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One of the great perks of federal student loans is the income-driven repayment (IDR) plans. Borrowers struggling with student debt can qualify for monthly payments as low as $0 per month for an unlimited period of time. Continued enrollment simply requires borrowers to certify their income on a yearly basis. …
Editor’s Note: This article was originally published May 29, 2019. It has been updated to include new information and analysis on Warren’s student loan forgiveness proposal currently in the Senate. Now that Elizabeth Warren has proposed forgiving most student loan balances below $50,000, some borrowers are considering put a halt …
Having a cosigner is a big deal to student loan lenders. Instead of having one person legally required to pay back the debt, cosigned loans have two. The problem faced by many cosigners isn’t just the responsibly to pay back the debt… it is the credit issues that cosigning a …
We’ve seen game shows, apps and billionaire commencement speakers pay off student loans. It shouldn’t be too much of a surprise that a fast food company has decided to pay down some student debt. for real tho, we’re trying to pay off those loans. introducing Whopper Loans – make a …
For many Americans, the three biggest financial challenges of their lives will be paying off student loans, buying a house and saving for retirement. Each one of these goals is a huge challenge. Meeting all three goals is even more difficult. Hitting these milestones is complicated by the fact that …
Perhaps the biggest perk with federal student loans is that they have repayment plans based upon how much a borrower earns rather than how much they owe. These income-driven repayment (IDR) plans include: Income-Contingent Repayment (ICR), Income-Based Repayment (IBR), Pay As You Earn (PAYE) and Revised Pay As You Earn …
Income-share agreements are emerging as a popular alternative to student debt. The idea is more common in other countries but quickly gaining traction in the United States. Rather than borrowing a traditional student loan, income-share students agree to pay a portion of their income for a set period of time. …
Lenders hold all the cards. They write the contracts. They know bankruptcy is a long shot for any borrower. They have an army of call center representatives trained collect payments. That same call center army is given little authority to make any meaningful changes to loan terms that might help …
I’ve been helping people with their student loans since 2013. Of the thousands of borrowers I’ve come across, only a handful have been worried about their loans while they still are in school. To put it bluntly, many people spend their time in school creating student loan problems, and then …
Growing student loan balances are a very frustrating and very real problem. I frequently receive emails from borrowers who have much larger balances on their debt than what they originally borrowed. In some cases the larger balances can be explained by missed payments and late fees. However, in many cases, …
