The average individual with a Masters in Social Work has around $68,000 to $76,000 in student loan debt. If you’re in the same boat, you’re not alone. To relieve the burden of student loan debt, consider pursuing loan forgiveness for social workers. Many federal forgiveness programs support individuals who work in public service, including social …
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Being a military spouse requires a level of sacrifice some may never understand, and oftentimes placing your career on hold is one of them. While sometimes necessary to keep up with a life of frequent moves, it can create additional challenges when it comes to paying off student loans. That’s why it’s important to know your …
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If you owe more than 6-figures in student loans, you may feel overwhelmed by your debt. However, you’re not alone. In 2021, there were around 900,000 borrowers who owed $200,000 or more in student loans. If you want to learn how to pay off $200k in student loans fast, you’re in the right place. Keep …
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With President Biden’s student loan forgiveness program dominating news headlines as the federal courts debate the legality of his debt relief plan, you may be wondering, “What is student loan forgiveness?” If that’s the case for you, you’re in the right place. Keep reading to learn about what student loan forgiveness is and what programs …
While there are both drawbacks and benefits of paying off student loans early, the decision ultimately depends on your financial priorities and standing. Should I Pay Off Student Loans Early? Ask yourself the following questions: #1: Do you have at least 3-6 months’ worth of emergency funds? Having a rainy-day fund that can last you …
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The total student loan debt, between both federal and private loans, is $1.75 trillion. If your debt is contributing to this total, it’s time to pay it off. Whether you borrowed private loans, federal loans, or a mix of both, deciding which student loans to pay off first can be difficult. However, it’s important to …
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According to the Education Data Initiative, around 15% of student loans are in default at any given time. If you are in student loan default, it’s understandable to feel overwhelmed and discouraged. However, don’t lose hope. There are many ways to financially recover from it. Jump Ahead > What is Student Loan Default? • What Happens …
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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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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 …
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Managing many student loan payments at once can be very difficult. That’s why student loan consolidation sounds so enticing. You can streamline your payments into one and make it easier on yourself. It sounds like the perfect solution. However, it’s essential to think about student loan consolidation pros and cons. Before you start the application process, …
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According to an Education Data report, the average student loan debt is around $39,351 per borrower. As a result, it can be hard to make the average student loan monthly payment. If you’re currently experiencing this and are trying to figure out how you can cut costs, you’re in the right place. Lucky for you, …
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When paying for college, a few thousand here and there might not seem like much. But overtime, it adds up quickly. And, with more expensive programs and advanced degrees, it’s hard to dodge the colossal tuition bills. If you’re staring at a student loan balance of over $200,000, you might be feeling overwhelmed, and rightfully …
With college attendance costs going up, Parent PLUS Loans are a great way for you to help your children attend an affordable school. However, the downside is these loans can become difficult to pay back over time. What can you do then? Transfer the Parent PLUS Loan to the student. But, how can you do …
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Late last year, the Department of Education released findings that highlighted the growing trend in which loans are prolonging. In fact, the average time it takes for a student to repay their student loans is now 20 years. As a student, you should be aware of the current circumstances and understand what the averages are …
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The average student loan debt for college graduates is around $37,000, though the average student loan debt for engineers varies based on the type of engineering that you study. If you plan to pursue a degree in engineering, it’s important to look ahead into the post-graduation future. To do so, consider factors like the average …
According to Forbes, the average student debt per person is $28,950. That’s a lot of debt. Student loan debt like that can make it hard to make ends meet. Fortunately, there are so many ways to pay off your student loans. Some of them may even surprise you. To help get you started, we’ve made …
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Both PAYE and REPAYE are great, affordable repayment options for federal student loans. If you’re here, then you’ve probably heard of both. The problem is you’re not exactly sure what the difference between the plans is or which one to choose. In the epic battle of PAYE vs REPAYE, we’re here to help. Let’s get …
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Student loan forgiveness allows for all, or a portion, of your student loan debt to be removed. Yes, you read that right. All of it, gone with the click of a button. While the idea of having your student loan debt wiped out forever sounds dreamy, it isn’t that simple. While most federal loans qualify …
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Back in 2013, the federal government removed the borrowing limits for Parent PLUS Loans. This meant parents could take out the full amount of their child’s college education in Parent PLUS Loans, which ultimately led to increased Parent PLUS loan debt. In fact, the average Parent PLUS Loan debt is around $29,600 according to a …
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If managing your student debt is becoming a challenge, you aren’t alone. As a veteran or active duty service member, there are various options to help you manage your student loan debt such as military student loan forgiveness programs. Here are some of the best military student loan forgiveness programs you should know about. Military …
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Nurses are not exempt from the national student loan debt crisis. On average, nurses graduate with a median student debt of $40,000 to $54,999. For this reason, many nurses turn to student loan forgiveness programs to ease the burden of their unpaid nursing education debt. There are many available nurse loan forgiveness programs, but they …
Teaching is a noble profession to go into. Yet, recently, there has been more attention on problems teachers face with some of the biggest being high student debt but low salaries. In fact, the average teacher’s salary is around $54,842 per year. But, the National Education Association reports that nearly half of all educators still …
