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Category: Student Loan Debt
Living with student loan debt can be really challenging, especially for those trying to establish a career or start a family. Fortunately, there is a potential solution to this problem in the form of student loan consolidation.
With loan consolidation, one new combined loan takes the place of your existing loans. The big advantage to this is that it can lower your payments and lower your interest rates. It can also make your life much simpler because you will only have one payment and one lender to deal with.
There is a also ways that you can erase your student loan debt by serving your country and your community. Public Student Loan Forgiveness programs (or PSLFs) allow individuals to get out of some student loans by working for the government or certain non-profit organizations.
The good news is – you can qualify for PSLFs by working at any local, state or federal government job. The bad news is that not every student loan is covered by the program. You will also have to wait 10 years and make 120 qualifying loan payments to achieve total debt forgiveness, so it is not an immediate solution.
Understanding Nontax Federal Debt and Its Implications
by Shannon McKee on December 19, 2018 
0 Comment
The IRS can reduce the amount of money that comes to you in your income tax return refund check if you have other types of federal debt.
Nontax federal debt includes money owed to other governmental agencies for debts such as unemployment overpayments, back child support, or late student loan payments.
The Financial Management Service will send you a letter if your refund check will be garnished to pay toward your outstanding nontax federal debt.
For many people, the reward for going through the motions of filing your federal taxes for the previous year is a tax return refund check. This money is often seen as a bonus that many utilize for big purchases, like a down payment on a new car, or ...
What You Need To Know About Student Loan Consolidation
by Staff Writer on September 27, 2017 0 Comment
Living with two or more student loans can be really challenging, especially for those trying to establish a career or start a family. Fortunately, there is a potential solution to this problem in the form of student loan consolidation.
With student loan consolidation, one new combined loan takes the place of your existing loans. The big advantage to this is that it can lower your payments and lower your interest rates. It can also make your life much simpler because you will only have one payment and one lender to deal with.
There are two popular kinds of student loan consolidation programs available to you:
Private student loan consolidation.
Direct student loan consolidation.
Private and Direct Student Loan Consolidation Explained
...
What is Student Loan Forbearance and Deferment?
by Staff Writer on September 20, 2017 0 Comment
Understanding student loan forbearance and deferment is critical for every student loan holder. The U.S. Department of Education does not want anybody to default on his or her student loan. To help you avoid default, the department has two programs designed to keep you out of trouble - deferment and forbearance.
Many people get these programs confused because they essentially do the same thing - pause your loan payments. But there are some critical differences that you must understand before you apply for one of these programs.
What is Student Loan Forbearance?
Forbearance is a temporary pause in Federal Family Education Loan (FFEL) and direct loan payments. This includes persons who cannot work because of health problems or disability, and ...
What Can I Do About Private Student Loan Debt?
by Staff Writer on September 18, 2017 0 Comment
Private student loan debt can be a huge problem. These debts cannot be discharged through bankruptcy, and to make matters worse, private student loans are not eligible for income driven repayment or forgiveness options like federal student loans are.
Unfortunately, many people do not realize how hard it is to pay off a private student loan because of the false and misleading promises made by some for-profit colleges. Some of these colleges push private student loans on their students because they receive more money from them than federal student loans.
What To Do About Private Student Loan Debt?
Students with private student loans have several options. Not all of these options are right for every student, but most people can ...
Debt Settlement for Private Student Loans
by Staff Writer on September 14, 2017 0 Comment
Settling private student loans is possible, but it may not be as easy or as quick as you may expect.
Despite the difficulty, it is always a good idea to try and settle private student loans because they cannot be settled via bankruptcy. A settlement will probably be your only option if you are having trouble paying off your student loan.
What is Debt Settlement?
Debt settlement means that you work with the lender to find a way to get the loan paid off. Lenders prefer debt settlement because it means less cost, less hassle and less paperwork for them.
Most private student loans involve settlements where the payment of a lump sum that amounts to less than the original ...
Public Student Loan Forgiveness
by Staff Writer on August 16, 2017 0 Comment
Believe it or not, there is a way that you can erase your student loan debt by serving your country and your community. Public Student Loan Forgiveness programs (or PSLFs) allow individuals to get out of some student loans by working for the government or certain non-profit organizations.
The good news is - you can qualify for PSLFs by working at any local, state or federal government job. The bad news is that not every student loan is covered by the program. You will also have to wait 10 years and make 120 qualifying loan payments to achieve total debt forgiveness, so it is not an immediate solution.
But student loan forgiveness programs are still a really good deal for ...
Learn All About Income-Based Repayment Plans for Student Loans
by Staff Writer on January 18, 2017 0 Comment
Image via Flickr by LaMenta3
Whether you have one student loan or many, you may be able to take advantage of an income-driven student loan repayment plan for loan management. Income-based repayment plans offer some of the best options for borrowers with relatively low incomes, but these plans aren't for everyone. Find out which borrowers and which loans are eligible for income-based repayment plans and learn how these plans compare with income-driven repayment plans for student loans.
What Are Income-Based Repayment Plans for Student Loans?
An income-based repayment plan, or IBR for student loans, is one of the many options that the U.S. Department of Education offers. This federal student loan repayment program is designed to make your loans easier ...
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