
Summary of President Obama's Budget Blueprint for Federal Student Aid

Summary of President Obama's Budget Blueprint for Federal Student Aid

This article summarizes President Obama's FY2013 budget proposals for the federal student aid programs. Most of these proposals will require Congressional approval before they can be implemented. The combined cost of ...

Mark Kantrowitz
Published January 30, 2012
President Obama Proposes Student Aid Increases in State of the Union Address

President Obama Proposes Student Aid Increases in State of the Union Address

In the state of the union address on Tuesday, January 24, 2012, President Obama proposed several increases in student aid spending. The first two proposals call for Congress to extend existing ...

Published January 24, 2012