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  • +21

    Shocking Student Debt Statistics

    Shocking Student Debt Statistics
    Everyone wants a slice of the American Dream and, in this modern day, going to college is essential to success. Forget the Jones’, these days Americans are finding it increasingly difficult to keep up with the very student loans they took out to help ensure future success. So, what happens when they very institution that’s supposed to safeguard your future now ...
    Published over 2 years ago | Rated: +21
  • +8

    Can Parent PLUS Loans Get Income-Based Repayment and Loan Forgiveness?

    You've mentioned previously that while Parent PLUS loans are nominally eligible for public service loan forgiveness, they are not eligible for IBR or ICR, which leaves nothing left to forgive. Is there no relief for Parent PLUS loans altogether? Or, is there any way for Parent PLUS loans to qualify for loan forgiveness? — Anonymous Federal Parent PLUS loans are not ...
    Published over 2 years ago | Rated: +8
  • +29

    Best Strategies for Paying off Debt Quicker

    Best Strategies for Paying off Debt Quicker
    Suppose you've made the required payments on all your loans and want to use some extra money to pay off your debt quicker. How do you choose which loan to pay off first? There are two main strategies for accelerating the repayment of debt. One involves paying down the loan with the highest after-tax interest rate first. The other, popularized by ...
    Published almost 5 years ago | Rated: +29
  • +24

    Guide to Financial Aid Award Letters

    Guide to Financial Aid Award Letters
    After you submit your application for financial aid, you will receive a financial aid award letter from the college(s) to which you applied, typically in early to mid-April. This letter spells out the details of your financial aid package. A financial aid package is a collection of different types of financial aid from multiple sources. It is intended to help you ...
    Published over 2 years ago | Rated: +24
  • +3

    Who Really Graduates with $100,000 or More in Student Loans?

    Who Really Graduates with $100,000 or More in Student Loans?
    Newspaper headlines suggest that many students graduate from college with hundreds of thousands of dollars in student loan debt. But is this really the case? A new report, Who Graduates College with Six-Figure Student Loan Debt?, finds that only 0.2% of undergraduate students and 6.4% of graduate students graduated with $100,000 or more in student loans in 2007-08. Far from being ...
    Published about 3 years ago | Rated: +3
  • +8

    How Does Bankruptcy Affect Eligibility for Student Financial Aid?

    How does a chapter 13 bankruptcy affect financial aid? Would it be difficult to get financial aid for my child because my husband and I filed chapter 13 about 2 years ago? — C. F. A previous bankruptcy can affect eligibility for some education loans but it does not affect eligibility for other forms of financial aid. The Bankruptcy Reform Act ...
    Published about 4 years ago | Rated: +8
  • +21

    Borrowing for College: How Much is Too Much?

    Borrowing for College: How Much is Too Much?
    Too much of a good thing can be bad, as Shakespeare demonstrated, and the axiom is true of student borrowing for college. Students may believe it is difficult enough worrying about the big exam next week or whom to take to the spring dance. Yet students must stretch themselves and imagine a much greater consequence, years into the future, when they ...
    Published 4 months ago | Rated: +21
  • +8

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

    White House Releases Model Financial Aid Award Letter "Shopping Sheet"
    The Obama administration revealed the final design for a standardized financial aid award letter on July 24, 2012. This one-page financial aid "shopping sheet" will provide students and their families with clear and easy to understand information about college costs and financial aid. It will enable families to compare college costs and financial aid offers side by side, helping them make ...
    Published about 3 years ago | Rated: +8
  • +17

    Total College Debt Now Exceeds Total Credit Card Debt

    Total College Debt Now Exceeds Total Credit Card Debt
    As of June 2010, total student loan debt passed total credit card debt for the first time. According to the Federal Reserve's statistical release, G.19 Consumer Credit, the seasonally adjusted revolving credit totaled $826.5 billion as of June 2010. As much as 98% of revolving credit is credit card debt. Student loan debt outstanding totaled at least $830 billion as of ...
    Published about 5 years ago | Rated: +17
  • +4

    How does bankruptcy affect PLUS loan eligibility?

    I applied for a Parent PLUS loan for my son's education starting this fall. I was turned down due to filing chapter 7 four years ago this October. They said I would not be able to get funds until October of 2010. My lawyer, who helped me file chapter 7 said that he believed this was discrimination and not allowed. Is ...
    Published about 6 years ago | Rated: +4
  • +42

    How Will The Student Loan Bill Affect Students?

