Student Loan Help

4 Options to Consider if You Need Student Loan Help

Student loan help is availableIf you’re struggling to make the payments on your student loans, and you need student loan help, you’re not alone. When the 2017 college class graduated, the average amount of student loans each one carried was in excess of $39,000. College costs are increasing every year forcing students to borrow more. This only adds more to the total outstanding student loan debt which is just under $1.5 trillion dollars.

When you factor in that about 11% of these loans are in a delinquent status, taxpayers will be on the hook for a lot of money.

There are a few options available to you that can help get you back in control of your debt. Consider one or more of the following that can help to make your life a little View full post…

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Can You Spot a Student Loan Scam?

5 Warning Signs That Might Indicate a Student Loan Scam

There are 5 signs of a student loan scamMany individuals have student loans to repay, and unfortunately, some are having trouble making those monthly payments. This is often due to other debt they are carrying like a car loan payment(s), a mortgage payment, and even credit card debt. This issue is ripe for a student loan scam.

In practically all publications that accept advertising, you’ll run across ads that say your problems can be over if you sign up with them. The ad will go on to say that they can help you to repay your student loans faster and at a lower cost – or they will get them completely forgiven.

These types of claims should be a red flag waving in your face and making you extremely cautious. There are some companies that may be legit, but there are also many that are scammers.

The following will help you to identify a student loan scam: View full post…

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Colleges Gaming the Student Loan System

Warning: Colleges Caught Cheating on Student Loans? Decide for Yourself

Colleges caught cheating on student loansJust when you thought the student loan problem couldn’t get any worse – it did. A recent report issued by the GAO (Government Accountability Office), cited serious infractions by some colleges and universities regarding default rates, effectively cheating on student loans.

Some background and explanation will illustrate it better. In order for a college or university to be eligible for federal financial student aid, they must maintain a “cohort default rate” that is below a certain level. What that default rate means is the college’s share of their students who have student loans that went into default within three years of beginning repayment.

You can be sure that when a lot of money is involved, educated minds are at their highest level of creativity. Some colleges hired outside consultants who were motivated in helping the college and not the student. The consultants improperly placed many unfortunate borrowers in forbearance, even when there were better options for the student to pursue.

This action took View full post…

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Co-signing a Student Loan

Co-signing a Student Loan Could Ruin Your Retirement 

Work for student loan paymentThis is one aspect of parenting that has many opinions and heated discussions. Let’s say that your child or grandchild just finished high school and has been accepted by their favorite college. Unfortunately, some part of their borrowing will require co-signing a student loan with a private lender.

Like many other students who apply for financial aid, the federal government will approve loans directly to the student. This is done without as much as a credit check. But, many times the federal government approval doesn’t cover all of the costs and the student must apply to the private student loan lenders.

These loans do require a credit history check, and the young student usually View full post…

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Borrowing for College – What You Need to Know

What You Must Know About Borrowing for College

Borrowing for collegeThe College fall semester is right around the corner and if plans haven’t been finalized on how you plan to pay for it, don’t delay. Especially if borrowing for college is necessary. College costs continue to increase and the average cost for just one semester at a public college is around $7,000.00 and around $13,000.00 at a private school. These amounts are after grants and scholarships.

To cover the cost remaining, many families use a combination of current income, savings, and loans. It’s highly recommended to borrow money only as a last resort. Some colleges allow you to pay some part of the balance in installments, so it’s a good idea to ask.

There are still many families that have no other choice but to borrow to cover some part of the cost. A survey done by Sallie Mae indicated that almost 42% borrowed some amount of money the past year.

If borrowing for college is necessary, there View full post…

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