If you are preparing for college, you may be focusing on applications to get into your dream school. Yet another application is equally important: the FAFSA Student Loans. Students can determine if they qualify for federal and state aid by filling out the FAFSA, the Free Application for Federal Student …
Read More »Student loan forgiveness program Changed: Biden Administration makes it Easier
The Education Department announced plans to revamp the financial incentives program. Congressional staff and members expect the overhaul announced by the Department of Education to make positive changes to a troubled student loan forgiveness program for public sector employees and military personnel. President of the Congressional Black Associates, Herline Mathieu …
Read More »A new Free Application for Federal Student Aid opens in 2022-2023
Indianapolis students and families are encouraged to apply for Free Application for Federal Student Aid (FAFSA), which is now open for the school year 2022-2023. Indiana’s Commission for Higher Education reminds Hoosiers to file the FAFSA by April 15, 2022, to secure financial aid for college and access some of …
Read More »Various means and ways of dealing with student loans
INTRODUCTION The student loans crisis in the United States has reached biblical proportions. As of the year 2017, the combined debt stood at a whopping $1.3 trillion (slightly greater than the Gross Domestic Product of South Korea). It is now the second highest consumer debt trailing only the mortgage debt …
Read More »Student loans may be eligible for forgiveness in a variety of situations
You can qualify for free government programs to get student loan forgiveness that may seem like a scam. Below are details about existing loan forgiveness programs. But, you can’t participate in federal repayment programs if you have private loans. Federal Forgiveness programs These options are only available to borrowers with …
Read More »Consolidating private student loans
Private student loans cannot be consolidated with federal student loans. The low-interest rates on federal consolidation loans do not apply to private education loans. However, there are several options for refinancing private education loans. As private education loans don’t compete on price, a consolidation loan merely replaces one or more …
Read More »Loan forgiveness program for public service employees
For the Public Service Loan Forgiveness program, borrowers must have made 120 Direct Loan payments during their first 10 years of full-time employment in public service. They also must have worked for at least 10 years to qualify. Those who are not employed full-time in public service are given loan …
Read More »1.73 trillion dollars are owed to students in the U.S., a record-breaking amount
During the past several decades, owed to students has grown significantly in the United States. The Federal Reserve estimates that Americans owe $1.73 trillion in student loan debt in the second quarter of 2021. The record-breaking quarterly total represents a 3% jump from the second quarter of 2020 despite the government’s pause …
Read More »Consolidating your federal education loans: It will modify your payments
A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment instead of multiple payments. Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. There is no application fee to consolidate your …
Read More »What to do if you’re denied student loan refinancing
Refinancing your student loans could save you money and it only takes a few minutes to get personalized quotes from lenders. The Federal Reserve predicted that they’d keep their interest rates low through 2023, which means you may have time to prepare to refinance your student loans. If you don’t qualify …
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