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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 …
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 February 5, 2020, to reflect the latest available interest rate information and a new customer promotion of up to $500. One of the newer names to enter the student loan refinance marketplace is Splash Financial. Splash Financial first entered the student loan refinance business as a lender focusing …
Private student loans should come with a warning label. For many borrowers, student loans are a necessary tool in the pursuit of the American dream. Used properly, student loans can be an excellent investment in the future. The problem with student loans is that things don’t always go as planned. …
The Pay As You Earn repayment plan is the federal student loan repayment plan that has the lowest required monthly payments for most borrowers. It also is the plan that has the best student loan forgiveness program. Pay As You Earn (PAYE) requires borrowers to pay 10% of their discretionary …
