This year’s high school graduates could take on nearly $40,000 in student loan debt in pursuit of a bachelor’s degree, according to a IHowBlog analysis. And with this debt stretching across federal, parent and private loan sources, the final cost of their education will grow far beyond tuition and fees. Today, it’s nearly impossible to … Read more
More U.S. workers than ever hold a graduate degree. Years of intensifying job requirements and headlines declaring a master’s “the new bachelor’s degree” nudged a record number of students into grad school. “We have all reduced our almost obsession with the master’s degree,” says Johnny C. Taylor Jr., CEO and president of the Society for … Read more
When payments resume on federal student loans, borrowers with loans previously in default will receive a fresh start and be allowed to reenter repayment in good standing. But what does that entail for borrowers in default? And how does the U.S. Department of Education plan to support borrowers to prevent them from defaulting again? Few … Read more
Two years ago, federal student loan borrowers enjoyed the lowest interest rates ever on their loans. This fall, rates for undergraduate borrowers will be nearly double what they were in 2020-21. The interest rates for new undergraduate direct federal student loans are set to increase to 4.99% for the 2022-23 academic year, up from 3.73% … Read more
For Kristi Cruz, a legal aid attorney in Seattle, checking her federal student aid account to see if her debt would be discharged through the Public Service Loan Forgiveness program became a compulsion. Every day she logged in, hoping to see her balance fall to $0, to no avail. She described it as a drain … Read more
The “buy now, pay later” transaction is simple: Shoppers are offered an installment loan at the point of purchase, spreading the cost of the product across several payments. They’re often available without a credit check. Buy now, pay later financing has become a go-to payment method at most major retailers for everything from clothing and … Read more
The “he” is, of course, President Joe Biden. Some 43 million borrowers are hanging onto hope that Biden will take executive action to relieve at least some of their collective $1.7 trillion debt. Rumors fly on social media. The Department of Education says it will be ready whenever a cancellation happens. And the White House … Read more
Cancellation is the most popular proposal to address student loan debt, but it isn’t the only one out there. With the interest-free student loan payment pause in its third year, some wonder if 0% interest on student loans is a better answer. “I think this COVID pause has really illustrated — hopefully for policymakers but … Read more
After nearly two and a half years of pandemic relief, federal student loan payments will restart after the pause expires Aug. 31 — unless it’s extended for the seventh time. And now with inflation hitting its highest rates in decades, student loans borrowers have an additional uncertainty to navigate: With prices higher for food, gas … Read more
It’s usually better to pay for unexpected expenses with your emergency fund than to borrow money. But sometimes life throws a curveball, and you need to look to outside resources. If this happens, be aware that not all forms of borrowing are created equal, and some have more financial drawbacks than others. Whether you want … Read more