Degree of Debt: How to pay off student loans faster

Degree of Debt: How to pay off student loans faster

Americans owe $1.5 trillion in student loan debt. The average student owes nearly $37,000 when they graduate from college. Shane King owed $36,000 when he graduated from Auburn. “Got down there and didn’t realize the cost of living,” King said. The GI Bill covered his tuition, but he still had living expenses to cover. He tried to work three jobs to provide for his family while going to school. He couldn’t keep up with work and his studies, so he took out a student loan. It was a low interest…

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How to Get or Refinance New Hampshire Student Loans

How to Get or Refinance New Hampshire Student Loans

New Hampshire has it all, from the beautiful beaches of Lake Winnipesaukee to world-class ski resorts at Mount Washington Valley. But New Hampshire also has student loans — lots of them. In fact, as of 2016, the state tied for the highest percentage of four-year college graduates with student debt in the country. Fortunately, students have a lot of options to secure financing for the Granite State’s colleges and universities, and so do graduates looking to refinance their New Hampshire student loans. This guide will help you understand the different…

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How This Navient Lawsuit Affects Your Student Loans

How This Navient Lawsuit Affects Your Student Loans

Members of the American Federation of Teachers, the second largest teachers union in the U.S., filed a lawsuit against Navient, one of the the nation’s largest student loan servicers. If you have a student loan, there is a good chance that it may be serviced by Navient. Navient, which spun off from Sallie Mae, has more than 12 million customers and services more than $300 billion of government and private student loans. Here’s what you need to know and the action you can take. Navient Lawsuit: The allegations The lawsuit alleges that Navient…

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California Will Be Fourth State to Sue Navient Over Student Loans

California Will Be Fourth State to Sue Navient Over Student Loans

The legal problems facing Navient, one of the nation’s largest student loan debt collectors, mounted on Thursday as California’s attorney general said he would file a lawsuit accusing the company of widespread deceptions and mistakes that cost borrowers millions of dollars. The accusations echo those in a major enforcement case against Navientthat was started by the Consumer Financial Protection Bureau last year, in the final days of President Obama’s administration. The bureau is still pursuing the case, but consumer advocates fear it will be dropped or settled by Mick Mulvaney, the…

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Student loan cutbacks not expected to land on Trump’s desk this year

Student loan cutbacks not expected to land on Trump’s desk this year

Republicans who were eager to impose new restrictions on federal student lending and loan forgiveness are likely to be stymied this year by Democrats. Photo credit: Shutterstock.com. No more PLUS loans for grad students! Public Service Loan Forgiveness to be eliminated! No more subsidized student loans! If you see some scary-looking headlines like these about legislation making its way through Congress in coming weeks, you can probably take them with a grain of salt. Republicans who were eager to impose new restrictions on federal student lending and loan forgiveness are likely…

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How Postponing Student Loan Payments Raises Costs

How Postponing Student Loan Payments Raises Costs

It may be better to pay at least a small amount towards student debt through income-based repayment programs than to choose forbearance and accrue capitalized interest. (SIphotography/Getty Images) Postponing payment on student loans can be tempting for many new graduates who feel cash-crunched, but doing so can lead to ballooning payments down the road. Borrowers can postpone their monthly loan payments with forbearance, but unpaid interest during forbearance still accrues and capitalizes. This means accrued interest is added to the principal, and the interest will be calculated based on the new, higher balance. “I went the…

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What Happens If You Misuse Your Student Loans

What Happens If You Misuse Your Student Loans

Individuals can be legally prosecuted and face fines or imprisonment in financial aid fraud cases and instances of illegal borrowing. (Getty Images) Many college students make poor decisions with their student loan refunds – spending the money on noneducational purposes, such as spring break vacations and buying new clothes. Accounts of student loan misuse are easy to find – and usually don’t shock the Student Loan Ranger. However, we were surprised by one recently buzzed-about way to spend student loan funds: investing in cryptocurrencies. Such findings may be questionable, but many instances of student loan misuse…

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Ministers under fire as student loan interest hits 6.3%

Ministers under fire as student loan interest hits 6.3%

The rate rise affects students who started after 2012. Photograph: Alamy Ministers are facing renewed criticism over university funding after an increase in student loan borrowing costs using a “flawed” measure of inflation. The interest rate on loans for students in England, Wales and Northern Ireland will rise by up to 6.3% from September, up from the current 6.1% for anyone who started studying after 2012. The change is a consequence of the increase in the retail price index (RPI) for last month to 3.3% from 3.1% in March a…

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How to Get Student Loans When Returning to School

How to Get Student Loans When Returning to School

  If you’re looking to advance your career or increase your earning potential, going back to school for a master’s degree or professional certification can be an important step. However, the cost of returning to school can be expensive. According to education resource Peterson’s, tuition at a public university totals nearly $30,000. A private university could cost you close to $40,000. If you don’t have that much money in the bank, and few people do, you’ll likely have to turn to student loans to cover the bill. How to get student…

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7 Types of Student Loans Offered By the Department of Education

7 Types of Student Loans Offered By the Department of Education

Paying for school can feel like a huge burden, especially as the cost of college continues to increase. Even public universities — typically a much cheaper option than private schools — saw a 7.2 percent price hike during the 2015-2016 school year. With a higher education costing more than ever, finding affordable financing options is essential. One of the best places to start is the federal government. Department of Education student loans tend to have lower interest rates and more generous repayment terms than private loans, making them a smart way…

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