According to the Department of Education, 7 million students in the U.S. defaulted on their college loans during the third quarter of 2014, with the average amount of loan default per borrower being $14,014.
As we’ve written previously, defaulting on your loans can have serious consequences–including damaged credit and having your wages garnished. And since student loans usually can’t be discharged in bankruptcy, many borrowers find themselves unable to repay their loans.
There are, however, ways to avoid succumbing to the peril of student loan debt and default. A recent CNBC article featured College Financing Group co-founder Rick Ross, who gave his advice about preventing student loans from taking over your life.
With the cost of college rising, more parents are beginning to look at the return on investment of where they send their children to college and evaluating whether schools are worth their high costs. As College Financing Group co-founder Andy Leardini told Buffalo Business First in a recent article, the college decision has become like […]
Four years at college is pricy enough, with the average cost of one year at a 4-year private university topping $40,000 and $18,000 at public universities. Over the course of four years, those costs really add up. But the majority of American college students doesn’t even finish their degree in that time, according to a new report […]
Given the consistent rise in the cost of college over the past two decades, it’s no secret that student loan borrowing and student debt are at all-time highs.
As you might expect, the percentage of students from low-income families who take out student loans to pay for college is greater than their higher-income counterparts, with 77% of low-income students borrowing for college in 2011-12 vs. 50% for high income students.
However, according to Pew Research Center, the rate at which students from more affluent families are borrowing is increasing faster than that at which low-income students are taking out student loans.
As parents of college-bound students know, applying to college is more than a financial decision–it’s an emotional one as well. Our founders Rick Ross and Andy Leardini recently appeared on Winging it! Buffalo Style to discuss the challenges families and students face when choosing a college and figuring out how to pay for it. Taking the emotion […]
As college students know, buying textbooks can add thousands of dollars to your college bill before you’ve even taken a class.
While textbooks are often a ‘necessary evil,’ they don’t have to put you even further into debt.
Watch this video from WWLP, and read our tips below for 7 ways to save money on college textbooks.
Reducing college costs doesn’t just happen once the kids have already been accepted. Planning early is the best way to reduce your college costs later on.
In this video from THV11 News, Little Rock Family Magazine editor Heather Bennett shares her five best to reduce college costs while your student is still in high school.
Check out our tips and watch the video to find out more.
While college costs have increased rapidly over the past few decades, financial aid, grants and scholarships have increased significantly as well. In fact, at some colleges, these tuition “discounts” have been so large that colleges are struggling financially, Jon Marcus reported in a recent Hechinger Report article. College costs are up, but so is financial aid According […]
College costs have gotten out of control, but rarely do you hear a college administrator take responsibility for rising costs. Instead, they announce tuition increases with promises that they’ve “increased financial aid.” But Mitch Daniels, President of Purdue University, isn’t like most college administrators. In a recent appearance on CNBC, he blamed colleges themselves for […]
The general consensus among the public is that the cost of college has risen dramatically over the past few decades. We’ve reported how much the rise in college tuition has outpaced gas, cars and any other household item that the government tracks. According to the government, college tuition and fees have risen a shocking 107 percent since […]