Below you'll find a list of all posts that have been categorized as “Strategy”
Covid-19 has had a profound impact on many aspects of our lives. Managing student loans is no exception. This week we have already taken a look at how Coronavirus could impact student loans as well as what we can expect from Trump’s recently announced interest rate freeze. The fast-changing economic …
On Friday, March 13, President Trump announced that he was pausing student loan interest “until further notice” to help support a slumping economy. At this point, many of the details are still being worked out. The Department of Education is awaiting instructions from the White House while the nine federal …
Editor’s Note: This article has been updated on March 14, 2020, to include information about President Trump’s plan to pause all interest on federal student loans. Coronavirus is, first and foremost, a major health and safety concern. On a daily basis, new cases of the life-threatening disease are reported in …
Americans owe nearly two trillion dollars in student debt. Many borrowers end up spending hundreds or even thousands of dollars per month in student loan interest alone. It is for this reason that many wisely choose to pay off their student loans aggressively. This aggressive approach is the recommended strategy …
I’m not a fan of having cosigners on loans. It is a huge commitment for the cosigner, and if the borrower runs into trouble, it can destroy a close relationship. Lenders like to advertise cosigner release programs, but they have almost no incentive to grant a release, and securing the …
When a close friend or family member passes away, student loans are an afterthought. Unfortunately, the death of a loved one who cosigned a student loan can have negative consequences on the borrower, even if the borrower has never missed a payment. The good news is that these issues are …
Generally speaking, once a student loan consolidation or refinance is complete, there is no going back. Fortunately, there are a couple of bits of good news for borrowers concerned they made a mistake: There are many steps required before a consolidation or refinance is final. Even though there isn’t an …
Editor’s Note: This article was originally published on February 8, 2014. It has been updated on January 22, 2020, to reflect up-to-date lender practices and edited for clarity. With interest rates at low levels, I decided to see if I could lower the interest rate on my existing auto loan. …
Editor’s Note: The following article was written by Accredited Financial Counselor Todd Christensen. Any opinions expressed in this article are those of Mr. Christensen. If you were enjoying your 2019 end of year holidays (meaning, you were not watching the news or following politics), you likely missed the signing into …
Editor’s Note: This article has been updated on January 16, 2020, to reflect Senator Warren’s plan to forgive student debt without Congressional approval. Now that Bernie Sanders and Elizabeth Warren have both proposed massive student loan forgiveness, it introduces a complicated situation for borrowers. Traditionally, paying off student loans aggressively …
