Archive | Spending Habits for Young Professionals

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How to Repay and Forgive Student Loans

Direct Student Loan borrowers now have more flexibility to repay, and ultimately to have forgiven, their student loans. The Obama Administration recently finalized a new income-driven student loan repayment plan, called Revised Pay As You Earn (REPAYE). The rules allow all Direct Student Loan borrowers to be eligible for the repayment plan, provide an upper […]

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Proposed Student Loan Repayment Rules to Help More Borrowers

Newly proposed student loan repayment rules could help more borrowers better manage their student loans. The Obama Administration has proposed to offer a new income-driven student loan repayment plan, called Revised Pay As You Earn (REPAYE). The proposed rules seek to allow more borrowers to be eligible for the repayment plan, provide an upper limit […]

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Use a Downward Staircase to Guide Your Purchase of Term Life Insurance

Many young families need term life insurance protection because they now have mortgages to repay, children to support, and college educations to fund. So how do you decide how much coverage you need? This question can be vexing because as you grow older, you are saving more money, paying down your mortgage, and setting aside […]

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Using a 401k Loan to Eliminate Private Mortgage Insurance

One of the dreaded costs in buying a new home is the prospect of paying private mortgage insurance. Generally if your down payment is less than 20 percent of the sale price, your lender will require you to get mortgage insurance. A mortgage insurance policy protects the lender in case you default on the payments. […]

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3 Tips on How Public Service Can Forgive Student Loans

I receive a lot of questions on the Public Service Loan Forgiveness Program (PSLFP) as a way to pay off federal student loans.  Washington DC is concentrated with public service professionals who are potentially eligible for this program.  Be mindful of the answers to the following three questions and you’ll be on your way to […]

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Tips to Pay Off Student Loans Smartly

Repaying your student loans smartly can save money over the long term and increase your credit score.  Remember:  your federal and private student loans generally cannot be canceled or discharged in bankruptcy because you didn’t get the education or job you expected, or because you didn’t complete your education.  So it makes sense to come up […]

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