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Parents

How Income Share Agreements Are Better than Government College Loans

It’s too bad that Uncle Sam ever got into the college-financing business. The feds have no constitutional authority to lend money to students (or anyone else) and millions of students have gotten themselves deeply in debt for education of dubious value. Easy federal loans were essential in fueling the “college for everyone” movement that has raised the cost and degraded the educational value of earning a degree.

When Unpaid Student Loan Bills Mean You Can No Longer Work

Fall behind on your student loan payments, lose your job.

Few people realize that the loans they take out to pay for their education could eventually derail their careers. But in 19 states, government agencies can seize state-issued professional licenses from residents who default on their educational debts. Another state, South Dakota, suspends driver’s licenses, making it nearly impossible for people to get to work.

States Review Laws Revoking Licenses For Student Loan Defaults

In 22 states, people who default on their student loans can have professional licenses suspended or revoked. The percentage of Americans who default on student loans has more than doubled since 2003.

Butch Dill/AP

Clementine Lindley says she had a great college experience, but if she had it to do over again, she probably wouldn't pick an expensive private school.

"I could actually buy a small home in Helena, Mont., with the amount of debt that I graduated with," she says.

U.S. Student Debt in ‘Serious Delinquency’ Tops $166 Billion

Student-loan delinquencies surged last year, hitting consecutive records of $166.3 billion in the third quarter and $166.4 billion in the fourth.

Bloomberg calculated the dollar amounts from the Federal Reserve Bank of New York’s quarterly household-debt report, which includes only the total owed and the percentage delinquent at least 90 days or in default.

That percentage has remained around 11 percent since mid-2012, but the total increased to a record $1.46 trillion by December 2018, and unpaid student debt also rose to the highest ever.

How To Ace Public Service Loan Forgiveness

If you qualify for student loan forgiveness, then you potentially can save thousands of dollars on your student loans.

If you work in public service, in particular, then Public Service Loan Forgiveness is a must-know program for your financial life.

However, the requirements can be confusing.

So, let's simplify it for you. Here is a go-to guide on how to qualify and apply for Public Service Loan Forgiveness:

What Is Public Service Loan Forgiveness?

My kids are worth how much? These are the special tax breaks for parents

Love & Money is a MarketWatch serieslooking at how our relationship with money impacts our relationships with signicant others, friends and family. Most parents wouldn’ttrade the experience of raising children for anything in the world.If only it weren’t so darn expensive. Between the medical bills, child care and college tuition, it’s a wonder parenting hasn’t gone theway ofthewet nurse. Fortunately,the government offers some fairly generous tax breaks to help ease the financial burden.

No Income? No Problem! How the Gov't Is Saddling Parents with College Loans They Can't Afford

More than a decade after Aurora Almendral first set foot on her dream college campus, she and her mother still shoulder the cost of that choice.

As Parents Struggle to Repay College Loans for Their Children, Taxpayers Also Stand to Lose

Parents are increasingly struggling to repay federal loans they’ve taken out to help cover their children’s college costs, according to newly released federal data.

The Parent Plus program allows parents to take out essentially uncapped amounts to cover college costs, regardless of the borrower’s income or ability to repay the loan. As the cost of college has risen, the program has become an increasingly critical workaround for families that max out on federal student loans and can’t pay the rest out of pocket.

Default Data on Parent PLUS Loans

The national default rate for Parent PLUS loans has nearly tripled in recent years, but it remains well below the

default rates for other federal student loans, according to data released for the

rst time last week by the U.S.

Department of Education.

Of all parent borrowers whose PLUS loans entered repayment in the 2010

scal year, the data show, 5.1

percent were in default three years later. That

gure has risen steadily from the 1.8 percent default rate for the

cohort of borrowers in the 2006

scal year.

Parents don’t regret this decision, but maybe they should

Parents often try to do what’s bestfor their children, including helping with studentloans and college tuition — but at what

costto them?

About 47% of parent cosigners felttheir children’s student debt had affected their retirement, according to a survey of 850

parent cosigners. More than 62% said their credit scores were negatively affected by cosigning private studentloans, and

40% said their decision to cosign has hurttheir ability to qualify for other types ofloans, such as a mortgage or car. Still,

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"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
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.”
– Mike Quigley
"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie