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The term income-driven repayment plan is somewhat misleading. Many borrowers assume that they have to have a job with an income in order to make payments based upon how much money they earn. Fortunately, plans like Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn …
Article updated 7/11/20 to include the latest interest rate and new customer bonus information. Two of the top names in student loan refinancing are SoFi and CommonBond. Both lenders fall firmly into the fin-tech category of lenders. Borrowers should expect a quick and easy process compared to working with a …
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, …
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 …
Smart borrowers are always looking for opportunities to save money on student loan payments. One common reader question looks something like this: I owe $15,000 on my student loan. If I’m able to pay my lender a lump sum of $10,000 now, is there a way to get them to …
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 …
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. …
I recently received two letters in the mail promising “total loan forgiveness,” lower interest rates, and $0 per month student loan payments. The company behind the letters did a good job making them appear to be legitimate. They knew my total federal balance, they had my name and address, and …
Article updated January 6, 2020, to reflect the latest interest rate information. When this site first reviewed SoFi back in March of 2014, readers wanted to know if SoFi was legitimate and how student loan refinancing worked. Over the years, refinancing has become far more common, and SoFi has grown …
Student loan repayment can get complicated for married couples. If you are on an income-driven student loan repayment plan, such as IBR or PAYE, how you file your taxes can have a huge impact on your monthly payments. File jointly, and your spouse’s income affects how much you pay. However, …
