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If We Can Give 14,000 Law Firms Covid Cash Why Can’t We Forgive Student Loans?

Our government spent trillions of dollars responding to COVID, and just about everybody got a little something from Uncle Sam. Sometimes I think my wife and I are the only people in the United States who didn’t get a COVID relief check. For example, 14,000 law firms got Payroll Protection money, ostensibly to help them … Read more

The Ivy League’s Biggest Scam: Expensive Graduate Degrees That Don’t Pay Off

If you are thinking about enrolling in a pricey Ivy League graduate program, read a recent Wall Street Journal article titled “Financially Hobbled for Life’: The Elite Master’s Degrees That Don’t Pay Off.” Reporters Melissa Korn and Andrea Fuller report on a WSJ analysis of student debt owed by people who graduated from prestigious schools … Read more

Department of Education Hires Accounting Services They Already Get for Free

Secretary of Education Betsy Devos hired McKinsey & Company, a global consulting firm, to audit the federal student loan program. Why did she do that? After all, the Congressional Budget Office, the Government Accountability Office or the Inspector General could have done the job. Why hire a private firm? I’m thinking Secretary DeVos and the … Read more

Would You Smuggle in a Load of Cocaine to Eliminate Your Student Loans

Over the years people have confided in me about all sorts of things they have done to try and knock out their student loans. However, most of those things have involved more sex than smuggling or robbery. More than one person has told me they became an escort or considering that path. To help pay … Read more

Student Loan Debt Leads to Divorce

It can come as no surprise the financial problems is a major cause of divorce. A marital split is an understandable outcome from substantial relationship pressure. CNBC is reporting 1 in 8 divorces are caused by student loan debt, “13 percent of divorcees blame student loans specifically for ending their relationship, the report found. Student … Read more

The Student Loan Bubble: Eerily Similar to the Home Mortgage Crisis

A few months ago, Steve Rhode posted a thought-provoking blog titled “The Student Loan Bubble That Many Don’t Want to See.”  He argued that student-loan indebtedness is in a bubble that will soon burst, creating two huge problems: First, when the student-loan market collapses, postsecondary education will be out of reach for most people,  which … Read more

How Can We Stop the Government From Taking Our Money For Student Loans? – Tammy

Question: Dear Steve, My husband had a student loan in 98 we filed bankruptcy and it was just over from 5 years ago now they are garnishing his pay 15%. The school closed 2 years after he took out this loan. They took his taxes how do we get copies from back in 98-2001? How … Read more

How Can I Reduce My Student Loan Balance?

Question: Dear Steve, I have taken out loans to pay for college. Several of them are from Sallie Mae, which is now Navient. Over the past 20 months, I have been unemployed for 14 of them. I was initially laid off in Sept of 2014, and again in Oct of 2015 my 6 month contract … Read more