Author: Jamie Johnson

The College Budget-Buster: Cost of Living Expenses

A recent report by KQED found that incorrect estimates for living expenses often leave college students scrambling. When students enroll in college, the school gives them a breakdown of what they can expect to pay for their tuition, fees, and basic living expenses. But many new college students are surprised to find that the actual cost of living expenses are not what they had anticipated.That’s because the many colleges provide incorrect estimates for the cost of living expenses. Experts say this is a real problem in areas with very high costs of living.Incorrect estimates affect students’ ability to budget for...

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Student Loan Delinquency Rate Falls as the Economy Improves

According to the New York Federal Reserve, the student loan delinquency rate has fallen to 9% from 11% in 2013.Student loan debt is overdue at a higher rate than any other type of consumer debt but it’s getting better, according to new data from the New York Federal Reserve. Almost 9 percent of student loans were overdue by 30 days or more, which is a drop from 11 percent in 2013. This is likely due to an improved economy and more jobs being available to borrowers after graduation, the Financial Times reported.However, at over $1.5 trillion, outstanding student loan...

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Report Reveals How Borrowers Recover After Federal Student Loan Default

A report completed by the American Enterprise Institute looked into what happens after student borrowers default on their loans. About a million borrowers default on their student loans every year. And there is a lot of data about what type of borrower is most likely to default on their loans or what the most common causes of default are. But there isn’t a lot of existing data on what happens after borrowers default on their loans.A report from the American Enterprise Institute examined exactly that, and many of the findings were surprising. Overall, the report found that there is no...

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Wells Fargo Might Tap Into the Federal Student Loan Market

According to a Bloomberg report, Wells Fargo is looking into offering refinancing on federal student loans. Wells Fargo might begin offering refinancing on federal student loans. The company sees this as a good way to jump-start a relationship with college-age consumers, according to a Bloomberg report.The company currently only offers private student loans and private student loan consolidation – and federal loans cannot be included in the consolidation. Borrowers who have multiple private student loans through Wells Fargo can combine them into one larger loan.John Rasmussen, head of personal lending at Wells Fargo, told Bloomberg that the bank hasn’t made...

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New App Lets Students File Their FAFSA From a Mobile Phone

My Student Aid, a new app being launched by the Department of Education, should help students fill out the FAFSA. The Department of Education will launch the beta version of a new app called My Student Aid on Aug. 15, which will finally allow borrowers to fill out the Free Application for Federal Student Aid (FAFSA) through their mobile phones. The department expects the app to be fully functional by Oct. 1.This is part of the Department of Education’s promise to simplify the student loan process for students and families.Students who fail to fill out a FAFSA could miss out...

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