Sandy Baum published a short essay yesterday in the Chronicle of Higher Education titled “Don’t Get Rid of the Income-Based Loan Repayment System. Fix It.” As she said in her essay, the federal student-loan repayment system as it now stands is “broken and at risk of collapsing.” I have a few reservations about Ms. Baum’s …
Perhaps you read Josh Mitchell’s story in the Wall Street Journal about Mike Meru, who took out $600,000 in student loans to go to dental school at University of Southern California. Due to fees and accrued interest, Meru now owes $1 million. How did that work out for Dr. Meru? Not too bad actually. He’s …
Question: Dear Steve, I owe 58,000 in school loans and do not have a degree. I’m a single mom making 30,000 a year plus child support. I cannot buy a house bc of my debt to income ratio. I’m on an income based repayment plan now which with a dependent I pay nothing, but interest …
Question: I am currently in a massive amount of debt. I currently make 52k a year before taxes and my wife is currently unemployed. I have around $50k in private student loan debt that I have been paying for the past 6 years. I am currently 6 months behind on payments for these loans. I …
Question: Dear Steve, I have like 150k in loans, most federal but about 30k private, I My degree was worthless, fine art. I sure wish I never went to graduate school, but thought it would lead to a college job, thanks 2008. I’ve been putting the loans off for 10 years now. making some payments …
Question: Dear Steve, Hey there. I’m eligible for Income based student loan repayment of $0, but I can’t find anything that actually tells me what that means when I’m not paying any money towards the loans. Right now I’m paying around $70 a month, so what’s the catch of $0? Melissa Answer: Dear Melissa, The …
Question: Dear Steve, I wonder if you can help. I’ve had my Nelnet loans on auto-pay for a couple of years. 2 months ago I received notice to re-certify for the income based repayment plan, but I did not see the emails (went to my junk folder). This month I was kicked off the plan, …
Question: Dear Steve, I am paying the minimal payment for the REPAYE payment plan to the federal government. My yearly pay is merely 12 K per year. My debt is 100 K with all of the interest added. If my student debt should be erased in 27 years, how will that impact my taxes when …
Question: Dear Steve, I have about $70,000 in student loans, currently on income based repayment and my payments are zero because of my current income. My mom has me as her sole inheritor. Her lawyer (who has since passed) told her the government won’t touch my inheritance when she dies. I think the exact opposite. …
Question: Dear Steve, I have a school loan that seems to have doubled and right now I owe almost $69,000. I have been enrolled in the IBR plan and also work for a school district so I am enrolling in the Public Service Forgiveness Plan. My question is that I filed taxes as “jointly” with …