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Student Loan Related

Obama Pay As You Earn Student Loan Forgiveness Program Details

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The final rules and guidelines were released yesterday that can finally give us some guidance on a government student loan repayment program that can make it easier for many people. The Pay As You Earn program will provide much needed relief to more people that are drowning under a trillion dollars of student loan debt. The only downside here is ... Read More »

Student Loan Servicers Suck

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by Marian Wang ProPublica, The parallels between the mortgage market and the student loan industry have been frequently noted. Both involve big borrowing and have a history of lax underwriting by lenders. But the two are also strikingly similar in another way: When it comes to both mortgages and student debt, the servicers, or companies that handle loan payments, sometimes ... Read More »

No GED or High School Diploma? Your Student Loans May Be Cancelled, Discharged, and Forgiven.

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Despite what many think, there are reasonable rules and allowances for forgiving federal student loans in cases of school failure, fraud, disability, or other issues. For private student loans, as of now you are still primarily screwed. One little known discharge rule is for those that were enrolled in colleges without having a GED or high school diploma. For those ... Read More »

American Households Sinking in Student Loan Debt Says Pew Research Center

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Student loans have become the sudden modern toxic loan. Subprime mortgages were the last. While government backed student loans can offer borrowers some advantages loan repayment programs, private student loans are grossly unforgiving and leaving more and more people stranded in a life of debt slavery without any solutions on how to break free. Today the Pew Research Center has ... Read More »

Even in Death, Student Loans, the Debt That Keeps on Giving

The unfolding tragedy of student loan debt in America took an interesting turn recently with an article published in the Baltimore Sun and then repeated in the ABA Journal. Thanks to a reader that sent in the tip on the article we get a glimpse into reason 198 why you should never cosign for student loans. Roswell Friend attended Temple ... Read More »

I’m Struggling with Stress and Can’t Afford All My Bills. Should I Apply for SSI? – Lauren

“Dear Steve, I am unemployed 26 years old with a bachelor’s degree I cannot use in my area. I have been under mental stress lately by going in and out of hospitals and cannot seem to bring myself to paying bills. I have been told to file an SSI claim but does that have certain stipulations? I don’t want to ... Read More »

More Getting Social Security Benefits Garnished for Student Loans

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The student loan indebtedness problem continues to grow in exponential ways. Forget about the noose of debt from private student loans for now. Let’s focus on the frightening loss of needed Social Security benefits from people now eligible for Social Security but with delinquent student loans. It used to be that the wisdom was Social Security benefits can’t be garnished ... Read More »

Lawyers Screwed by Deceptive Hiring Rates While Hooked and Buried in Student Loan Debt

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Wouldn’t being a doctor or lawyer be nice to just rake in the dough? Well not so fast. When it comes to lawyers making a killing after law school, new data out paints a different picture. For a long time law schools had promoted how many graduates were employed after graduating. These figures gave incoming students a false impression the ... Read More »

Suicide Over Student Loans. Tragic But Understandable.

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It seems more people are contacting me these days who look at suicide as a way out of primarily private student loan debt. I’m sure you have the same visceral reaction as I do and feel everyone needs to be talked off the ledge. But in the hard light of day, considering suicide as a way to deal with student ... Read More »

Student Loan Debt Significantly Erodes Hope for Financial Future

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There is no good news about student loans. While everyone has had their eye on credit card debt, it’s the stupid student loans that are the exploding problem. Since student loans can’t be discharged in bankruptcy, once you are on the hook for the loans it can damn near be a financial death sentence. The Federal Reserve Bank of New ... Read More »

Graduate Students Really Screwed in Congressional Student Loan Deal

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As part of the deal to keep student loan government subsidized interest rates at the current levels, rather than have them double in July 1, 2012, a deal was struck. But if you are a graduate student, the cost of your education just got a whole lot more expensive as a result. Congratulations. In the past, students pursuing graduate degrees ... Read More »

Law School Grads Become Hopeless Economic Slaves to Their Student Loans and Poor Opportunities

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Remember all those people that wanted to go to law school to make a ton of money, and help people as well. The way it looks now the trend in lawyers being able to find jobs is slipping. Paul Campos, a Professor of Law at the University of Colorado says that only one in three is able to find gainful ... Read More »

Father Struggles to Pay Dead Son’s Student Loans

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by Marian Wang, ProPublica, A few months after he buried his son, Francisco Reynoso began getting notices in the mail. Then the debt collectors came calling. “They would say, ‘We don’t care what happened with your son, you have to pay us,’” recalled Reynoso, a gardener from Palmdale, Calif. Reynoso’s son, Freddy, had been the pride of his family and ... Read More »

Nonprofit Student Loan Debt Collector Makes About Half a Million

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Bloomberg Businessweek is reporting that Educational Credit Management Corporation, an IRS educational charitable nonprofit group, paid Joshua Mandelman, a student loan debt collector for ECMC, nearly $500,000 in a single year. ECMC’s debt collectors earn bonuses as a reward for extracting money from defaulted borrowers. In 2010, the bonuses for top performers amounted to as much as 10 times their ... Read More »

Student Loans Today are Akin to Debt Slavery. It’s Real and a Life Killer.

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I grew up in an era where we were taught to go to college and get a degree. You would better your life I was told. That was the 1970s. At that time the majority of my peers were headed off to college and the majority would graduate without student loan debt. They had a degree and new hope for ... Read More »

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