The most common student loan scams involve paying fees to consolidate or to get forgiveness, law firms and lawsuits, and trying to eliminate your loan debt.
I’m a firm believer that you shouldn’t lend money to anyone for a personal reason. Lending to a business is an investment, and should be treated like an investment, but lending to a friend or family member is different, and should not be treated as an investment. The reason this topic comes up at this […]
Student loans can be a great investment in your future, or can be a huge burden if not fully thought out or abused. If you currently have a student loan or are thinking about getting student loans, you should know that student loans CANNOT discharged in bankruptcy (in most cases). This means that they will […]
Investing student loans has been a hot button issue for many years. At the peak of the stock market in 2006, it was a commonly held belief that investing student loans was a wise and safe decision.
Over the last several weeks, I’ve had 2 different readers reach out about student loan consolidation. Both of them were going down a scary path with not very reputable student loan consolidation companies. In fact, one company was simply a student loan scam. We’re going to talk about the right and wrong way to go […]
Repaying student loans is an essential component of your financial future. We are all well aware of the growing animosity towards student loans, but the fact remains that they may be a necessary evil for many people. That’s why we created the free Definitive Guide to Student Loan Debt. It’s important to also remember that, in moderation, […]
When we think of investments, stocks and bonds are usually the first things that come to mind. But what about investments in human capital? Human capital usually refers to the knowledge or information you’ve acquired over a certain period of time. Most people do most of their investing in human capital early on in life: […]
Recently I wrote about managing your student loan repayment. Unfortunately, this process can be more complicated than it should be, and it becomes even more complicated when you are faced with multiple repayment strategies. In recent years, the U.S. Government has unveiled new student loan repayment options aimed at easing the financial strain of individuals […]
Talk to just about anyone who is currently repaying their student loans and they will likely tell you that there are lots of things they didn’t know or wished they would have done differently when they got their student loans. One of the most popular misconceptions about student loan debt is that it is “good […]
You might have heard people asking, “Should I refinance my home now?” You might wonder if you should actually think about the same thing yourself. Read on to see if you actually should refinance your home. First, refinancing your mortgage is process of replacing your existing mortgage loan with an absolutely new one. The new […]
When looking at the total cost of your student loans, there are many factors to consider. Most student loan calculators assume that the loan will be repaid in equal monthly installments through standard amortization. Therefore, the results are not accurate for some alternate repayment plans, such as graduated repayment, or income contingent repayment. It is […]
If you follow my blog, you know that I can’t stand my student loan servicer: FedLoan. This company was contracted by the Department of Education to administer student loans that were bought by the government during the height of the financial crisis. Well, they are total screw-ups, and you can read my original post about […]
Late last week, the government deficit reduction commission laid out several areas that will be the focus of cuts to lower the government debt. The plans include ending tax breaks, changing taxes, cutting programs, and changing key U.S. programs that many Americans have come to rely on. Some key highlights include: – Cutting $100 billion […]
It is estimated that students who graduated in 2009 carried an average of $24,000 in student loan debt, according to The Project on Student Debt. This was an increase of 6% compared to years prior. The scary part is the majority of these students are graduating in one of the worst economic times in years, […]
Recently, I had a great idea to get out from at least one of my student loans and into a better deal! The loan I want to get rid of is a Stafford Loan that currently is at 6.55%, and has a balance of about $10,000. It is at FedLoan, which you can read more […]
As you may of read in my previous post about why FedLoan Servicing is the Worst Student Loan Servicer, I have a big beef with this company. To add insult to injury, I was trying to update my accounts at Mint.com, and FedLoan is unable to be added as an account. I was able to […]