Student Loans

Student loan debt in America has topped $1.5 trillion dollars, and millennials hold a large amount of that debt burden. As of 2017, 37.5% of Americans with student loan debt were under the age of thirty. A new study by MagnifyMoney highlights the difficulties millennials face because of their debt. Since student debt draws money
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By Roshni Chowdhry, head of customer experience at SafetyNet Of the 17 million Americans currently enrolled in college, 74 percent qualify as what we used to call “nontraditional” students: One in five is 30 years or older. About half don’t rely on their parents for money. One quarter are caring for a
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According to Federal Reserve data, student loan debt has surpassed $1.5 trillion and comprises 11% of America’s collective household debt balance – second only to mortgage debt. More than 44 million Americans have student loan debt, with an average balance of around $33,000. Given those statistics, you might expect student loans to be the biggest
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“I raised my credit score over 800 – and you can, too!” So says Tiffany Aliche, a financial speaker and author better known as The Budgetnista. Tiffany was working as a schoolteacher, and had excellent credit, until she lost her job in the Great Recession. “I had a choice between paying my mortgage
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According to Federal Reserve Data, student loan debt reached $1.52 trillion in March of 2018. Women hold approximately $900 billion of that total. Why do women hold more in student loan balances? A recently updated report from the American Association of University Women (AAUW) suggests that several reasons combine to shift the student loan burden
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Waiting to Buy According to a new study by the Urban Institute, millennials are waiting longer than previous generations to enter the housing market. Approximately 8% fewer millennials of ages 25-34 own homes as compared to baby boomers and generation Xers at the same point in their lives. Why are millennials late to homeownership? The
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Does your student loan situation look hopeless? Don’t give up hope yet. Consider these alternative repayment programs that can provide manageable loan payments and lead to forgiveness of a portion of your loan in exchange for some form of service. 1. Public Service Loan Forgiveness (PSLF) Program – As it stands, the PSLF program allows
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It’s not uncommon for companies to help with tuition payments for their employees who are continuing their education, especially if they are working toward a professional degree that will help them in their job or with future advancements in the firm. Such a program can be a great recruiting tool. Unfortunately, these programs do not
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America’s total student loan balance has topped $1.5 trillion, according to recent Federal Reserve data. Default rates on student loans are at 11%. While the job market has improved for recent graduates, many are struggling with excessive debt (over $39,000 at graduation on average) and entry-level jobs that make repayment difficult. Enter an alternative
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As a nation, America’s student debt load is reaching crisis proportions. The New York Federal Reserve puts the total student loan debt at over $1.52 trillion, with the delinquency rate over 11%. Is your personal student loan situation nearing a similar crisis? Consider these five warning signs to assess whether you are handling your student
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“Jumbo shrimp” sounds contradictory but can be quite enjoyable. “Jumbo debt”? Not so much, especially for students. There’s nothing inherently wrong with large student loans, and historically the default rate has been low on such loans. People who borrow large sums of money usually go for advanced degrees that translate into higher salaries. However,
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America has reached a new economic milestone – or maybe a millstone – of $1.52 trillion. Which of the following does this number represent? 1. The latest contract for a professional athlete 2. Your current credit card balance 3. America’s collective student loan debt While the first choice sounds strangely plausible, and some
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Congratulations! You made it through college armed with a degree, and hopefully a job. Now it’s time to move on to the next stage of your education: life. The tests are all open book, the deadlines are varied, and some lessons are much harder and carry higher stakes than others do. Worst of all –
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We know the stereotype of the unmotivated millennial, living at home with their parents without any long-term plan or concern about their situation. Is that a fair representation? Do millennials disproportionately live with their parents? If so, is this from necessity, lack of motivation, or part of a grander strategy? It’s logical that younger generations
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Which is the worst first-date mistake – talking about an ex, eating food off your date’s plate, or mentioning that you are heavily in debt? We have no idea, but we’re guessing that a second date is unlikely in all those cases. A new survey from Finder.com suggests that in the case of excessive debt,
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How bad is America’s student loan situation? According to recent data from the New York Federal Reserve, our $1.38 trillion in outstanding student loan debt is second only to mortgage debt but comes with a higher delinquency rate. As of the end of 2017, approximately 1.3% of mortgage balances were delinquent by ninety or more
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If you are a lending institution that loses money on the loans that you make, it’s an understatement to say that changes are required. Unfortunately, that’s the upcoming position of the federal government with respect to student loans. While student loan debt has spiraled upward to top $1.4 trillion, the government’s return on that investment
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According to Collegedata.com, the average annual cost of tuition and fees for the 2017-2018 school year was $9,970 at an average public college for in-state residents. Out-of-state collegians paid an average of $25,620, while those attending private colleges saw average bills of $34,740. Throw in a typical $10,000-$12,000 for housing and meals, another $1,200 for
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Policymakers have been struggling to identify ways to deal with America’s staggering student loan debt. As of January 2018, Student Loan Hero estimated total outstanding student loan debt at $1.48 trillion, affecting 44 million Americans. Thanks to this debt burden, young Americans are having difficulty achieving typical financial milestones such as home ownership. Here’s
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America’s student loan debt may be approaching a critical point with respect to repayment. According to Student Loan Hero, the total student loan debt has reached $1.48 trillion spread across 44.2 million Americans, and the latest release from the U.S. Department of Education in September of 2017 shows that default rates are climbing. According to
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The Equivalent of Debtors’ Prison Is there such a thing as a modern-day debtors’ prison? Not literally, as debtors’ prisons were outlawed by Congress in 1833. However, a recent ACLU report on the criminalization of private debt points out that some private debt collectors are creating the equivalent of debtors’ prison via the courts. The
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Do you ever feel like you are drowning in debt? Have you ever considered simply not paying your debts? What’s the worst that can happen if you refused to pay them back? Unless you owe that debt to the “unregulated” end of the high-risk loan market, nobody named Vito is going to show up and
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Costs Increase, Defaults Follow Americans owe the government approximately $1.37 trillion in student loans – and, according to recent information from the U.S. Department of Education, student loan debtors are having an increasingly difficult time paying back those loans. The Wall Street Journal reports that some $631 billion of the $1.37 trillion debt load is
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Billionaires and the impoverished have one thing in common – momentum. Once you achieve high levels of wealth or debt, it’s very easy for either one to continue to grow. A recent report by the Institute for Policy Studies highlights this point. The study found that three billionaires – Jeff Bezos, Warren Buffett, and Bill
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