Our Credit.com experts provide you with common sense student loan advice. Find out what to consider & how to get the best deals when shopping for loans or credit cards to finance college. Understand the impact of deferring student loans, how to manage your payments during college and post-college and how student loans can affect your credit.
If you’re still waiting for your tax refund but are far behind on your student loan repayments, you might want to rethink any big plans you had for spending your refund. That’s because there’s a good chance the government is going to apply that refund to your outstanding payments instead of sending it to you. If you are... Read More
Here’s something you don’t hear every day: It’s a good time to be taking out student loans. That’s because the interest rate on the most common student loans — undergraduate Federal Direct Loans — just dropped to 3.76% for loans disbursed between July 1 and June 30 of next year. Last year, the interest rate was... Read More
With college tuitions skyrocketing, it’s no surprise parents are worried whether they have enough to cover the cost. According to the fifth annual survey from Discover Student Loans, nearly half (48%) of 1,000 adults surveyed with kids aged 16 to 18 expect their child to pay for most or all their education, up from 39% in 2012. “While... Read More
“Maybe it’s because those who know won’t and those who don’t can’t.” Such was my response to a colleague who, after reading a recent article in the Huffington Post on yet another legal action taken against a student loan servicing company for alleged unfair and abusive practices, asked why there’s little, if any, talk about... Read More
Much has been made of the student loan problem. While you’d be hard pressed to find disagreement that it’s an issue, there is plenty of disagreement about how bad things really are. On the one hand, it’s easy to find stories chronicling massive default rates (12%), oppressive $800-a-month loan payments and the big one: total... Read More
May is the month of Pomp and Circumstance. Of graduation parties, caps thrown in the air and dreams thrown even higher. It’s also the month where many seeds of financial destruction are sown. Student loan borrowers who are graduating have six months to figure out how to start paying back their loans — or how... Read More
In terribly unsurprising news, student loan borrowers in the class of 2016 are going to graduate with a record level of debt, according to a new report. This year’s magic number is $37,172 — among the roughly 70% of students who will graduate with loans, that’s the average amount of debt they have. The figures... Read More
The tragic death of a Maine man in 2012 has prompted federal legislators to introduce a bill that seeks to eliminate tax penalties for families whose student loans are forgiven after the death or permanent disability of their child. Keegan Brennen died at the age of 22 from a brain aneurysm just six months after... Read More
Thanks to new programs from banks and specialized student loan refinancing companies, getting a great interest rate on your student loans is easier than ever. But before you apply for a student loan refinance, take a few steps to brush up your credit and be sure you’re really ready. 1. Pull Your Latest Credit Reports... Read More
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