Below you'll find a list of all posts that have been categorized as “Repayment”
Student loan debt may seem overwhelming, but paying off one single student loan can change everything. How? No matter how small, erasing a single student loan is a huge step forward. From an accounting perspective, it makes attacking other loans significantly easier. Going beyond the numbers, eliminating a loan makes …
When a close friend or family member passes away, student loans are an afterthought. Unfortunately, a student loan cosigner dying can negatively affect the borrower, even if the borrower has never missed a payment. The Big Danger: Auto-Default An auto-default is a provision lenders sometimes write into student loan contracts …
Student loan forgiveness for all is becoming very popular. Support extends beyond the borrowers who would directly benefit. Many consumer advocates and economists also support debt cancellation. Consumer advocates point to the inequalities of student debt. Economists think student loans are a drag on the economy. Despite the increasing popularity of …
Finding a way to pay off $40,000 in student loans presents some unique challenges. For starters, it is a lot of money. However, what makes this amount unique, is that it falls on the border for many different repayment strategies. For example, with less debt, chasing student loan forgiveness usually …
It isn’t easy to pay off all of your student loans by the time you turn 40. The sad reality is the most student loan borrowers are still making payments well into their 40’s. However, student debt freedom 10 or 15 years after college is possible. There are several strategies …
In most marriages, couples share their finances. Each spouse contributes their income to the family coffers, while each spouse treats the other’s debt as a shared obligation. Because of this shared effort to pay off debt, cosigning a spouse’s refinanced or consolidated student loan sounds like a no-brainer. Cosigning a …
If your federal student loan balance mysteriously dropped to a $0 balance, it might seem like a dream come true. Was there student loan forgiveness or cancellation? Did someone else pay off my debt for me? Was there a lender error that means I’m debt-free? While it is nice to …
As Covid-19 continues to impact the US economy, several of my best tips for April 2021 involve managing debt in uncertain times. The government created several temporary programs to help borrowers in need. These same programs also provide an opportunity for those in more secure positions. Additionally, we are at …
Over the years, I’ve gotten many emails from readers concerned about the ratio of principal to interest on their monthly student loan payments. The emails usually look something like this: Dear Sherpa, When I make student loan payments, my lender counts almost all of my payment as interest, and very …
I’ll come right out and say it: I don’t think the student loan tax bomb is going to happen. The borrowers who earn forgiveness on an IDR plan probably won’t face the much-feared tax bill. Obviously, I’m not 100% certain about this prediction, but things are definitely trending in the …
