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  • +15

    Survey Says: Families Perceive College Costs as Increasing by 17% Compared with Last Year

    Sallie Mae and Gallup just released the results of their third annual survey of how American families pay for college. The survey found that families perceived college costs as increasing by more than 17% compared with last year. As a result, families are becoming more cost conscious in their college choices. Family estimates of the total cost of attendance increased 17% ...
    Published almost 5 years ago | Rated: +15
  • +13

    Secrets to Settling Defaulted Federal Student Loan Debts for Less than What You Owe

    Your federal student loans are in default and collection agencies are calling you dozens of times a day. They are threatening to garnish your wages, offset your income tax refunds and ruin your credit. They may even have crossed the line into harassment, calling you a worthless person and threatening you with physical harm. Are there any ways of getting out ...
    Published almost 5 years ago | Rated: +13
  • +12

    To Cosign or Not To Cosign, That is the Question

    My nephew has asked me to cosign a private student loan for college. He's on his own since he lives independently from his mother, his parents are divorced, and his father is completely out of the picture. He's made it through 2 years of college with great success. I'd like to help him. I have very good credit. What would be ...
    Published almost 5 years ago | Rated: +12
  • +1

    Will Refusing Loans Increase College Grants in the Financial Aid Package?

    I filled out the FAFSA in March and recently received a letter that offered me a $3,500 unsubsidized Stafford loan. I did a little research and found out I would have to pay interest on interest. I'm thinking about declining it and mailing it back to the school I attend. Will I be offered any other financial aid or is this ...
    Published almost 5 years ago | Rated: +1
  • +105

    Save Thousands on Your Student Loan Repayment. Take Action July 1st.

    Save Thousands on Your Student Loan Repayment.  Take Action July 1st.
    On July 1st, borrowers who have federal loans with a variable interest rate will be able to take advantage of some of the lowest interest rates in the history of student loan programs through loan consolidation. Borrowers who consolidate will not only save themselves a lot of hassle but a great deal of money as well. The new interest rates will ...
    Published almost 5 years ago | Rated: +105
  • +24

    Limit Total Student Loan Debt to Less Than $10,000 per Year to Avoid Overborrowing

    I have twin daughters going to college in the fall. The annual tab (for both girls) after scholarships will be $58,000 in loans per year for four years. We have saved $47,000 for the first year and anticipate being able to save about $12,000 per year to apply towards payments over the three remaining years. This leaves us looking for loans ...
    Published almost 5 years ago | Rated: +24
  • +2

    Do Outstanding Loans Affect Eligibility for Financial Aid?

    How do outstanding loans affect future financial aid awards for my children? Is there any advantage to trying to pay them back early (other than less interest)? Are they counted towards my outstanding debt thereby potentially increasing my aid package? — Linda H. Most forms of consumer debt, including auto loans and credit card debt, are ignored by the Free Application ...
    Published about 5 years ago | Rated: +2
  • +28

    Congress Proposes Allowing Private Student Loans to be Discharged in Bankruptcy

    Congress Proposes Allowing Private Student Loans to be Discharged in Bankruptcy
    Congress is proposing to allow borrowers to discharge private student loans in bankruptcy. Under current law, education loans are not dischargeable in bankruptcy except in extreme circumstances. The US Bankruptcy Code at 11 USC 523(a)(8) requires borrowers who want to get a bankruptcy discharge for their student loans to demonstrate in an adversary proceeding that repaying their student loans "would impose ...
    Published about 5 years ago | Rated: +28
  • +3

    Education Lender Agrees to Pay Borrowers $9.75 Million in Class-Action Lawsuit Settlement

    Education Lender Agrees to Pay Borrowers $9.75 Million in Class-Action Lawsuit Settlement
    If you borrowed federal student loans from NorthStar Education Finance, you may get a small refund as part of a class action settlement concerning NorthStar Education Finance's suspension of its T.H.E. Repayment Bonus loan discount program. As a non-profit education lender, NorthStar Education Finance had one of the best loan discount programs, which provided a 1% interest rate reduction for undergraduate ...
    Published about 5 years ago | Rated: +3
  • +5

