Author: Drew Cloud

Government Launches New Website for Borrowers

When it comes to student loan repayment, no option seems simple. Today, the total amount of student loan debt stands at $1.3 trillion and is essentially the highest form of debt in the United States. Many graduates feel that pinch, so it doesn’t help when so many options to pay it back aren’t clear. However, the Department of Education is currently working on an entirely new web portal. Announced last month, the goal of this portal is to simplify and consolidate all repayments into one place. This system will work both ways too, having a comprehensive management plan for...

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End of Social Security Garnishment in Sight?

An aspect of repaying student loan debt that’s not often considered is garnishment. Most often with wages, it’s also possible for Social Security benefits to be garnished as well. This applies to family members who might have taken out loans on someone’s behalf, but are locked in repayment. At an older age, such a financial strain can be overwhelming. Republican Patrick Murphy, however, has proposed the “Murphy bill,” which seeks to end garnishment of Social Security altogether. HR 3697, however, may have trouble getting down the pipeline, as if one form of payment disappears, another part has to make...

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Financial Playbook and Its Impact on Student Loans

It’s never a fortunate state of affairs when a college graduate has difficulty repaying their loans. It’s even worse when they can’t, and they go into default. And, unlike many debts, student loans don’t disappear, they’ll hound people unless the system changes. Perhaps one of the biggest shockers though is it doesn’t have to be that way for most. Indeed, analysts found that about seventy percent of individuals currently in default were qualified for affordable options before things went sour. Specifically, many were eligible for Income-Driven Repayment plans, which could easily have turned their monthly bills to $0. The...

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College Ave Runs Startling Financial Literacy Survey

A recent survey reveals startling news about financial literacy among college students which was run by College Ave, one of the new and upcoming private student loan providers.  Typically, college students are plagued with student loan debt; it is only normal given the cost of higher education.  This recent survey attempts to determine the actual financial knowledge of these young borrowers as nationwide student loan debt increases each year. First off, over half of college students say they made their decision based off of tuition pricing, so it is undeniable that the cost of higher education affects our life...

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Teacher Student Loan Forgiveness

There’s only so many ways one can relieve themselves of debt. In the realm of student loans for higher learning, options exist, but they haven’t really helped the $1.4 trillion total for borrowers who still owe. Hard to shake, and even with the various programs cropping up across the nation to help with this monumental number, not everyone can get relief. At the same time, not everyone has to face down decades of repayment. Loan forgiveness is one possible option when specific criteria is met. In this case, teachers and educators can look to forgiveness programs pending the mentioned...

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