Tag: student loan delinquency

Student loan debt a huge burden for millennials

Posted on April 23rd, 2014

What’s keeping millennials up at night? It’s not just Netflix–it’s student debt.

NPR’s Morning Edition recently asked young adults, members of the millennial generation, what their biggest concerns were.

The results were telling: almost two-thirds responded that college debt was their biggest worry.

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Have a student loan with Sallie Mae? Be very afraid.

Posted on October 31st, 2013

Repaying your student loans shouldn’t be scary.

Unfortunately, the shady practices of some student loan servicers have got us spooked.

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Income-based student loan repayment plans underused by struggling borrowers

Posted on September 16th, 2013

"For federal student loans, there’s no reason why students should be defaulting...It’s unfortunate we have these good plans out there, but we just don’t do enough to help people get into them." -- Rory O’Sullivan

With outstanding student debt now topping $1.2 trillion, it’s extremely important for students to understand their repayment options and take advantage of relief programs to avoid defaulting on their student loans and hurting their credit. But according to ThinkProgress, students aren’t taking advantage of these programs. While one in eight student debtholders is in default, just three percent are enrolled in the income-based plans offered by the […]

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Millions of eligible borrowers not taking advantage of student loan forgiveness

Posted on September 6th, 2013

"We believe that people who contribute part of their talents, part of the benefits of their education, to society as a whole should not be mired in debt because they stir themselves to the calling of public service." -- Richard Cordray

Do you work in the public sector–perhaps in a school, hospital, or government office–and have student loan debt? You may qualify for student loan forgiveness and not even realize it. More than 33 million workers qualify to have their student loans forgiven because they work in public service, but too few take advantage of the […]

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American higher education’s “dirty little secret”

Posted on September 4th, 2013

"The dirty secret of American higher education is that student-loan interest rates are almost irrelevant. It’s not the cost of the loan that’s the problem, it’s the principal — the appallingly high tuition costs that have been soaring at two to three times the rate of inflation, an irrational upward trajectory eerily reminiscent of skyrocketing housing prices in the years before 2008." -- Matt Taibbi

President Obama’s recent signing of the bill to keep student loan interest rates low is a move in the right direction toward helping students afford college. But as we’ve discussed, it’s not enough. In the video below from Democracy Now, Rolling Stone editor Matt Taibbi discusses how the high price of U.S. college tuition is the real […]

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2013 Best Bang for the Buck Colleges

Posted on August 26th, 2013

We sometimes hear from students and parents asking if college is even worth attending in today’s era of astronomical costs and a still sluggish-economy. For many, college is a great investment that pays off in the long run by giving students opportunities to enter certain career field and make more money over their lifetimes. But for some people, it’s not worth the cost because they choose the wrong school, never finish their degree, or end up paying too much.

Instead of asking whether college is worth it, Washington Monthly argues that students and families should be asking themselves, “What colleges will charge people like me the least and give me the highest chance of graduating with a degree that means something in the marketplace?” So they created a formula to help college students and families figure it out.

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Infographic: Student debt in the U.S. by generation

Posted on August 25th, 2013

Ever wondered how today’s college graduates (and their student loan debt loads) compare to those of previous generations? This infographic from Manilla explores how tuition, college fees, and student loan debt have skyrocketed since today’s graduates’ grandparents went to school. Even adjusting for inflation, the cost of college, particularly at private universities, has gotten out of […]

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Millennials: a generation in debt

Posted on July 12th, 2013

After adjusting for inflation, students are borrowing twice the amount they borrowed a year ago. Congress’ recent neglect to keep student loan interest rates from doubling to 6.8% could cost students as much as $5,000 more over the next 10 years.

Scholarslip, an excellent documentary about the student loan crisis, explores the real stories of young people facing their student debt.

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Putting a face on student loan debt

Posted on June 26th, 2013

"Every decision I make is viewed in terms of, how am I going to pay this loan? Is this a good financial decision in light of the fact that I have to make this monthly payment?" -- Melody Bray

There are millions of student loan borrowers struggling to repay their college debt. In this interesting video from HLN TV, Clark Howard speaks with two real borrowers about how they got into debt, how they plan to get out and the advice they have for aspiring college students.

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Elizabeth Warren slams Republicans for failing to act on student loans

Posted on June 11th, 2013

"Have we become a people who will support our big banks with nearly free loans, while we crush our kids who are trying to get an education?...This is morally wrong, and we must put a stop to it." -- Sen. Elizabeth Warren

With federal subsidized student loan interest rates set to double from 3.4 percent to 6.8 percent on July 1 unless Congress acts, it’s crunch time for government officials to come to an agreement to prevent rates from rising. Sens. Jack Reed (D-RI), and Tom Harkin (D-Iowa) have co-sponsored a bill that would freeze interest rates […]

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