    How Will The Student Loan Bill Affect Students?
    The US House of Representatives approved the student loan and health care reform legislation on Sunday night, March 21, 2010, by a vote of 220 to 211. No Republicans voted in favor of the legislation. The US Senate is expected to pass the legislation within about a week. The student loan bill will end the federally-guaranteed student loan program, where banks ...
    Published over 5 years ago | Rated: +42
  • +23

    Going Out of State Can Cost You

    Going Out of State Can Cost You
    If she wanted to save money on tuition, Erin Patterson had to make some money quickly. As an out-of-state student at the University of Missouri-Columbia, Patterson needed to earn a certain amount on her W-2 in order to claim residency and thus lower her tuition bill. “I had no intention of becoming a resident of Missouri when I started college, but ...
    Published over 6 years ago | Rated: +23
  • +5

    Does Filing a FAFSA Obligate You in Any Way? Are Parents Responsible for Repaying a Child's Student Loans?

    Does Filing a FAFSA Obligate You in Any Way? Are Parents Responsible for Repaying a Child's Student Loans?
    I have a question about filling out a FAFSA form for my child. If we fill out the form and my child is granted a loan for college, will the parents be cosigners or responsible in any way for their child's loan either now or in the future? — D.F. No. The Free Application for Federal Student Aid (FAFSA) is the ...
    Published about 4 years ago | Rated: +5
  • +7

    How to Qualify for a PLUS Loan Despite an Adverse Credit History

    I'm currently an MBA student who has a VERY adverse credit history. Part of which includes a defaulted Federal Loan. I'm halfway through my first year of business school and find myself needing more money. I've found someone who does not have an adverse credit history who is willing to cosign. I'm worried that I still won't receive the loan. What ...
    Published over 2 years ago | Rated: +7
  • +35

    Making Smarter Student Loan Decisions

    Making Smarter Student Loan Decisions
    It’s no secret that college is getting more expensive by the minute. For instance, the cost of education at a university rose from 23 to 38 percent between 2001 and 2010. That’s a huge climb! In attempts to make college possible, many students take out student loans in pursuit of their higher education. While an investment in education is one of ...
    Published 4 months ago | Rated: +35
  • +8

    Solutions for Borrowers Who are Having Trouble Repaying Education Loans

    Solutions for Borrowers Who are Having Trouble Repaying Education Loans
    There are many options for repayment relief for borrowers who are having trouble repaying their education loans. These include deferments and forbearances that suspend the monthly payment obligation, alternate repayment plans that reduce the monthly payments by increasing the loan term, and forgiveness and discharge programs that cancel the loans entirely. Which options are appropriate for you depends in part on ...
    Published over 6 years ago | Rated: +8
  • +4

    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 have poor credit due to excessive debt, and late payments. I am considering a debt settlement plan right now on two of my debts. I have outstanding student loans, and ...
    Published over 3 years ago | Rated: +4
  • +6

    Are There Any Loan Forgiveness Programs for Social Workers, Teachers and Other Public Service Jobs?

    Are you familiar with any programs that could assist a low-income social worker who has used up his hardship deferments? Any assistance would be appreciated. I'm in a low-paying county, being paid a low income to assist disabled persons, and need help with my student loans. — Dave W. If your loans are federal student loans, such as Federal Stafford or ...
    Published about 4 years ago | Rated: +6
  • +25

    Financial Aid Glossary

    Academic Year: The period in which school is in session - typically September through May. Accrual Date: The date on which interest charges on an educational loan begin to accrue. Adjusted Available Income: The remaining income after taxes and a basic living allowance have been subtracted (in the Federal Methodology). Assets: Cash in checking and savings accounts, trusts, stocks, bonds, other ...
    Published over 2 years ago | Rated: +25
  • +5

    Questions about Qualifying for the Federal Parent PLUS Loan

    My son has been accepted to an expensive private non-profit college for the fall. We have been awarded a pretty generous financial aid package from the school (approximately $30,000) which leaves me with about $20,000/year left to finance. I make about $50,000/year. I will be applying for the Parent PLUS loan and have several questions. I'm in the process of refinancing ...
    Published over 2 years ago | Rated: +5
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