The recently enacted CARES Act provides relief for Federal student loan borrowers. It is good news for those enrolled in an income-driven repayment plan or in the Public Service Loan Forgiveness Program. The Act suspends most Federal student loan payments and interest accrual between March 13 and September 30, 2020. Principal balances are also frozen […]
Tag Archives | student loan repayment
Six Tips to Repay Student Loans
Use these six tips to repay your student loans. They address issues that recently surfaced about student loan servicers. The lawsuit by the Consumer Financial Protection Bureau against Navient, a large student loan servicer, highligted several features that federal student loan borrowers should know. Navient’s response to the CFPB’s lawsuit tellingly says they have absolutely […]
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 […]
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 […]
How to Pay Off Your Student Loans Faster
Once you have your student loan inventory, it is time to develop a repayment plan that makes real headway to reduce your debt and the amount of interest paid. Of course, if you can only make the minimum payments, then that is what I urge you to do. But if you have the ability pay […]
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 […]