The Impact of the Federal Interest and Payment Freeze on Loan Forgiveness (UPDATED)

Michael Lux Blog, News, Strategy 0 Comments

Editor’s Note: This article was originally published on August 10, 2020. It has been updated to include new guidance provided by the Department of Education. The Coronavirus pandemic has caused the federal government to take unprecedented steps to help borrowers manage their debt. In March, the CARES Act became law, …

The Federal Government will Probably Extend the Interest Rate Freeze (Updated)

Michael Lux Blog, Opinion 0 Comments

Editor’s Note: This article was originally published on June 29th, 2020. It has been updated to reflect the latest positions advocated by Democratic and Republican leadership as well as President Trump’s August 8th, 2020, executive order.  As part of the financial relief during the Coronavirus epidemic, interest rates on most …

Financial Planners: Student Loan Guidance for Your Clients During Covid-19

Michael Lux Blog, For Financial Planners 0 Comments

Guiding student loan borrowers through the financial crisis presents financial planners with several challenges. Borrowers may have the chance to take advantage of lower interest rates, but some of these strategies come with additional risks. Most planners should be able to direct their clients to options that take advantage of …

Multiple Student Loan Refinance: the Costs, the Lenders and How to Avoid a Mistake

Michael Lux Blog, Strategy 0 Comments

Refinancing a refinance student loan might sound redundant, but it is an excellent way for borrowers to eliminate debt more efficiently. Not all borrowers should try to refinance their student loans a second time, but in many circumstances, the permitted extra refi can save a bundle and provide some financial …

College Parents: Five Financial Tips to Get Your Student Ready for the 2020-2021 School Year

Michael Lux Blog, Strategy 0 Comments

Funding a college education has always been a source of stress inside college families. Navigating the FAFSA and tracking down the right mix of scholarships, grants, and loans can be a time-consuming endeavor. For many, the growing cost of higher education has represented a significant hardship. Adding COVID-19 and the …

Is it a Mistake to Refinance Student Loans During the Coronavirus Pandemic?

Michael Lux Blog, News, Strategy 2 Comments

Covid-19 has had a profound impact on many aspects of our lives. Managing student loans is no exception. The fast-changing economic conditions have had a significant influence on the student loan refinance process. Due to these changes, many borrowers may want to delay refinancing their student loans, as it could …

Trump Freezes Student Loan Interest: The Details We Know So Far

Michael Lux Blog, News, Strategy 0 Comments

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 …