More than 400,000 student loan borrowers may have placed their faith in a government program with an uncertain future.
The Public Service Loan Forgiveness Program promises to cancel any remaining student debt for those who work for the government or nonprofits if they have been making on-time payments for 10 years. Many teachers, public defenders, Peace Corps workers, and law enforcement officers fit the qualifications.
Americans are shouldering around $1.48 trillion in student loan debt, and around 70% of college students who earn a bachelor’s degree borrow to attend college, according to research from Oliver Wyman, a consulting firm that focuses on banking. An employee benefit that’s gaining popularity could help ease that burden, but it may not be as good of a deal as employees think.
Amid a massive shortage of nurses, hospitals and other medical facilities are offering big hiring bonuses and other incentives to attract and retain talent.
Five-figure signing bonuses, free housing, college tuition for employees and their children.
Hospitals and other medical facilities are getting so desperate to recruit and retain nurses they're offering all sorts of pricey perks and incentives.
Nestled along the San Diego coastline, Point Loma Nazarene University is a world away from Wall Street. But the Christian liberal arts college is at the forefront of financial innovation.
Last fall, Point Loma began offering some of its 4,500 students money to pay for college in exchange for a percentage of their future earnings. The model, known as an income share agreement, requires colleges and students to take a chance on each other, a shared responsibility that attracted Point Loma.
Here's a secret to help your child grasp the real impact of student loan debt: Don't just think about the huge sum you've borrowed — focus on what you'll repay each month.
About 30 percent of college students said they feel confident with the financial terms associated with student loans, according to a survey by College Ave Student Loans. The lender recently polled 1,075 undergraduates.
The biggest issue that these young borrowers are missing is the fact that, at some point soon, they'll have to start repaying their loans each month.
House Republicans are planning to propose a bill this week that would bring about drastic changes to federal loans servicing and higher education policy, The Wall Street Journal reported Wednesday. The bill is part of a push to provide students with more skills in a modern labor market, but would also do away with programs meant to ease students' borrowing burdens.
Even by government standards, it is a colossally dumb idea: revoking someone's license to work as a way to get them to pay off their student loans. Yet many states do just that.
I am sure that numerous readers of this column have already seen articles about how the Trump Administration may make it easier to discharge student loans in bankruptcy. Many of us already know that student debt is extremely difficult to erase through bankruptcy. This, of course makes sense, since student loans are typically not backed by any type of collateral, so it seems reasonable that this debt would be difficult to discharge.
Forty-four million Americans hold a total of $1.3 trillion in student loan debt. According to the Federal Reserve, the average amount of debt held by student loan borrowers is $32,731, and the average monthly amount due is $393.
Of these borrowers, 19 percent are behind on their payments.
If you miss a payment on your federal student loans, you have 270 days to make a payment before your debt goes into default. More than 3,000 people default on their federal student loans every day.
If you have some extra cash at the end of the month and are carrying burdensome student loan debt, you might be considering paying down those loans early. But in some cases, it may be better to keep paying the loans according to your current payment schedule. Here are some examples of when it's smarter to put your money elsewhere.
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"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
The road to success is always under construction
– Lily Tomlin
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
