Newsletters

What Are the Benefits of Federal Student Loans?

Whether you are approaching the end of your high school career or are seeking higher education later in life, you will have to answer the question: Where will I find the money to ensure a successful career? The vast majority of people seeking a college education will look to loans as their means of getting their degrees. There are a variety of institutions that are willing to fund an individual’s college aspirations, but what types of loans are best for you? What are the benefits of federal student loans? Here is a short list. You do not need a credit history to obtain federal student loans. Whereas most private loans require some sort of credit history, federal student loans are available to any enrolled undergraduate that can demonstrate financial need. Federal student loans do not require a co-signer. If you are young and do not have much credit history, you…
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What Are My Options for Student Loan Forgiveness?

More than 44 million Americans owe $1.44 trillion in student loan debt. For many of these borrowers, they pay several hundred or even thousand dollars per month. Student loans can make it difficult to afford a mortgage, start a business or pay down other debts. However, borrowers with federal student loans may have several options to forgive or discharge their remaining balances. The Department of Education has several options for student loan forgiveness. If you are struggling to pay back your student loans, or if you want to explore options for loan forgiveness, then we encourage you to continue reading. How Does Public Service Loan Forgiveness Work? In 2007, the Public Service Loan Forgiveness (PSLF) program was passed by Congress and signed into law by President George W. Bush as a way to entice graduates with federal student loan debt to enter jobs in the nonprofit and public sectors. The…
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Tips for How to Stop Living Paycheck to Paycheck

Take Charge of Your Budget Starting Today Whether you work full-time or just graduated college and are entering the job market, you could still fall into the trap of living paycheck to paycheck. This is true for anyone, even people who have high incomes and/or are generally financially responsible. There are several reasons why someone could end up living paycheck to paycheck, including: Salary failing to keep up with rising cost of living Catastrophic injury or illness leading to medical debt Unemployment Divorce Unmanageable debt from student loans Collapse of the financial market leading to investment, retirement fund and savings losses How to Stop Living Paycheck to Paycheck Here are a few tips to help you regain control of your budget to get your finances back on track: Know Exactly Where Your Money is Going The first step is to examine your financial situation in detail, including facing all bills…
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Attention Graduates: Public Service Loan Forgiveness Can Wipe Out Your Student Loans!

Former graduates who are suffering with excessive federal student loan debt might be unaware of beneficial repayment options. In fact, we recently wrote a blog discussing why it is so important to know what student loan repayment options are available, and how it is wrong of loan servicers to hide this information from graduates. Graduates with federal loans (Direct loans) may also be unaware it is possible to enroll in multiple repayment programs. Among the most helpful repayment options are the Revised Pay As You Earn (also known as REPAYE) and Public Service Loan Forgiveness (PSLF) programs. How Does REPAYE Help Student Loan Payments? REPAYE was only recently introduced by the U.S. Department of Education to expand income-based repayment to 5 million borrowers. To help borrowers with excessive debt and low earnings, REPAYE caps monthly student loan payments at 10 percent of discretionary income. For borrowers who used loans for…
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