Question: Dear Steve, I have student loans that are almost 30 years old. They were initially held by ECMC, but have recently been sent to PREMIERE CREDIT OF NORTH AMERICA. I have had some federal tax refunds taken, but not all. How long before my loans are written off due to age of the loans? …
Question: Dear Steve, Art institute for one year Community college 2 years Grand total now 55k, was in deferment until Aug 18, in default and sent to a collection agency with a 10k fee on top of 55k. I want to buy a home, credit score dropped 100 points and cant buy until school loans …
Politico is reporting, “DEVOS HALTS COLLECTION OF DEFAULTED FEDERAL STUDENT LOANS: The Education Department is putting a stop to collecting on defaulted federal student loans amid the coronavirus and ordering private collection firms to stop pursuing borrowers “until further notice,” according to the official and a memo sent to the companies. The department plans to …
By Andrew F. Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Total household debt balances increased by $92 billion in the third quarter of 2019, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. The balance increase reflected nearly across the board …
If you default on student loans, credit repair is possible. The world isn’t over — you’ll still be able to borrow money again in the future, so long as you take the steps necessary to repair your credit. These steps include getting out of default, paying your bills on time, working away at your debt and …
Question: Dear Steve, I’ve accrued ~$450,000 of student loan debt in the pursuit of getting a PhD in engineering. My payments are around $4500 per month minimum from both private and federal loans. I can’t keep up with the payments, I’m slowly sinking into not being able to pay anything even though I have a …
Most Americans have confidence in what the Federal Reserve Bank says about the national economy. I know I do. But when the Federal Reserve Bank of New York reported that $166 billion in student debt is delinquent, it vastly understated the enormity of the student-loan crisis. In its most recent quarterly household debt report, the …
You don’t have to be a smart person to know that any loan program that has a 40 percent default rate is not a stellar product. Well, that’s the forecast for student loans as more than 1 million people a year pile on to the current people drowning in student loan debt. Education debt has …
Question: Dear Steve, Currently, I am neck-deep in private student loan debt due to some poor choices made when I was in higher education. Unfortunately, the sum of my monthly payments covers about three-quarters of my monthly paycheck, and of course, I have other bills to pay. Naturally, my parents were used as cosigners on …
Question: Dear Steve, I applied to The Savannah College of Art and Design in 2007. When I found out I got accepted, the first thing I did was start to figure out how I was going to be able to pay for it. It is a private university, and very pricey. I was young and …