Now that you’ve been accepted into college, it’s time to figure out how you are going to pay for your education. As you sift through your financial aid packages, it may be confusing to differentiate between the different types of financial aid you were offered. In this article, we’ll cover everything you need to know …
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Borrowing federal student loans is a popular, oftentimes necessary practice to finance the cost of college. In 2022, 43.4 million borrowers carried federal student loans. Applying for federal student loans is fairly simple – all you need to do is submit the Free Application for Federal Student Aid, and the U.S. Department of Education determines …
On August 24th, President Joe Biden announced his comprehensive student loan relief plan, complete with up to $20,000 in student loan forgiveness per eligible borrower. Now, as the application is nearing its release, it’s time to prepare. Here’s what you should do before the application comes out to make sure you’re ready. Stay Updated on …
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President Biden’s student loan forgiveness will relieve federal student loan debt for qualifying borrowers. Now, it’s just a matter of figuring out which loans are eligible for cancellation and when student loan forgiveness will materialize on borrowers’ accounts. While detailed information about student loan forgiveness is yet to be released, here’s what we know about …
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Under President Biden’s latest student loan relief actions, millions of borrowers can receive a refund of any student loan payments made since the forbearance. In fact, according to Federal Student Aid (FSA), “[borrowers] can get a refund for any payment (including auto-debit payments) you make during the payment pause (beginning March 13, 2020).” Now, many …
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On August 24, President Joe Biden announced broad student loan relief actions, forgiving up to $20,000 in federal student loan debt for eligible borrowers. While the much-needed relief has been celebrated by many, it’s left others —especially married couples— somewhat in the dark. Here’s what married couples need to know about student loan forgiveness: To …
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As an adult, your credit score matters quite a bit. Whether you’re seeking approval for an apartment, a mortgage, or a car loan, your credit score will be utilized in various important life stages. If your student loans seem to be bringing down your score, you may be wondering how to remove student loans from …
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President Biden’s recent student loan forgiveness actions are a win for many borrowers. However, as the relief gets closer, many are left wondering whether the discharged debt will be considered taxable income. This isn’t a new concept. In fact, discharged indebtedness has been classified as taxable income for years. However, the unprecedented nature of broad …
The short answer is… parents should start saving for college as soon as possible. Nonetheless, figuring out how much to save for college and when to start can be confusing. The answers aren’t always crystal clear. However, saving for college is a massive undertaking that requires a strategic savings plan to reach your goals. If …
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So, your kid is going to college? That’s great! Yet, as great as it is, you are a little worried. How are you going to afford the college tuition? Or the living expenses? You want to take out a loan. If you have bad credit, this process can be more difficult. However, there are many …
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On August 24th, 2022, President Biden released his comprehensive, wide-scale plan for student loan forgiveness. This student loan relief package has nearly $4 billion dollars in aid and is the largest student loan forgiveness package to date. The three-part package was designed to lift the financial burden of student loan debt for millions of Americans, …
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Starting the conversation about paying for college isn’t always easy, especially if you anticipate being met with one big eye-roll. While tough to navigate, it’s an important discussion to have. If you’re not quite sure where to start, here’s a quick guide on how to have the student loan conversation with your child. Start the …
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If you’ve borrowed a student loan to fund your college education, you may be curious about the impact it could have on your credit score. Like other installment loans, student loans can both help and hurt your credit. If you’re diligent about making payments on time, it may give your score a boost. If you’re …
College is expensive, but that doesn’t mean you should accept every last bit of financial aid. Now I know, that probably sounds counterintuitive. I mean, who wouldn’t use all the offered financial aid?! However, there are many instances where financial aid can actually be detrimental rather than helpful, so knowing when to decline certain financial …
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If you’re studying in California, where 20% of discharge applications come from, student loan discharge programs may be familiar to you. However, the majority of borrowers haven’t heard of them. While student loan forgiveness programs are more well-known, student loan discharge programs are another great way to have your student debt wiped from existence. So, …
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It’s the talk of the nation. The Biden Administration announced that it will be forgiving billions of dollars in student loan debt. While this news is exciting, it’s a little nerve-wracking at the same time. You might wonder if you even qualify for student loan relief based on the requirements. What even are the requirements …
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Congratulations on your child’s admission to college! The journey isn’t quite over yet – now, it’s time to explore the options you have for paying for the education. Between federal student loans and private student loans, the decision can be difficult to make. Each loan type caters to different individuals, so it’s important to understand …
Continue reading “Parent PLUS Loans vs Private Loans: Which is Better?”
Making that last debt payment can feel liberating. The balance finally hits zero, and a weight is lifted off your shoulders. While an incredible accomplishment, you may notice a drop in your credit score, leaving you to feel quite defeated. It’s normal to wonder, “Why has my credit score dropped after paying my student loan? …
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Since 1980, the cost of a college education has nearly tripled, even after adjusting for inflation. Yet, federal aid hasn’t kept up. So, during his presidential campaign, Joe Biden promised to cancel $10,000 of federal student loan debt per borrower. In August, he followed through with his promise, announcing up to $20,000 in forgiveness for …
Continue reading “What to Do if You Don’t Qualify for Biden’s Debt Relief”
