The student loan approval process and how student loans work can confuse those preparing to enter college or university. Due to higher education costs, more than 43 million students nationwide have taken advantage of the Federal Student Loan program. Federal student loans may be subsidized or unsubsidized and offer various benefits. Loans can have low…
While paying off federal student loans, some borrowers may consider refinancing to negotiate a lower interest rate. Refinancing a student loan is as intensive and detailed as securing a standard loan. There are many factors to consider to determine whether this is the right decision for you. When considering your options to refinance, remember to compare…
All students must begin to repay their student loans at some point. But how much should you set aside to accomplish this? After nine months without a payment, your federal student loan will default. You’ll not only be subject to endless collection calls, but the government can take you to court and may even garnish…
Figuring out how to pay for the soaring costs of higher education is a daunting task, and navigating student loans can be a source of anxiety for many students and graduates. If you are a military member or a veteran, this comprehensive guide has everything you need to know about student loans, including the pros…
PSLF, or Public Service Loan Forgiveness, allows those who have served in the military, as well as federal, state, local, or tribal government agencies, public transportation, water, or bridge districts, public housing authorities, not-for-profit organizations that are tax-exempt. These may include civilian service to the military, emergency management, public safety, law enforcement, early childhood education,…
The Biden Student Loan Debt Relief Plan On August 24th, 2022, the Biden administration announced their plan to provide relief from student loan debt for eligible students. The proposal focuses on three specific challenges faced by holders of student loans. Targeted Debt Relief First, targeted debt relief will provide up to $20,000 in debt cancellation.…
The Department of Education has paused all student loan collections, payments, and interest until May 1, 2022. Learn how this affects you.
Navient Cancels $1.7 Billion in Student Loan Debt On January 13th, a multi-state lawsuit filed against Navient, a servicer of federal student loans, will soon cancel student loan debt totaling $1.7 billon. This amount covers the private loan debt held by around 66,000 students. Deceptive Practice Allegations Navient Corporation agreed to the settlement in allegations…
On August 19, 2021, the Department of Education eliminated student loan debt for “over 323,000 borrowers who have a Total & Permanent Disability (TPD).” Eliminating Loan Debt for Qualifying Disabled Students Through a the program, the total amount of student loan debt to be discharged is estimated at $5.8 million. These discharges were set to…
