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 …

Using a Refinance or Consolidation to Simplify Bill Payments is Dumb

Michael Lux Blog, Opinion 0 Comments

Both federal student loan consolidation and private student loan refinancing have significant advantages. These two processes can easily save borrowers thousands of dollars when done correctly. However, both federal consolidation and private refinance come with significant risks. The potential dangers are part of the reason that I hate to see …

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 …

How to Prepare Student Loans for a Possible Bernie Sanders Presidency

Michael Lux Blog, Student Loans 0 Comments

Though we are early in the Democratic primary process, at this point, Bernie Sanders  the frontrunner to secure the Democratic nomination. For many student loan borrowers, this comes as an exciting development. Bernie Sanders has promised to eliminate all existing student loans — both federal and private. Sanders may have …

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Do I Pay Off My Loans or Wait for Forgiveness from Sanders or Warren?

Michael Lux Blog, Strategy 1 Comment

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 …