Biden Should End the Marriage Penalty on Federal Student Loans

Michael Lux Opinion, Student Loan Blog 2 Comments

Getting married often hurts borrowers repaying federal student loans. In some cases, the marriage penalty is negligible or non-existent. In other cases, the marriage penalty is significant: monthly payments increase significantly, and some borrowers may miss out on student loan forgiveness. For many couples, the marriage penalty makes repayment significantly …

Refinance Lender Transparency Review: Who is Offering the Best Covid-19 Advice?

Michael Lux Opinion, Student Loan Blog 0 Comments

Editor’s Note: The initial lender reviews for this article took place on August 3rd, 2020. If a refinance company takes steps to provide better guidance to borrowers, its grade will be updated accordingly. Businesses love to brag about how they do the right thing and put consumers first. Sadly, this …

Opinion: It is Time for the Government to Automate Income-Driven Repayment Certification

Michael Lux Opinion, Student Loan Blog 0 Comments

Each year, borrowers on income-driven student loan repayment plans are required to certify their income. In most cases, borrowers authorize the Department of Education to access their most recent tax return. This information is used to calculate monthly payments for the next year. While the income certification process is relatively …

Using a Refinance or Consolidation to Simplify Bill Payments is Dumb

Michael Lux Opinion, Student Loan Blog 0 Comments

Both federal student loan consolidation and private student loan refinancing have significant advantages. These two processes can easily save borrowers thousands of dollars when done correctly. However, both federal consolidation and private refinance come with significant risks. The potential dangers are part of the reason that I hate to see …

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Expert Review of the Pete Buttigieg Student Loan Plan

Michael Lux Opinion, Student Loan Blog 0 Comments

Throughout the 2020 Democratic primary process, Mayor Pete Buttigieg has positioned himself as the moderate of the field. The Buttigieg plan for student loans is no exception. Unlike candidates Elizabeth Warren and Bernie Sanders, who are promising massive student loan forgiveness, Buttigieg’s approach is to make life with student debt …

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It’s Time for the Government to Make a Complete Student Loan Database

Michael Lux Opinion, Student Loan Blog 0 Comments

One of the best tools for borrowers in repayment is the National Student Loan Data System (NSLDS). The NSLDS is so useful because it provides borrowers comprehensive records of their federal student loans, including amounts borrowed, servicer names, and balances. Tracking down this same information for private loans is considerably …