Public Service Loan Forgiveness (PSLF) was enacted by Congress to incent long-term public interest careers by allowing borrowers to earn forgiveness of their student loans after they make 120 on-time monthly payments while working in a wide range of qualifying public interest positions.
Many people, including many student debt holders, may be surprised to learn that people can be pursued for student debt even into their elder years. In fact, the government is withholding Social Security payments for some retirees, because their student loans have not been fully repaid.
With interest rates at record lows and the Federal Reserve confirming expectations of rising interest rates before the end of 2015, now may be an ideal time for college graduates to consider refinancing their high interest rate student loans.
The right repayment plan for you will depend on your income, credit history and many other factors such as your ability to support higher monthly repayments. This article looks at how to pick the best student loan repayment plan for you.
College students across the nation are working toward earning their degrees in hopes of one day having a career that will provide them with financial security. While many students dream of financial independence, the reality is that the rising cost of college tuition is leaving many of today's graduates with burdening student loan debt.
To ensure the ongoing health of the student loan market, it would be beneficial for all student borrowers to make their scheduled monthly payments, and complete their repayment schedule by the loan maturity date. However, on an individual basis, this might not be so easy.
Retirement prospects seem grim for Millennials, but they're especially tough for first-generation Latinos from mixed immigrant status families. Yet as a young Latina, I'm more worried about my family's retirement prospects than my own.
Recently, Arne Duncan, U.S. Secretary of Education, and Under Secretary Ted Mitchell held a conference call discussing the Department's plans for debt relief for Corinthian College students as well as to discuss holding other predatory schools accountable.
Like other grandparents, we're convinced our grandchildren are the smartest and most perfect creatures on the planet. We've had college 529 savings accounts for them since they were born and know that someday they will cure cancer, end poverty and save the planet!
As the noise from the rhetoric of an ever-growing field of presidential candidates reaches an ear-splitting din, there is an announced candidate outside the two-party system that deserves to be heard.
Navient has now departed from Sallie Mae and is a publicly traded company. It is expected to service more than 300 billion in student loans and many borrowers who took out Sallie Mae loans may now be under management by Navient.
For some graduates, paying off their student debt just became a gamble. Student loan debt has become an increasingly pressing crisis in the past several years, with politicians all suggesting solutions to help graduates pay off their student loans. New Jersey Assemblyman John Burzichelli recently proposed a student loan debt lottery.
"Student loans": no two words any student or parent wants to think about. The mention of the phrase "student loans," or worse, "student loan debt," is enough to make anyone cringe in utter disgust and confusion.
"The Affordable College Compact" calls for state and federal partnership in higher education with the goals of substantially increasing public investment in higher education and reducing student debt.
It's time to ask: When the Department of Education refuses to enforce its own laws, who pays the price? Right now, the answer is simple: hundreds of thousands of students around the country. It's time for that to change -- but it won't if Secretary Arne Duncan keeps blaming Congress for his own Department's failures.
If you are having trouble paying a student loan due to financial hardship or special life circumstances, you might qualify for a student loan deferment. The student loan deferment process is quite simple for the right individuals.