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Student Loan Related

Will Settling a Private Student Loan Wreck My Credit?

Debt Settlement Advice

A reader recently wrote in, concerned about whether an old unpaid student loan could be reported to the credit reporting agencies: I was recently contacted about an old school loan. It is either close or very close to the statue of limitation and has never showed up on my credit report. I thought maybe the school charged it off years ... Read More »

    7 Student Loan Terms to Know to Save the Most Money

    confused

    While applying for and receiving student loans is easier than in years past, many students sign up for heavy debt burdens without familiarizing themselves with important loan terms. Without knowing basic terminology, students are unable to competitively shop for loans, and choose the one that works best for them. Here are a few key terms to know: Principal – The ... Read More »

      Why Income Based Student Loan Payments Can Be a Terrible Trap

      danger

      What Student Loan Assistance Companies Are Not Telling You With the surge in companies that are selling student loan assistance programs it seems their product is most commonly just filling out paperwork to enroll people in income driven repayment programs for federal student loans. It’s an easy sale, “We Can Lower Your Payment,” is a powerful message that resonates with ... Read More »

        These Student Loan Facts Make Me Want to Vomit

        sad-woman

        The Federal Reserve Bank of New York just published information that makes me concerned for the financial future of consumers who fall into the student loan trap. Despite what people feel or say, there are still affordable ways to get a college education without going $175,000 in debt for a graphic arts bachelors degree. The value of a good community ... Read More »

          Student Loan Default Rates Really Suck

          student loan default rates

          Today, the New York Fed released the Quarterly Report on Household Debt and Credit for the fourth quarter of 2014. The report is based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data. Overall, aggregate balances increased by $117 billion, or 1.0 percent, boosted by increases in all credit ... Read More »

            What to Do if Sued by National Collegiate Student Loan Trust for Not Paying Private Student Loans

            Student Loans Concept

            Question. What are my options if I have been sued by National Collegiate Student Loan Trust? Answer. Getting served with a lawsuit isn’t an enjoyable experience. If you aren’t familiar with the legal process, it can leave you confused, anxious and overwhelmed. I have spoken with a fair number of people that have been sued after they stopped paying their ... Read More »

              $40K in Navient Student Loans Waived in This Bankruptcy

              Bankrupt

              Here is another in my ongoing look at student loans eliminated in bankruptcy. 14-50101 Broshears The debtor who filed bankruptcy in this case was a State employee who was making about $30,000 a year. The debtor had both federal and private student loans. The private student loan balance was $55,920 that required a payment of about $459 a month. Navient ... Read More »

                Stafford and William D. Ford Loans Discharged in Bankruptcy

                Woman in safari hat looking through binoculars

                As part of my ongoing look at student loans and bankruptcy, today I’m reviewing a case where both a Federal Stafford Loan and a Federal William D. Ford Direct Loan were completely discharged in a chapter 7 bankruptcy. 14-40052 Branneky According to court documents, the Plaintiff filed a voluntary petition for relief under Chapter 7 of the U. S. Bankruptcy ... Read More »

                  Can I Really Discharge My Student Loan Cosigner Liability in Bankruptcy?

                  Mature woman confused

                  “Dear Steve, I am currently filing for Chapter 7 bankruptcy in TX. A large amount of my debt comes from being a co-signer on multiple private student loans for my son. He graduated Dec 2008 with a finance degree as the economy was headed down. He was not able to get a job for more than 1 year. He worked ... Read More »

                    CFPB & Dept of Ed Forgive $480 Million in Student Loans

                    Clapping Business People

                    Today, the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education announced more than $480 million in forgiveness for borrowers who took out Corinthian College’s high-cost private student loans. ECMC Group, the new owner of a number of Corinthian schools, will not operate a private student loan program for seven years and agreed to a series of new ... Read More »

                      A Look at a Cosigners Navient Student Loans Discharged in Bankruptcy

                      Student Loans Concept

                      As part of what has become an ongoing look at student loans discharged in bankruptcy the example today is where a cosigner discharged their liability for federal student loans with Navient Solutions. This case is yet another example of how the financial hardship of having to repay unmanageable student loans can lead to a discharge of the student loan debt. ... Read More »

                        Half Million Dollars of Federal Student Loans Discharged in Bankruptcy

                        bankruptcy-1

                        So many people continue to assume student loan debt can’t be discharged in bankruptcy. Even bankruptcy attorneys perpetuate this myth as well. In previous articles, that you can find here, I’ve shown specific examples of both federal and private students loans discharged. I’ve even pointed out broad niches of student loan debt not protected by bankruptcy, in this article. But ... Read More »

                          The Best Way to Lower Parent PLUS Loan Payments

                          Moving Up

                          Parent PLUS student loans sure seem like a financial death trap. Parents are encouraged to jump into them to help pay for school by taking out Parent PLUS student loans, and they think they are doing a good thing, but is it smart? What a Parent PLUS Loan Is For those that might now be aware, a Parent PLUS student ... Read More »

                            How to Borrow Your Way Out of a Student Loan Default and Lower Your Payment

                            The actual granular data presents a surprising reality.

                            I can certainly understand why issues surrounding student loans seem like an unknown foreign language for many people. While the information is out there it seems that nobody knows what to make of it. Almost the worst place to turn for advice seems to be the student loan debt collectors. In all fairness it just might not be their job ... Read More »

                              The Easiest Way to Stop a Student Loan Wage Garnishment – Loan Rehabilitation

                              casual woman saving money

                              I can’t tell you how frequently people ask me for the best advice to deal with an Administrative Wage Garnishment for a federal student loan. It’s quite often. And the tragedy is the wage garnishment could have been easily avoided. The loans should never have been allowed to get to that point because there are such good programs to avoid ... Read More »

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