Author: Drew Cloud

Forbearance & Deferment Guide

Let’s face it – sometimes it is difficult to pay back your student loans right away when you graduate or drop out of college. When this happens, you may struggle to make the required payments on your account and it may stress you out. If you are having trouble affording the payments, you can apply for a deferment or forbearance to help you reduce your student loan payments. Deferment and forbearance are options that either reduce or postpone your federal student loan payments and these options are available to help you avoid going into default on your loans. Below,...

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Student Loan Hero | The Student Report Review Series

As the cost of college continues to rise, more and more students are taking out student loans to help finance their education. Actually, 7 out of 10 students graduate with some form of student loan debt. The student loan crisis is gathering media attention almost every day and people are starting to realize how big of a problem it really is. Many students don’t understand their loans and have no plan for repayment after graduation. This is why Andy Josuweit started Student Loan Hero. He had $104,000 in student loan debt from over 16 different loans and struggled to...

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Federal Direct Consolidation Guide

If you have multiple student loans out against your name right now, you may be wondering how you can reduce them all into one payment. Sometimes, having multiple loans and payments can be confusing and after a while, you may lose track of how much you owe and where your money is going. Before you start to panic, there are some options for you to consider to make student loan repayment less of a hassle and that is through federal direct consolidation. Let’s take a closer look at what consolidation is and how it can benefit you in the...

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Sen. Brown Announces Support of Federal Student Loan Refinancing Legislation

There has been activity in Washington D.C. regarding student loans.  More support for the Bank on Students Emergency Loan Refinancing Act has been garnered.  This time, United States Senator Sherrod Brown, a Democrat from Ohio, announced his support for the legislation in Congress.  This is just one step the government is taking in addressing the issue of student loan debt.  The focus of this legislative act is to improve interest rates by allowing federal student loan refinancing. Currently, only private lenders offer student loan refinancing. Today’s students are graduating with an average student loan debt of around $30,000, and this amount is projected to increase.  In addition to rising costs, more Americans are defaulting on their loans each year.  One of the main culprits behind the rising default rate is the interest rate. Federal student loans utilize fixed interest rates, yet these interest rates are redefined every academic year.  In short, 2016 graduates have a complete different set of interest rates compared to 2020 graduates.  Federal interest rates lack a degree of flexibility compared to private lenders.  If a borrower is having trouble with interest payments, there is little he or she can do to alleviate the burden of large payments. This student loan refinancing act seeks to allow more flexibility and options when it comes to federal student loans such as Stafford and Parent PLUS loan options.  In a...

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