I’m a Retired Teacher and I’d Like to Lower My Parent PLUS Loan Payments

Interest rate negotiation can result in a lower interest rate than you are paying now.

Question: Dear Steve, I am a retired teacher. I was told that I could consolidate the parent plus loans I have and then get an income contingent repayment plan. 1. Does my credit need to be good to consolidate my loans 2. The article I read said a requirement is to be employed. Does that … Read more

I’m Taking the Tax Benefit for My Father’s Parent Plus Loan

Question: Dear Steve, I am in debt for around $100k from going to a private design school in Nebraska. I owe around $20k in Fedloans and $80k in Parent Plus loans that my dad signed for. I am paying I consolidated all of my loans as much as I could and opted for the lowest … Read more

They Raised My Payment on My Parent Plus Loan Consolidation

Question: Dear Steve, Around 2002/2003 I took my first of 5, (I believe 5) parent student loans. I am a public servant and some of the loans were private. I applied for the loan forgiveness program and Fedloan is my servicing loan provider. They advised me to consolidate the loans to qualify for the IBR … Read more

I’m a Teacher. How Can I Lower My PLUS Loan Payment?

Question: Dear Steve, My student loan (originally taken out for my children) is now owned by the government and administered by fedloan.gov. The loan is in my name alone — my wife is not on the loan. 1. Does filing separately exclude my wife’s income from consideration in an IBR? When I started with fedloan.gov … Read more

Obama Proposes Tax Help for Student Loan Relief. Congress Says No.

In the budget the Obama administration has just sent to Congress there are some benefits for students who will face massive tax bills when their student loans might be forgiven under income based programs. As it stands now, students are enrolling in income driven repayment programs to reduce their current monthly payments to a level … Read more

Is Income Based Student Loan Forgiveness a Real Reality?

Question: Dear Steve, After 12 years of schooling to obtain a doctorate in veterinary medicine as well as a masters in public health, I managed to accumulate over $300,000 in students loans by the time I graduated in 2009. Following a 1-year internship where I needed to defer the loans, this increased even higher. Consequently, … Read more

Why Income Based Student Loan Payments Can Be a Terrible Trap

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 … Read more

When I Retire Will My Social Security Be Reduced Because of Student Loans?

“Dear Steve, I took out Parent Plus loans for both of my children while they were in school. Each of them also have unsubsidized student loans which they are paying off. Once both children were out of college, I consolidated the Parent Plus loans into one and have been paying them regularly for the past … Read more

The Best Way to Lower Parent PLUS Loan Payments

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 … Read more

I Have a Consolidated Parent PLUS Loan I Need to Find Relief For

“Dear Steve, I have a consolidated federal parent plus loan for my daughter in the amount of 29k. I have been paying for 7 years is there any relief for me anywhere? I am 61 years of age. Elaine” Dear Elaine, There is so much unknown from your question. Please feel free to post updates … Read more

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

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 … Read more

Obama Pay As You Earn Student Loan Forgiveness Program Details

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. … Read more

How to Be Financially Successful When You Graduate

Congratulations! You’ve made it through the starving student years and now you’re ready to start a job and earn some real money. You’re probably thinking about all the things you’ll be able to buy, places you’ll go and things you’ll be able to do when those paychecks start rolling in. Not so fast. If you’re … Read more

Drowning in Student Loans?

If you can’t make payments on your student loans, don’t panic. Don’t just give up and invite default, either. Default means that your credit will be damaged and your loan balance will increase dramatically with the addition of collection fees. And once you default, the holder of your loan will probably grab a portion of … Read more

My Girlfriend is Mentally Ill, Has Student Loans and Owes Bank of America. – Aaron

Aaron “Hello Steve, My girlfriend is a full time student in college. She has maxed out her Bank of America credit card ($6,000) and has about $5,000 in student loans. She has a mental illness and most likely won’t be working for quite some time. She has missed one payment about 4-5 months ago. Her … Read more