common lender complaints and solutions

Common Student Loan Lender Complaints and Some Suggestions

The Sherpa Blog, Student Loans 1 Comment

This week the Consumer Financial Protection Bureau released its annual student loan report.  One cool feature of the report is that they include a number of actual complaints that people have about their lenders.  While the complaints are useful to know about, we thought some suggestions on how people could …

The SherpaCommon Student Loan Lender Complaints and Some Suggestions
Flag_of_Tennessee Promise

The Tennessee Promise – Hope for a Better Future

The Sherpa Blog, News, Student Loans 8 Comments

Earlier this year, Tennessee became the first State to offer higher education free of charge to it’s residents.  The Tennessee Promise is simple.  In the words of Tennessee Governor Bill Haslam to the Class of 2015, “You now have the opportunity to attend two years of community or technical college …

The SherpaThe Tennessee Promise – Hope for a Better Future
should I consolidate federal private student loans

Should I Consolidate My Federal Loans Into A Private Loan?

The Sherpa Blog, Student Loans 3 Comments

Federal interest rates suck.  Many federal borrowers are paying upwards of 8% on their student loans.  This number does not change as interest rates drop, no does it change if you have a great income or credit score.  Because of these facts, private consolation of federal loans has great appeal. …

The SherpaShould I Consolidate My Federal Loans Into A Private Loan?
Paying off Student Loan credit score

Can Paying Off My Student Loans Hurt My Credit Score?

The Sherpa Blog, Student Loans 10 Comments

Unfortunately, the answer is yes.  Paying off your student loan, seemingly an action that would indicate your are more credit worthy, can actually lower your score. How does this happen? One of the factors that affect your credit score is the age of your oldest account.  The thinking behind it is that …

The SherpaCan Paying Off My Student Loans Hurt My Credit Score?
student loans mortgage statistics

More Evidence on the Effect of Student Loans on the Housing Market

The Sherpa Blog, News, Student Loans 4 Comments

In a recent study released by TransUnion, one of the three major credit bureaus, student loan balances have surged over the last decade.  Though this is hardly groundbreaking news, the interesting part about the TransUnion study is how they broke down the data. Typically, student loan debt analysis is done based …

The SherpaMore Evidence on the Effect of Student Loans on the Housing Market
student loan consolidation and repayment strategy

The Sherpa Mailbag: Consolidation, Big Payments, PAYE and Strategy

The Sherpa Blog, Mailbag, Student Loans 5 Comments

This morning I got an email from a reader who wanted input on repayment strategy.  Specifically, she wanted advice on making a lump sum payment and whether or not she should consolidate.  Her situation is as follows: Approximately 100k in federal student loan debt 5 loans at various interest rates …

The SherpaThe Sherpa Mailbag: Consolidation, Big Payments, PAYE and Strategy
University of Chicago Eliminates Student Loans

Chicago Announces Plan to End Student Loans

The Sherpa Blog, News, Student Loans 10 Comments

On Wednesday, the University of Chicago announced its plan to eliminate student loans from their aid packages.  According to the school it is part of an effort to increase economic diversity and to enroll more low-income students. In addition to eliminating student loans from the need-based aid packages, the school …

The SherpaChicago Announces Plan to End Student Loans
bankruptcy for student loans

The Case for Student Loan Bankruptcy

The Sherpa Blog, Student Loans 8 Comments

One of the sad realities of the current student loan system is that lenders have very little incentive for responsible lending.  Many student loan advocates suggest that bringing back bankruptcy to student loans is the solution.  Banks, lenders, and their allies like to argue that if bankruptcy or other consumer …

The SherpaThe Case for Student Loan Bankruptcy
student loan lessons mortgage crisis

Student Loan Lenders Need to Take a Page from the Mortgage Playbook

The Sherpa Blog, Student Loans 6 Comments

In the post-Great Recession United States, getting qualified for a home loan has become much more difficult than what it used to be.  Banks are weary to lend money, and new federal regulations require more careful creation of mortgages. Buying a house is more difficult, but consumers are much less …

The SherpaStudent Loan Lenders Need to Take a Page from the Mortgage Playbook