Student Loans
A federal agency that oversees the financial services sector issued a warning last week that millions of student loan borrowers are facing increasingly disruptive loan servicing problems. The Student Loan Ombudsman of the Consumer Financial Protection Bureau (CFPB) said in its annual report that “servicing failures and legal challenges have...
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Published on: 2024-11-19
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Student Loan Planner
The post Student Loan News for Nov 2024 appeared first on Student Loan Professor. ...
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Published on: 2024-11-18
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Student Loan Professor
Following last week’s decisive election, Donald Trump is set to return to the White House in 2025. Republicans also managed to flip the Senate and maintain narrow control of the House of Representatives. With a conservative supermajority holding onto the Supreme Court, as well, this means that Republicans will control...
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Published on: 2024-11-15
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Student Loan Planner
Key Takeaways Refinancing student loans is one of the most accessible options for students seeking debt relief. You sign up with a private lender for a new loan with more favorable terms, and that new loan is used to cover your existing loans. However, to truly understand the potential benefits,...
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Published on: 2024-11-15
Source:
Student Loan Professor
Key Takeaways What is Private Student Loan Refinancing? Refinancing private student loans involves taking out a new loan to pay off your current private loans. The main idea behind this is usually to secure lower student loan interest rates or adjust your loan term, whether you’re aiming for a quicker...
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Published on: 2024-11-15
Source:
Student Loan Professor
Key Takeaways Laurel Road is one of our most popular online student loan refinancing partners, offering borrowers the ability to consolidate debt into a single monthly payment. As a private lender, the company has different qualification criteria compared to federal loan servicers. If you want to know about the interest...
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Published on: 2024-11-15
Source:
Student Loan Professor
Key Takeaways Student loan refinancing is one of the most popular options for borrowers who want to reduce their monthly payments, lock in lower interest rates, and pay off their loans faster. With student debt at record highs, securing competitive refinance rates can mean the difference between years of financial...
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Published on: 2024-11-15
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Student Loan Professor
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two of the most popular tax-advantaged ways to tackle healthcare costs. At first glance, they seem similar: both reduce taxable income and help pay for medical expenses. But for married couples with an HSA and FSA in the same household,...
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Published on: 2024-11-15
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Student Loan Planner
What do you do when you have unexpected expenses? As you’ll see in our budget below, we try to plan ahead by adding to sinking funds for specific purposes. By adding money to each of these categories every month, we build up sums of money that will come in handy...
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Published on: 2024-11-12
Source:
Six Figures Under
The Biden administration last month published formal regulations for a new program designed to provide student loan forgiveness for borrowers experiencing hardship. Administration officials estimate that if the program is successfully launched, at least eight million federal student loan borrowers could see their balances wiped away. “For far too long,...
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Published on: 2024-11-06
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Student Loan Planner
Now that President Trump has won the 2024 election, what changes to student loan forgiveness will he make? To see what he might do, we should start with what he's already attempted in his first term and make predictions for what he'll do in his second term. Trump’s first changes...
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Published on: 2024-11-05
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Student Loan Planner
Will President Trump seek to repeal the Saving on a Valuable Education (SAVE) repayment plan? Right now, it seems more likely than not that he would, and his administration would have multiple paths to get there. We’ll discuss how a SAVE plan repeal would happen in a second Trump administration...
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Published on: 2024-11-05
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Student Loan Planner
Millions of borrowers are in forbearance as legal challenges over a signature Biden administration initiative continue. However, with President Trump's 2024 election victory, the forbearance could end shortly after he takes office in January 2025, with even more uncertainty looming for borrowers. The SAVE plan: What it is and why...
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Published on: 2024-11-05
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Student Loan Planner
Could President Trump's victory in the 2024 election mean the end of the Public Service Loan Forgiveness (PSLF) program? Republicans in Congress have already telegraphed their plans for PSLF when they had unified GOP control of Congress and the White House in 2017 (they attempted to repeal it). Will 2024...
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Published on: 2024-11-05
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Student Loan Planner
What is the worst-case scenario for the SAVE plan lawsuits now that President Trump has won a second term in the 2024 election? How can you protect yourself from that worst-case outcome using a tax filing strategy? To answer that question, you must first know that the Saving on a...
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Published on: 2024-11-05
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Student Loan Planner
Key Takeaways Student loan refinancing is a powerful tool for reducing monthly payments, lowering overall interest costs, and gaining greater control over your financial future. However, finding the best refinance terms for your financial situation might be more complex than you expect. Today, we take a deep dive into student...
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Published on: 2024-11-04
Source:
Student Loan Professor
Key Takeaways Student Loan Consolidation vs. Refinancing – The Difference At a Glance Loan Restructuring Type Combines Both Federal and Private Loans Results in Lower Interest Rate Typical Repayment Period Length Affects Credit Score Consolidation No No 30 years No Refinancing Yes Yes 10 – 20 years Yes What Is...
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Published on: 2024-11-04
Source:
Student Loan Professor
Key Takeaways Refinancing has become a popular option for several debt scenarios, including student loans. Yet, only a few know the benefits of refinancing and what they might lose in the worst-case scenario. If you’re like most of our first-time clients, asking questions such as ‘How can I refinance student...
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Published on: 2024-11-04
Source:
Student Loan Professor
Student loan refinancing means replacing one or more of your existing student loans with a new loan from a private lender. The new loan usually has a lower interest rate and often comes with new repayment terms, such as a longer or shorter loan term. You can refinance both private...
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Published on: 2024-11-04
Source:
Student Loan Professor
The Biden administration has announced the most significant updates to its SAVE plan forbearance guidance since a court order stalled the program in August 2024. Eight million borrowers were thrown into limbo — and much of the federal student loan repayment system was thrust into disarray — after the 8th...
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Published on: 2024-11-01
Source:
Student Loan Planner
Both my husband and I grew up with frugal parents, so we come into frugality naturally and it has served us well. Carefully and intentionally minimizing expenses was a huge part of how we were able to pay off six figures of student loan debt in three years. I love...
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Published on: 2024-10-29
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Six Figures Under