Category Archives: student loans

Mandatory Wage Garnishment for All Student Loan Borrowers?

Last week, Senator Lamar Alexander, the Chair of the U.S. Senate Committee on Health, Education, Labor and Pensions, proposed a program that would require student loan borrowers to repay their loans through mandatory automatic deductions from their paychecks. Yesterday, the National Consumer Law Center released a policy brief, The

Lawsuit Calls on Department of Education to Provide Relief to Students Whose Schools Closed

By Margaret Mattes Tens of thousands of student borrowers unable to complete their educations at the approximately 1473 postsecondary schools or campuses that closed between November 2013 and November 2015 nationwide are now entitled to have their federal student loans immediately discharged—i.e., cancelled. As of October 16, 2018, the U.S. Depar

Now in Effect: Rules on Student Loan Relief for School Closures and Misconduct, and Limits on Forced Arbitration

This month, in a victory by and for student loan borrowers, a court ordered that the Department of Education had illegally delayed giving effect to an important rule from 2016 designed to protect student loan borrowers and taxpayers from school closures and misconduct.  The court’s order meant that the rule—often called the 2016 “Borrower Defense

Tell Betsy DeVos: Cheated Students Deserve Loan Refunds and Keep Big Business Out of Higher Ed

By Higher Ed Not Debt The Department of Education wants your opinion! Under the “borrower defense” rule, the federal government will give you loan relief if you were misled or lied to by your college. The “gainful employment” rule is supposed to ensure that colleges do not leave graduates with very low earnings and high debt. If career programs d

Ways Medical Students Can Slay Their Summer Classes

Summer classes come with different vibes compared with the days of a normal school year. Aside from the warmer weather, you also need to deal with a more limited timetable to meet all your academic requirements. Thus, if you’re a medical student and you want to thrive in your new summer routine, it’s critical that you create a strategy that will h

Not Comparing Rates on Student Loans Can Cost Thousands

Not checking rates with multiple lenders can cost families taking out private student loans thousands of dollars in repayment costs, according to an analysis by student loan marketplace Credible. Borrowers requesting rates through the Credible marketplace in June benefited from the competition for their business. Among those who prequalified with

How Do Personal Loans Affect Your Credit Score?

Depending on your situation, applying for a personal loan can actually improve your credit. However, to reap the rewards, you need to make all of your monthly payments religiously and monitor your credit report, or your credit score could be negatively affected. Find out how personal loans affect your credit score. Find Out: What Is a Personal Loa

Are You Sure You Want A Student Loan Consolidation?

A lot of students need to get student loans in order to complete their education. However, student loans can be a huge financial burden to most people, with high interest rates. Here’s where a student loan consolidation can help. Essentially, a student loan consolidation gives you a longer period of time (as long as 30 years) to repay yo

Student Loan Consolidation — How To Make A Wise Decision

Debt consolidation feels like instant freedom. When you can not easily manage your debt, bundling it all up seems like a good idea. The most common way to do this is a debt consolidation loan. This loan takes all of your debts and wraps them into one loan. Don’t confuse it with bankruptcy, though. You still have to pay this money ba

Student loans: A good deal

America is awash in debt. The consumer-driven economy is driving consumers into bankruptcy, the average household owes more than $10,000 in high-interest credit card debt spanning six or more credit cards, and the Goverment recently announced that our national savings rate was negative. (Not that the Government has room to talk; the Government is