Why You Should Opt For IBR Before Public Service Loan Forgiveness

income based repayment public service loan forgiveness

If you're angling towards qualifying for public service loan forgiveness, you should enroll your federal student loans into income-based repayment. If you don't, you're probably leaving money on the table. Public Service Loan Forgiveness is a program for federal student loan relief commonly called part of, "The Obama Plan," in spite of the fact that it was part of The College Cost Reduction and Access Act, passed by Congress and signed by President Bush in 2007. Under the program, Federal ...

Read more

End Your Federal Student Loan Grace Period Early To Save Money

graduation day

When you leave school, you won’t have to begin repaying your federal student loan right away. That doesn't mean you shouldn't do just that. Stafford Loans come with a six month grace period that starts when you leave school or drop below half-time enrollment. During that six-month window, you won't be required to make payments on your federal student loans. But consider this: if you apply for income-based repayment, your student loan payment is set at 15% of your discretionary income (the ...

Read more

How To Make Sure Your Checks Clear Faster

clear checks faster

When you deposit money into the bank, you want to access it as fast as possible. Here's why you may not always get what you want from the bank, and how to turn it around to your advantage. Before 2010, the banks were a mess when it came to new money. Sometimes you'd deposit money into your account and it would be available immediately, and other times it would take a few days to clear. With no clear rules on funds availability, consumers were perpetually confused. Expedited Funds ...

Read more

What To Do If Your Salary Won’t Cover Your Student Loan Payments

graduation watching the  storm coming to the city

When you graduate from college you expect to find a job that will pay enough to allow you to take care of those student loan debts. For many, however, that dream fails to turn into reality. Millions of people graduate each year, diploma in hand and stars in their eyes, only to find that their best employment option is in a field that doesn't require a degree at all. Faced with a paycheck that barely covers gas for the car, the student loan bills quickly fall behind. It's no wonder - after ...

Read more

Private Student Loans And Bankruptcy In A Cosigned World

elderly cosignor

Would allowing private students to be discharged in bankruptcy really solve the problem? The CFPB (as well as just about anyone else who thinks about student loans on a regular basis) recognizes that the private student loan market is a lion's den for students who need to borrow for higher education. The loans come with higher interest rates, offer none of the programs for income-based repayment or forgiveness of their federally-guaranteed counterparts, and, consequently, suffer a higher ...

Read more

The Wisdom Of Paying Old Debts To Improve Your Credit

pay off old debt

If you've got a debt from years ago, don't make the mistake of prolonging the negative impact is has on your credit history. Old debts can plague your credit for years, dragging down your score long after the date you went into default. In fact, according to credit reporting agency Equifax,  a collection account will usually remain on your credit report for seven years from the date the account first became past due. That means a debt six years past due will stay on your credit report ...

Read more