With the price of tuition increasing each year and more families unable to save for future college costs, prospective students often turn to private and federal student loans to finance their education. But with one-in-three student loans currently considered delinquent and the weight of student loan debt burdening borrowers well into retirement, many consumers are seeking out other ways to pay for their post-secondary education while remaining relatively debt-free. [More]
It’s no surprise that most college graduates leave with a degree and an excessive amount of student debt. But what was once promoted as a gateway to a better life has left graduates under 40 with lower accumulated wealth and a lower level of satisfaction in their financial situation. [More]
John had the money on hand to pay off the rest of his student loans all at once. Lenders don’t seem to get a lot of customers approaching them to do this, since student loan debt generally has lower interest rates than consumer debt. At least we’re guessing that they don’t get very many customers looking to rid themselves of all student loan debt, because they weren’t able to handle the request all that well. At least not without generating a teeny, tiny overpayment. [More]
College debt is one of the few debts that can’t be discharged in bankruptcy, unless you have a really, really good reason. You pretty much have to be dead or have a debilitating disability that keeps you from working. So it caught the attention of the National Law Journal when a Maryland woman in her 60s had $339,361 in college debt discharged in bankruptcy court earlier this month. [More]
In news stories about the student debt crisis, we hear about American young adults delaying the typical milestones of adulthood due to their student loans. They (well, we) postpone marriage, childbearing, and purchasing first homes. But what if you’re interested in a holier, more altruistic path? Men and women who want to join Catholic religious life must be debt-free before they even think about making their vows, and that’s a challenge for people who don’t realize their calling until after they’ve taken on student debt in the mid-five figures. [More]
Students need to call upon several sources to cover the massive expenses college drops on them. Unless they’re independently wealthy or have a large college fund set up for them, they’ll scramble to come up with the funds to pay for tuition, fees, books and living expenses. [More]
The National Consumer Law Center and the Project on Student Debt have launched a joint website that offerers information for student borrowers who are behind on their loans, or those who just want to learn more about their options.