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.
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.
More student debtors are falling behind on their federal student loans, after three years of declines in late payments—and with no clear explanation, experts aren’t sure whether to take it as a sign of distress or a temporary blip.
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.
Every year, the U.S. Department of Education gives over $120 billion in federal grants, loans and work-study funds to more than 13 million college students, making it the largest provider of student financial aid in the country. Now, students may be given some of these funds on a debit card.
According to The Hill, the Department of Education plans to launch a pilot program which would place financial aid dollars onto debit cards for up to 100,000 students. Earlier this month the department began searching for a contractor to help with the program.
A battle brewing between states, student loan companies and Betsy DeVos’s Department of Education looks like it will come to a head in a courtroom in the coming months.
The Pennsylvania Higher Education Assistance Agency, or PHEAA, one of the large firms that manages federal student loans on behalf of the Department of Education, sued Connecticut’s department of banking, it’s banking commissioner and the federal Department of Education on Thursday over the state’s student loan laws.
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"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
“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
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
The road to success is always under construction
– Lily Tomlin
"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."
