As the economy tanks and employment skyrockets, the number of former students struggling to pay off their student loans is likely to grow, too. While failure to repay any debt can have serious consequences, not making payments on your student loan is especially grave. Here's a quick primer on what it means to default on student loans -- and how to avoid it. What does … [Read more...] about What Happens When You Default on Your Student Loans?
Student Loans Info
To Borrow or Not to Borrow that is the Question
Student loans are a wonderful and useful tool that you can use to support your college education. The problem is, many students and parents are borrowing to fill in their lifestyle gap and that is not what it was meant to do. Do not borrow more than you absolutely NEED to go to college. On the other hand, you need to borrow enough that you can reduce the hours you work … [Read more...] about To Borrow or Not to Borrow that is the Question
How to Reduce Your Student Loan Burden
Conventional wisdom has always held that student loan debt is "good debt". Meaning it is debt taken out for a long-term investment - like a mortgage on your home, which will pay dividends in the future. What kind of dividends? Well, we know, for example, that college graduates make an average of one million dollars more over their life-time than non-college … [Read more...] about How to Reduce Your Student Loan Burden
How to Take Advantage of Student Loan Forgiveness Programs
If you are recent graduate, stressed out about paying back student loans and wondering how you are going to make this all work, student loan forgiveness may be an excellent option for your financial future. There are a vast number of these loan forgiveness programs, from the military to service-type careers to volunteering positions. The idea is that the organization or … [Read more...] about How to Take Advantage of Student Loan Forgiveness Programs
Congress Debating Student Loan Bankruptcy Law
A new law to make private student loans eligible for discharge in a bankruptcy is being debated by the U.S. Congress. It is stands right now, no student loans -- neither federal nor private -- can be discharged in a bankruptcy. Unlike home loans, car loans and credit card debt, so-called "education loans" are exempt from bankruptcy laws. But private student loans, which … [Read more...] about Congress Debating Student Loan Bankruptcy Law