It is best to allow your children to be fully responsible for any student loans they incur. Sometimes, students can get more financial aid (in the form of loans) if their parents put their names on the line for the loans. However, you should avoid this if possible.
Not all consumers would be willing to adopt that approach but recent cases confirm it can be a successful strategy to crawl out from under life crushing student loan debt.
First things first: In the form's acronym lies the secret to avoiding the money pitfalls--FAFSA is short for "FREE Application for Federal Student Aid." Yeah, I know, filling it out is time-consuming, but it's doable. It's also complex and requires information that you're going to have to bird-dog, but it is free.
You've worked to train your children in money management, but college brings a whole new level of financial decision-making and challenges. So before they are off on their own, review these topics to make sure they're ready.
While you may not want to file bankruptcy, it is the only legal tool you have to alter your financial path. And when you read those two cases I linked to you will see the bankruptcy court judges were sympathetic to the retirement crisis facing people just like you.
It's a fair assessment to say that the business model of higher education in this country is broken. How we reached this point is complicated, and the biggest casualty of this sad state of affairs may be the American dream itself.
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.
Today I'm looking at another bankruptcy discharge case, see more here, where a bankruptcy judge felt it was appropriate to allow for a legal discharge of student loan debt. In this case the consumer represented herself in the action and has fought a valiant battle.
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.
Higher rates will keep inflation in check. By making it more expensive to borrow it also slows consumer demand. That rising consumer demand from a strengthening economy causes prices to increase... or inflation.
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.
For high school graduates and college students, summer break is a great time to relax and enjoy the weather. However, it's also an important time to plan for the next academic year and ensure that you take advantage of the resources available to help students like you.
Citizens Bank Student Loan Highlights Wide variety of loan products, with multiple rates, terms, and repayment options Strong parent loan alternative...
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.
Millennials may be spending more for college and racking up record debt, but they don't mind, according to a new survey of 500 university graduates by Credit Sesame.