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Student Loan Related

Student Loan Debt by Generation. Sorry Gen X and Millennials.

student loan debt

Here is a nifty infographic showing the generational difference and growing danger of student loan debt. Looks like Generation X, those born between 1965 and 1984 is sinking fast. But more Millennials are loaded up with debt than any other generation. And this is what an unfolding crisis looks like. Get Out of Debt Guy – Twitter, G+, Facebook If ... Read More »

Student Loan Interest Rates to Double and Might Go Variable

surprise

If Congress does not take action the rate subsidized student loan holders pay will double July 1, 2013 from 3.4% to 6.8%. Student loan interest rates have been set by Congress and kept artificially low as a way to encourage education. But a vote in the House yesterday about a Republican proposal is set to have some very dangerous and ... Read More »

Student Debt Kills Dreams

college-class

The amount outstanding on student loan debt continues to increase past the point it blew the roof off how much people owe on all credit card debt. Imagine, people owe more in student loan debt which is nearly generational debt. In most cases it can’t be discharged in bankruptcy and with parents and grandparents co-signing for some of these loans ... Read More »

The Big Profits Behind Student Loan Interest Rates

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The Big Profits Behind Student Loan Interest Rates (via Credit.com) If insanity is defined as repeatedly doing the same thing and expecting a different result, the student loan interest rate throwdown that’s about to be reprised in Washington, D.C., warrants an intervention. You may recall that at this time in 2012, Congress was in a lather over the subsidized student… ... Read More »

Maybe You Should Not Go to College

Praying

I hear all the arguments about the value of a college education. And I agree with much of that. But the fact is not everyone who goes to college and takes on student loan debt graduates or even graduates into a field that pays enough to service the student loan debt. In fact 75 percent of people with student loan ... Read More »

Why Student Loans Can Keep You From Buying a Home

robbery

How Student Loans Can Keep You From Buying a Home (via Credit.com) As student loans take on an increasing presence among the 20-something generation of college graduates who have traditionally made up a high proportion of first-time homebuyers, the impact of student loan debt on a mortgage application becomes increasingly important — especially as about two-thirds… Read More »

How to Discharge Your Student Loans if You Are in the Military, Police, or Teacher

How-To

More and more at GetOutOfDebt.org we are getting questions about how to get your student loans eliminated, forgiven, or discharged if you are in or served in the military, police officer, teacher, librarian, or other public service employee. It is absurdly ironic that members of the military can go into harms way, fight in combat and yet return back home ... Read More »

The Ultimate Guide to Dealing With Student Loans You Can’t Afford

Thinking

More and more student loans are becoming the most problematic debt anyone can own. At some point in the past couple of decade student loans when from a leg up to financial slavery. There is a lot of information out there about how to deal with troublesome student loan debt and payments. But I thought I’d put together the ultimate ... Read More »

Student Loan Assistance Rescue Scams On the Rise – Buyer Beware

robbery

There has been a sudden rise in the number of companies that are selling purported student loan assistance programs. Recently I covered three such programs here, here, and here. You can see all the stories on student loan rescue companies here. One of these programs was even being sold by an IRS approved non-profit charity that targets military members. The ... Read More »

Military Debt Management Agency MDMA Hits Military and Consumers for Student Loan Help

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A tipster (send in your tips here) sent me a fee schedule from the non-profit credit counseling group Military Debt Management Agency (MDMA) in Florida. The reader was concerned that this non-profit 501(c)3 IRS approved charity that is supposed to be helping military members and general consumers was taking advantage of those with federal government student loan debt, by charging ... Read More »

Broadsword Student Advantage Sells People Student Loan Help They Could Get for Free

oops

A reader wanted to know more about a radio commercial they heard in California that was promising a student loan assistance or consolidation program. The reader said the telephone number in the radio advertisement was 800-514-9773 and they thought the company was Student Advantage. So I called to find out what the service was all about.The telephone was answered by ... Read More »

Ticking Student Loan Time Bomb One Step Closer to Exploding

student loan debt TU

A recent TransUnion study has revealed that more than half of student loan accounts are in deferred status, where the repayment of the principal and interest of the loan is temporarily delayed. In my experience the primary reason people do this is when the full student loan payments are unaffordable and they need falsely perceived breathing room. Deferred loans now ... Read More »

How to Really Discharge Your Student Loans in Bankruptcy. Many Can. But Never Try.

Student Loan Corkboard Concept

For years we’ve all heard the same message that it’s near darn impossible to discharge student loans in bankruptcy. We’ve heard that the undue hardship standards make it so onerous that expecting a student loan discharge is all but an act of God. But what if that belief was actually more myth than fact? Recently Jason Iuliano, (J.D. Harvard Law ... Read More »

Dead Son’s Student Loans Still Haunt Father

Student Loan Corkboard Concept

by Marian Wang ProPublica It’s been four long years for Francisco Reynoso. The California gardener whose son died in a car accident in 2008 left him buried in grief u2014 and in student debt. At last, the bereaved father is getting some resolution. As ProPublica reported in June, Reynoso was saddled with six figures in student loans that he had ... Read More »

Some Colleges Agree to Put Students First in Financial Aid Disclosures

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The Consumer Financial Protection Bureau and the Department of Education have announced that a number of colleges have agreed to begin offering their students a clearer and simpler statement on financial aid in order to provide prospective students with more information to use to make informed decisions regarding costs. Unfortunately some colleges have only agreed to provide this information to ... Read More »

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