With the way prices are rising right now, it can be hard to make your monthly loan payments. In situations of severe financial distress, you can pause your monthly payments with student loan forbearance. At least for a little bit, giving you time to regain financial stability so you can start making payments again. If …
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About 30-40% of undergraduate students take out federal student loans each year. Over the years, these loans can start to pile up, making for a hefty monthly payment once repayment starts. If you are in the market for a more affordable repayment plan for your federal student loans, consider an income-driven repayment plan. In this …
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The idea of an employer giving you extra money to pay off your student loan debt may seem too good to be true. But in fact, around 17%1 of employers offer student debt assistance and another 31% plan to offer it in the future. Regardless of how much you owe, an employer throwing extra cash …
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Paying back your student loans can be a hassle. Do you know what can make them less of a hassle? Refinancing! Maybe you’ve heard that term before but aren’t actually sure what it means. Let’s go over it. What Does It Mean to Refinance a Student Loan? When you refinance your student loans, you’re agreeing …
Every student’s biggest fear when it comes to private student loans is not qualifying. Having a cosigner can help prevent that. The thing is you may not want a cosigner for the entire life of the loan. In that case, you’ll want to check with different lenders to see who offers a cosigner release policy. …
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Before even starting college, you’ll imagine all the things that you can do with your degree. But then it hits you: student loans. The great news is that student loans include grace periods that give you time to plan before it’s time to pay. In this article, we’ll dive into what a student loan grace …
Forgetting to pay a bill, especially your student loans, can be scary. Automating your payments is an easy way to help you keep track of your student loans and never miss a payment. However, did you know that autopay can also save you money? In this post, we’ll dive into what autopay is, the potential …
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Imagine you’re shopping around for student loans. You can’t seem to make a final decision on which to get because the interest rates are confusing. Understandably, you have a lot of questions. What are they? How does it affect your payments? And most importantly, what’s a good interest rate? Let’s go over it. What Is …
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In October 2021, the U.S. Department of Education announced changes to the Public Service Loan Forgiveness Program (PSLF), adding a temporary period in which borrowers are able to receive credit for payments that did not qualify for this program in the past. With the new changes to the program, over 100,000 borrowers now qualify for …
If you’re considering taking out a private student loan to fund your education, it’s important to carefully review and compare the repayment terms offered by different lenders. Private student loan repayment terms can vary widely and can have a significant impact on the total cost of your loan, as well as your ability to manage …
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Sparrow partners with financial institutions to provide students and their families with a streamlined search and comparison process that helps borrowers find the best private student loan offers in minutes. We believe transparency is key to earning and maintaining borrowers’ trust. That’s why we take who we partner with seriously. The lenders that borrowers choose …
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You may have heard the news – the federal student loan forbearance period has been extended again until student loan forgiveness litigation is resolved or debt is forgiven. If you’re feeling out of the loop after reading that, here’s a quick recap of how we got here: COVID happened (no further explanation needed) Loan …
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The bad news: Unfortunately, there’s several mistakes we see students make when dealing with their student loans. The good news: We’ve compiled them into a list with steps on how to avoid those mistakes so you don’t make them. Here we go! 1. Borrowing Too Much Money These aren’t in any specific order, but this …
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The longer your loans sit, the more interest accrues. The more interest that accrues, the more your overall debt grows. The more your overall debt grows, the larger your payments. (You see where this is going…) Here’s a comprehensive list of things you can do to pay off your student debt faster, helping you save …
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An Annual Percentage Rate, or APR, is the interest rate applied on a student loan for the whole year. This number may differ from your interest rate because it takes into account any fees associated with your loan.
Even thinking about your student debt can be overwhelming, but knowing how you’re going to pay it off is important. Let’s review the 3 main strategies for paying off debt and their general effectiveness. 1. (Least Effective) The Shotgun Approach The Shotgun Approach is where you pay just a bit more than the minimum payment …
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Forbearance, deferment, and forgiveness all have some element of not making payments on your student loan. If deciphering the difference seems a bit challenging, read on as we break it down! What is Loan Forbearance? Loan forbearance provides you the opportunity to suspend loan payments temporarily for no more than 12 months at a time. …
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You make a loan payment. The total debt goes down. Then you come back the next day. The loan amount is back up to where it was before your payment. Having some deja vu? This is because of interest. Let’s break down what interest is, how it works, and why your total loan balance may …
Federal student loans have various repayment options. While the best repayment option for any loan is the one you can commit to paying consistently and on time, there are options that will allow you to pay less interest or less money overall. Standard Repayment The standard payment plan is available to all borrowers and is …
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Your student loan debt increases every single day because interest compounds daily. If you are looking to pay off your debt faster, making monthly payments won’t be most effective. Here’s two simple hacks that can help you pay off your student debt faster. You’re Paying Off Your Debt Inefficiently If you’re making monthly payments on …
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During his 2020 presidential campaign, President Joe Biden emphasized time and time again his plan to cancel student debt. This has sparked a conversation about what this really means and whether or not we should actually do it.
Let us all take a moment of silence to thank our student loans for getting us through college. How could we ever repay them?
