Public Service Loan Forgiveness (PSLF) is a fantastic program is you can qualify for it. PSLF forgives the remaining balance on your federal student loans if you meet certain requirements, which include working full-time in a public service position while repaying your student loans.
The program is in danger of being cut in President Trump’s latest budget. However, this change would only apply to student loans taken out on or after July 1, 2021. Therefore, if you’ve been making payments under this program up to this point, you are still eligible.
College-bound students will be receiving their financial aid packages within the next couple of months — and many of them will come with student loans.
But many students — even those already attending college — don’t really understand how student loans work. That’s despite nearly 70% of students graduating with student debt.
Most people understand that student loans come with interest — which can add several thousand dollars onto the life of the loan, especially if you extend out your payments.
But many people don’t realize that federal student loans also come with origination fees, much like mortgages or car loans, which can add significantly to student debt totals.
Student debt continues to be a major issue for college students and graduates in the U.S.
U.S. total student debt is now over $1.4 trillion, and the average debt for a college graduate in 2016 was $37,000. And 44 million Americans now have student debt to their name.
The video below gives tips on how student loan borrowers can avoid falling behind on their payments. It also explains why millennials should be saving for retirement even if they have student debt.
The second post in our student loan refinancing companies series focuses on Credible, a student loan refinancing marketplace that gives you access to multiple lenders with just one application.
Credible doesn’t do any lending itself, but rather aggregates personalized offers from different lenders, including banks and online companies. This allows you to apply for refinancing with multiple lenders all in one place.
With private student loan interest rates on the rise, and the high cost of college forcing many students and parents to take on debt to pay for college, student loan refinancing has emerged as an option for borrowers to reduce their interest rates (depending on their credit score) and save money on repayment.
Find out why you should consider refinancing your student loans, and learn about SoFi, one of the best-known student loan refinancing companies.
Many of the statistics on student debt in America are shocking — and it’s only getting worse.
National student debt has surpassed $1.3 trillion and is growing by the second.
With the average college student graduating with over $37,000 in student debt in 2016, the trend will only continue.
With college costs higher than ever before, and families taking on more debt to pay for college, some students have sought alternative routes to finance their education.
Some students are now using income-share agreements, or ISAs, to help pay for college. With an ISA, students get money from investors and they agree to pay a percentage of their future income to those investors over a set period of time.
Finding a job right after graduating can be tough. And for graduates with student debt, there’s added pressure to find a job and make enough money to afford student loan payments once their grace period has ended.
Luckily for college graduates in New York state, there’s a new student loan forgiveness program that makes it easier for them to adjust to life after college–without having to repay their student loans.
Wondering what to get the millennial in your life this Christmas?
Consider giving them something they probably need: a gift toward their student loan payments.
According to MarketWatch, a new site called LoanGifting allows family, friends and others to make payments directly toward someone’s student loans.