    Questions about the Health Care and Education Reconciliation Act of 2010

    If you have already graduated from college, will you be affected by the new changes to student loans in the health care bill? — Lauren A. No. None of the changes enacted by the Health Care and Education Reconciliation Act of 2010 will affect students who have already graduated. Starting July 1, 2010, all new federal education loans will be made ...
    Published about 5 years ago | Rated: +5
  • +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 about 5 years ago | Rated: +42
  • +9

    How to Report Stocks on the FAFSA

    I am a single mom and my son will be entering his freshman year in college this fall. The FAFSA application asks for the gross income from last year's tax return. My W-2 total includes not only my salary but also stock grants that were given to me by my employer. This total in no way reflects the amount I lived ...
    Published about 5 years ago | Rated: +9
  • +11

    Death and Disability May Now Get You Out of Paying Loans

    Death and Disability May Now Get You Out of Paying Loans
    According to a press release from Securian Financial Group, Sallie Mae is adding a total and permanent disability discharge on its Smart Option private student loan. This discharge will forgive the loan if the primary borrower becomes totally and permanently disabled. In addition, Sallie Mae will cancel the Smart Option private student loan if the primary borrower dies. Securian Financial Group ...
    Published about 5 years ago | Rated: +11
  • +7

    Options for a Student Whose Parents Refuse to Complete the FAFSA

    I have been financially independent from my parents since I was 19. I'm 23 now. I've been working two jobs and taking 12 hours in school. My school says that I cannot file a FAFSA without my parents' information. My parents will not give me their tax information or even fill it out online. I don't have the stamina to work ...
    Published about 5 years ago | Rated: +7
  • +7

    Is the Non-Custodial Parent a Parent for Federal Student Aid Purposes?

    I am divorced and the custodial parent of two children who live with me. Both kids have Coverdell Education Savings Accounts. My soon-to-be college student daughter's Coverdell lists her father (my ex-husband) as the account owner. My son's Coverdell lists me as the account owner. How do I report my daughter's Coverdell on the FAFSA? The fund will not give me ...
    Published about 5 years ago | Rated: +7
  • +150

    President Obama Proposes Capping Student Loan Payments at 10% of Discretionary Income

    President Obama Proposes Capping Student Loan Payments at 10% of Discretionary Income
    President Obama proposes to cap student loan payments at 10% of discretionary income as part of a package of proposals outlined by the White House Task Force on Middle Class Families on January 25, 2010. Debt would also be forgiven after 20 years in repayment. This proposal would enhance the income-based repayment plan which was enacted by Congress as part of ...
    Published over 5 years ago | Rated: +150
  • +3

    How can a student on academic probation pay for college with no aid?

    My son has brain damage along with seizures and a reading learning disability. With all the doctors appointments, hospital stays and seizures he is on academic probation this semester. So that means, well you know what that means, he will not be allowed to apply for FAFSA this semester. My question to you all is how can I afford to pay ...
    Published over 5 years ago | Rated: +3
  • +9

    Questions about Maintaining and Regaining Eligibility for Federal Education Loans

    I have a sophomore in college right now and will have another child starting her freshman year in college next year. We were approved for a Stafford Loan and a Parent PLUS loan for our son this year. We will need to have student loans to finance the entire amount of both kids' education. Will we be able to continue to ...
    Published over 5 years ago | Rated: +9
  • +19

    The Horrors of Defaulting on Education Debt

    The Horrors of Defaulting on Education Debt
    This is a cautionary tale of the consequences of defaulting on education debt, based on the experiences of seven borrowers of federal and private student loans. The stories are all true, but names and inconsequential details have been changed to protect the borrowers. Education debt is a necessary evil. Most students graduate from college with debt. For example, seven out of ...
    Published over 5 years ago | Rated: +19
  • +55

    Congress Passes Legislation Ending the Federally-Guaranteed Student Loan Program

    Congress Passes Legislation Ending the Federally-Guaranteed Student Loan Program
    The US House of Representatives passed the Student Aid and Fiscal Responsibility Act of 2009 (SAFRA) on September 17, 2009 by a party-line vote of 253 to 171. This legislation eliminates the federally-guaranteed student loan program and replaces it with 100% direct lending from the federal government. SAFRA uses the savings to fund an increase in the Pell Grant program among ...
    Published over 5 years ago | Rated: +55
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