student loan consolidation denial rejection

Mailbag: Turning Student Loan Consolidation Rejection into an Acceptance

The Sherpa Blog, Consolidation, Lower Payments, Mailbag, Student Loans 2 Comments

Earlier this week I received the following email from a reader: I’m writing because recently I have been trying to consolidate my private loans and have run into a snag: I have too much debt with regard to my income (surprise!).  I have excellent credit and make the huge payments …

The SherpaMailbag: Turning Student Loan Consolidation Rejection into an Acceptance
rich not paying student loans

Get Rich by Not Paying Off Student Loans?

The Sherpa Blog, News, Student Loans 3 Comments

This week, CNN Money ran an article written by a 2009 engineering graduate.  This recent grad suggested that rather than aggressively paying down his $55,000 in student debt, because his interest rates were between 3% and 6%, he would only pay the minimum.  He reasoned that rather than spending money …

The SherpaGet Rich by Not Paying Off Student Loans?
Wells Fargo private student loan lower interest rate

Getting a Lower Interest Rate from Wells Fargo

The Sherpa Blog, Lower Payments, Student Loans 2 Comments

Last month Wells Fargo announced a program to lower the interest rates for private student loan borrowers who are struggling to keep up on their loans.  What Wells Fargo did not announce was who would qualify and how they would qualify.  As a result, there is no link or simple …

The SherpaGetting a Lower Interest Rate from Wells Fargo
For-Profit attack Obama

For-Profit Colleges Strike Back Against Obama

The Sherpa Blog, For-Profit Schools, News, Student Loans 1 Comment

For-Profit colleges are waging a two-front war against President Obama’s plan to limit Federal Student Loan spending at schools with high tuition, poor graduation statistics, and lousy job placement rates. Last month, the for-profits launched their first attack on Obama’s new regulations by filing a lawsuit against the Department of …

The SherpaFor-Profit Colleges Strike Back Against Obama
IBR PAYE signficant income change

What does a “significant” income change mean?

The Sherpa Blog, Student Loans 1 Comment

Each year borrowers on the IBR (Income Based Repayment Plan), PAYE (Pay As You Earn), and ICR (Income Contingent Repayment Plan) must submit income information to their lender.  Most commonly this is in the form of a couple pay stubs or the previous years income tax return.  One quite vague …

The SherpaWhat does a “significant” income change mean?
student loan survey results

New Study Highlights Need for Financial Education

The Sherpa Blog, News, Student Loans 2 Comments

Think back to high school.  As an 18 year old, what did you know about personal finance?  Could you make a monthly budget?  Did you even know what compound interest was? A recent study by Citizen’s Financial Group highlights the regrets of former students an parents as well as the need …

The SherpaNew Study Highlights Need for Financial Education
investing student loans

Looking to Invest? Try Paying Off Student Loans

The Sherpa Blog, Student Loans 1 Comment

Many Millennials are risk averse when it comes to investing.  Having been subjected to the large market crash of the great recession and the ensuing terrible job market, it makes sense.  Many people saw their retirement shrink, or worse yet, dealt with long bouts of unemployment.  As a result, the …

The SherpaLooking to Invest? Try Paying Off Student Loans