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Tag Archives: student-loans

Why Most Student Loan Debt Advice is Bad or Just Wrong

money down the drain narrow

As a consumer debt expert it is exceedingly frustrating hearing from people all around the country on a daily basis who are seeking good help for their student loan troubles, only to get really bad advice, or worse, ripped off. The scammers are ahead of the experts on selling student loan solutions. It’s not unusual at all for me hear ... Read More »

Student Loans Continue to be Ticking Time Bomb

stressed man

If you could see me at the moment you’d find a man blue in the face. Literally blue! And I’m blue from talking about the dangers of student loans over the past years and having it fall of deaf ears. Recent data from the Federal Reserve Bank of New York and Equifax shows just how dangerous student loans are. In ... Read More »

I Have Stage 4 Colon Cancer and Student Loans. – Maria

'Cancer' highlighted in green

“Dear Steve, 2001 got private student loan grandfather co signed. Grad 2007 after a divorce and a child born in 2008 I had finical hardship. Ive paid on time in 2012 . 2013 diagnosed with stage 4 colon cancer im on full disability, my co borrower is now 87 and on ssa as well. Its 160 days past due. What ... Read More »

Student Loan Debt Robs Many of Retirement

Screen Shot 2013-08-20 at 4.20.56 PM

A new report out by the public policy organization Demos, confirms what I’ve feared for too long. Student loan debt robs people of retirement wealth. The growing burden of student loan debt and the limited options to manage that debt are leading to more and more people becoming so caught up in financial slavery that their very ability to properly ... Read More »

The Explosion of Student Loan Debt in Pretty Pictures. OMG!

3 bikini models on rocky beach

For those dealing with paying for education using student loans here are a couple of excellent charts put together by a Raleigh neighbor and brainiac Doug Short. As you can see, the explosion or pole vault of college cost and the rocket like trajectory of federal loans to students don’t paint a rosy picture for the affordability of a higher ... Read More »

Proposed Student Loan Changes May Make It Easier to Pay

Student Loan Corkboard Concept

The Department of Education will publicly issue a notice of proposed rulemaking tomorrow that could make it easier for people with loans from the Federal Perkins Loan (Perkins) Program, Federal Family Education Loan (FFEL) Program, and William D. Ford Federal Direct Loan (Direct Loan) Programs. Consumers wishing to offer any public comment on these proposed rules may do so visiting ... Read More »

Big Case Proving Ability to Discharge Student Loans in Bankruptcy

College Tuition Expenses

Times are changing when it comes to being able to discharge student loans in bankruptcy. And while the road has been paved by a few who have been successful, one 2013 case decided by the U.S. Appeals Court in the Ninth Circuit seems like it gives hope to those who want to discharge their student loans through bankruptcy. The Ninth ... Read More »

The Growing Impossibility of Affordable Student Loans

college costs

Student loan debt is an impossible crisis that is the result of the divergence of society assumptions and affordability. The chart below clearly shows how the cost of both a public and private college education, while assumed to be the path to success, is becoming out of reach. The chart shows the inflation adjusted increases in costs and as you ... Read More »

Student Loan Infographic. Yep, Student Loans Suck.

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I Am Terrified I May Have to Pay Taxes on My Forgiven Student Loan Debt. – Elizabeth

worry

“Dear Steve, I am 27 years old and have a Master’s Degree in Social Work. All of my loans are government loans (no private loans). I accrued all of my debt (approximately $89,000) in graduate school. As a social worker, I do not make much per year and have consolidated my loans and am on the income-based repayment plan, paying ... 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 »

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 »

My Ex-Husband and I Consolidated Our Student Loans. I’m Still Paying. – Marie

Divorce

“Dear Steve, My ex-husband and I consolidated our student loans back in 2004. In our divorce in 2012, I am required to pay on the joint loans for 10 years then in reverts to him. He is currently paying individual loans of ours. He makes considerably more than I do (about $45,000/yr and I’m around $25,000/yr) and I am unable ... Read More »

We Owe $700,000 in Student Loans And Need Help! – Laura

broken piggybank with dollar notes

“Dear Steve, We are considering bankruptcy and have a huge student loan of over $700,000 that has been in forbearance for 24 months. We have only paid small monthly payments in the past because of being self-employed and not making a lot of money. The original amount was about $200,000 and the rest is interest. My husband is 51 & ... Read More »

I am a Disabled Student on SSI. My School is Asking Me to Pay. – Devon

past due envelope

“Dear Steve, I am a disabled student. I am currently working on my Master’s. Some of my classes and financial aid has gotten messed up. Now 2 schools are making me pay for classes. The cost adds up to about $7000. I receive SSI and can barely afford my bills. Is there anyway I can try to fix this? I ... Read More »

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