The Future of Student Loans: Predictions on Forgiveness, Free Tuition and Repayment Plans
After nearly a decade of closely watching student loan news and developments, I think some changes are on the horizon.
There is a long list of resources to knock out federal and private student loans. For many borrowers, the ideal approach will be a combination of some of the programs below.
If you are brand new to student loan repayment, this guide is a helpful starting point.
After nearly a decade of closely watching student loan news and developments, I think some changes are on the horizon.
Student loan prepayment comes with many advantages, but there are a few downsides that borrowers should understand.
Parent PLUS loans are legally the responsibility of the parents, but there are many different ways children can help with repayment.
Automatic student loan payments help avoid late fees and offer an interest rate discount, but auto-debits also come with some major risks.
Private loans are usually worse than federal loans. Getting a lower federal payment to free up cash to eliminate the private debt is often a smart move.
You don’t have to work for the government or a non-profit to get student loan forgiveness. Options exist for private sector employees too.
Servicer mistakes are sometimes a part of life with student loans. Most errors can be easily resolved with minimal effort.
Income-driven repayment plans are usually the best option for federal borrowers, but some circumstances justify a change in strategy.
Dealing with loan servicers is a hassle, but dealing with a default is even worse. Because borrowers can sign up for $0 per month payment plans, default is avoidable.