The Department of Education has announced that the number of people that are not making payments on their federal student loans within three years has fallen. The national student loan default rate is now at 11.3% which is down from 11.8% in the previous year. This statistic is closely monitored because a school will lose […]
Annual bankruptcy filings are steadily decreasing as you can see in the chart above. However, things like national economic changes or shifts in the job market can cause bankruptcy rates to skyrocket. With so many students carrying extraordinary loan debt (the chart below demonstrates the average loan debt over time), many students wonder if an […]
Students headed for college and undergraduates across the country are increasingly turning to student loans to finance the furthering of their education. Not many tertiary educated learners can depend on family, or other connections, to fund their schooling or even take on the obligation of cosigning for the student loan itself. This leaves the option of […]
An Income Based Repayment Plan (IBR) is a repayment plan that can help student loan borrowers get a more affordable monthly student loan payment based on income and the size of their family. The Income Based Repayment plan was created to help student loan borrowers achieve an affordable student loan payment that they can actually […]
One of our latest posts discussed how underutilized some student loan repayment programs were, and it also addressed some of the strength and weaknesses of income driven repayment programs. To recapitulate, an income-based repayment program can reduce your monthly student loan payments based on your income. For Wayne Tibak, this program reduced his federal student […]
Borrowing Money to Pay Student Loans Over 37 million Americans owe close to $1.3 trillion in student loans. A little more than 70% of U.S. 2014 college graduates had to borrow money from the federal government in order to obtain their bachelors degree. Among these graduates the average student loan debt was $33,000. Making the […]
