You thought you finally had peace of mind because you graduated from college, but now the weight of the debt you incurred feels like a mountain on your shoulders. How can you pay this money off faster and still remain relatively sane? Here are tips from 3 experts on how to pay off college debt fast. We hope this helps! How To Pay Off College Debt Fast - Advice From 3 Experts Kayla Matthews, Dumb Little Man According to author…
You have set your sights on college and think you have a plan to forge ahead, but what about possible debt from college? How much can you really afford, and how much college debt is too much? In most cases, your major and career path affect how much debt you can afford. Usually, a student doesn’t make this decision until their sophomore year of college. However, the sooner you decide the better in order to form a strategy. Choosing The…
Finally, you've selected the right college to pursue your undergraduate or postgraduate degree! You worked tirelessly to get your application approved to secure a seat in your dream college and everything seems to be going perfectly. But now, another hurdle lays ahead of you - paying your own tuition and student loans. The student community often feels dejected because they have no say over the interest rates, which they will be paying for a considerable part of their lives. What…
For years, student loan scams have been tempting borrowers with empty or misleading promises that they can have their loans discharged or forgiven. These unscrupulous companies charge fees to enroll borrowers in free Department of Education programs and services including income-driven repayment plans, deferment and forbearance. Now, amid the coronavirus pandemic, a new crop of student loan forgiveness program scams have emerged. Their tactic is the same, except this time they're attempting to charge fees for the protections that are…
Jan Miller is a student loan expert and founder of Miller Student Loan Consulting, where he helps clients develop student loan repayment strategies that fit their financial goals. Previously, Miller spent eight years working in 11 different departments at four student loan servicers — including Nelnet, one of the largest federal student loan servicers. “I saw every side of the industry,” Miller says. Later in his career, when he was working as an investment advisor at Morgan Stanley, Miller started…
Debt, despite how essential it is for many American families trying to afford college, can be in and of itself the cause for quite a bit of stress. When you factor in the further difficulty students are having finding employment after graduation, and loan management companies that can be less than forthcoming with information that could ease your repayment burdens, the tension only grows. Wouldn't it be great if there was a trick or a quick fix to help get…
The ever-growing costs of college are often characterized as “an investment in one's future.” In a cruel twist of fate, the price of that investment remains on the rise, while its security begins to wane. What if we treated students as investments instead of debtors? Imagine that the amount you owe is entirely contingent on what you make. This is a reality at Purdue University and could become a well-needed alternative for students all over the country. College is very expensive, so much…
Student loans are big business. Collecting defaulted student loan money is becoming an even bigger business. « Learn more about student loans An Overview on Government Default Student Loans The federal government works with student loan servicing companies to collect on outstanding student loans. It’s these companies that deal with students once the student loan papers are signed and payments finally come due. When borrowers default, the U.S. Department of Education’s debt collectors come knocking. The federal government has given these…
Why the Parent Plus Loan is not recommended by Financial Advisors Financial Advisors who have not been informed about of all the complexities in the Parent Plus Loan program have hesitated to recommend it as a way to pay for college. There are three important reasons for their reluctance: A loan given without any consideration given to income, assets, or income-to-debt ratio is going to hurt a lot of families. Even the worst of our subprime lenders prior to the 2008 crash…
Can Parent Plus Loans Be Forgiven? Unbeknownst to many who are struggling to pay for college, the current loopholes in the Parent Plus Loan rules allow some families to receive full forgiveness on a boatload of college debt. It’s not a viable strategy for everyone, it’s not a recommendation by any means, and there is quite a bit of controversy surrounding it, but there is a way to banish the bills from your Parent Plus Loan for good. But…