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Get Out of Debt Guy

Americans Are Saving Less Than Ever, But Some See A Silver Lining

Steve Rhode | Posted 09.28.2016 | Business
Steve Rhode

From Forbes to Fortune, from Money magazine to The Motley Fool, the big news in personal finance this week has been a scary new poll of 5,000 American...

Is Income Based Student Loan Forgiveness a Real Reality?

Steve Rhode | Posted 02.02.2016 | Business
Steve Rhode

Question: Dear Steve, After 12 years of schooling to obtain a doctorate in veterinary medicine as well as a masters in public health, I managed to acc...

FTC Makes Case Students Deceived in College Enrollment

Steve Rhode | Posted 01.28.2017 | Business
Steve Rhode

I've been rattling on about a trend I'm seeing in college enrollment deception and the ability for people to file a claim to discharge, in full, their...

Door Prepares to Slam for Student Loan Forgiveness Due to Fraud

Steve Rhode | Posted 01.20.2017 | Business
Steve Rhode

If I was right in reading the tea leaves about the regulation allowing people to apply for federal student loan forgiveness when they were defrauded, then I would bet the government will be closing that door soon.

How Can I Hide From the Student Loan Collector?

Steve Rhode | Posted 01.19.2017 | Business
Steve Rhode

Rather than spending your life energy to hide from the collector, it would be more beneficial to come forward with a real plan to deal with the situation.

I Make Too Much Money to Repay My Student Loans

Steve Rhode | Posted 01.18.2017 | Business
Steve Rhode

Question: Dear Steve, Great credit and can afford student loan payment, but I can only afford the interest only payment. Any options for a guy who w...

Why Defaulting on Private Student Loans Is Not as Crazy or Irresponsible as it Sounds

Steve Rhode | Posted 01.18.2017 | College
Steve Rhode

The real question everyone needs to ask is at what point do you sacrifice a safer financial future to attempt to remedy an unfortunate past financial situation? To understand the role and/or strategy of this approach you have to apply math and reality rather than just emotion and assumptions. Which do you think your banker is using?

We Are in Our 70s, in Debt, and Out of Money. What Can We Do?

Steve Rhode | Posted 01.14.2017 | Business
Steve Rhode

Question: Dear Steve, My husband and I are both in our 70's. He's 79 soon to be 80 and I'm 76 soon to be 77. We have gotten ourselves into a lot of de...

I Stopped Paying My Daughter's Cosigned Navient Student Loan

Steve Rhode | Posted 01.13.2017 | Business
Steve Rhode

Question: Dear Steve, Hi Steve, I co-signed my daughter's student loans which she and her husband stopped paying because Navient was asking for $1,1...

Why Is My Son's WyoTech Navient Student Loan Being Reported as a Federal Loan? - Ava

Steve Rhode | Posted 01.11.2017 | College
Steve Rhode

Question: Dear Steve, My son had a Sallie Mae student was sold to Navient which turned it into a private loan or so they tell me. We have ...

My Bank Won't Work With Me So I Can Pay My Debt

Steve Rhode | Posted 01.11.2017 | Business
Steve Rhode

Question: Dear Steve, The bank called me and told me that I must pay 12600 first before I can apply for account restructuring with an interest rate ...

Beware of These Business Credit Traps

Steve Rhode | Posted 01.08.2017 | Business
Steve Rhode

An entrepreneur had spent $80,000 buying a corporation that he was assured came with access to $250,000 in credit lines. He got the corporation, all r...

I Thought My Art Institute Student Loans Were Eliminated in My Bankruptcy

Steve Rhode | Posted 01.06.2017 | Business
Steve Rhode

Question: Dear Steve, I went to the Art Institute of California for video production. I graduated in December of 2009. Due to life I had not been ab...

New York Opens Program to Pay Student Loans, Sort of

Steve Rhode | Posted 01.04.2017 | Business
Steve Rhode

The State of New York has opened up a new student loan assistance program, "Get On Your Feet," which I'm absolutely positive was created in an effort ...

Is There Anyway to Get Out From Under My Navient Student Loans?

Steve Rhode | Posted 12.29.2016 | Business
Steve Rhode

Question: Dear Steve, I was young and dumb and didn't have any financial help with college. I took out student loans to support my education. After ...

Is There a Debt Solution Company You Would Recommend?

Steve Rhode | Posted 12.29.2016 | Business
Steve Rhode

I don't think there is a perfect one-size-fits-all debt solution company. The best solution is dependent both on financial goals and emotional desires. Before you pick the right service provider, you need to determine what solution is going to be the most logical.

Another Consumer Wins in Bankruptcy Court and Discharges Student Loans

Steve Rhode | Posted 12.29.2016 | Business
Steve Rhode

An attorney reader sent me a case about another consumer who successfully had their federal student loans discharged in bankruptcy. This is a rapidly evolving topic and certainly not ever court district offer up the same considerations when it comes to a discharge.

Our Financial Situation is So Bad I Don't Know What to Do

Steve Rhode | Posted 12.23.2016 | Business
Steve Rhode

Question: Dear Steve, DEBT- Husband went from 280,000 to 100,000 income and we have an adult daughter that has drained our savings and retirement wi...

Bankruptcy Court Tells Dept of Ed to Go Shove IBR as Unrealalistic

Steve Rhode | Posted 12.22.2016 | Business
Steve Rhode

On Jun 24, 2015, Michael Abney became a student loan hero when he filed his own adversary proceeding with the United States Bankruptcy Court of the We...

Private Student Loan Lenders Silently Slash Debt But You Don't Know It

Steve Rhode | Posted 12.17.2016 | Business
Steve Rhode

Dealing with student loans can be a frightening process. Not only is student loan debt exploding but there is a significant amount of concern that many students were misled and lied to by schools willing to sell butts into seats with nearly almost any misrepresentation.

There Is No Way I Can Ever Afford My Private Student Loans. What Can I Do?

Steve Rhode | Posted 12.15.2016 | Business
Steve Rhode

Faced with a lack or loss of income and a demand for payments you can't afford to make over a long period of time, your choices on what to do are limited, but you have some.

Can I Just Pay What I Can Afford on My Private Student Loans?

Steve Rhode | Posted 12.08.2016 | Business
Steve Rhode

Private student loan lenders are not required to make any payment affordable. They don't have to adjust the payment and they can hold you to the original payment you agreed to when you took out the loan.

Making More Money Drives Up My Student Loan Payments

Steve Rhode | Posted 12.03.2016 | Money
Steve Rhode

Bottom line, when it comes to government backed student loans there are no good reasons I can think of to ride along on a forbearance only without using forbearance as part of a larger plan.

Can I Just Let My Private Student Loans Expire and Say Goodbye?

Steve Rhode | Posted 12.02.2016 | Business
Steve Rhode

If the loans in your name only go unpaid past the statute of limitations, then the loans would not be legally collectible and they could be discharged in bankruptcy. Now when I say "legally collectible" that requires some qualification.

New Bankruptcy Forms Make It Easier to File Without an Attorney

Steve Rhode | Posted 11.24.2016 | Business
Steve Rhode

Now don't get me wrong, there is no substitute for the experience, knowledge, and wisdom of an experienced bankruptcy attorney. But for decades people have been filing out their own bankruptcy petitions, because they can. The forms were not geared for the average person to easily figure out.