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? … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
Question: Dear Steve, I am buried in student loan debt and probably have the biggest total of anyone you have talked to for a number of reasons I can get into later if you want to know. But basically, I am around 200k in debt, some private, some federal. One of the private loans is … Read more
Question: Dear Steve, I owe a total of $47,000 in private student loans. I have decided to stop paying the loan, since the $300 a month payment for the next 30 years has me completely broke. My grandmother is a co signer on the loan but she is very old and living in a home … Read more
Question: Dear Steve, I am writing for my son who has just found out that his private student loan was put into default. My son graduated from college in 2013. Since then he has received a Master’s Degree and is working full time in another state making $30,000 per year. He has $130,000 debt for … Read more
Question: Dear Steve, My family and I are in California. When I went to college, my parents co-signed for my private student loans. I graduated, got a job, and made payments towards my student loans in a timely manner. My parents made the decision to file for Chapter 13 bankruptcy in 2012. Unfortunately, their lawyers … Read more
Question: Dear Steve, I made the mistake of taking out private student loans to finance my college education and am neatly 100k in the hole. Three years removed from graduation, I’m at a job making 37k/year (before taxes), still live at my parents’ house with no realistic target date of ever moving out, and I … Read more