Student Loan Planner

SEPTEMBER 18, 2023

Federal student loan borrowers can take advantage of income-driven repayment (IDR) plans that allow for low monthly payments and the opportunity for loan forgiveness. Repayment options have changed over time, adding to the layers of complexity that plague the student loan system.

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Student Loan Planner

JANUARY 10, 2023

In one of the most potentially transformative policy changes in the history of higher education policy, President Biden’s Department of Education proposed on January 10, 2023, to completely redo the Revised Pay As You Earn (REPAYE) program to make it more generous for millions of borrowers.

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Student Loan Planner

JANUARY 18, 2023

One belief most student loan experts have held is that borrowers currently in repayment cannot be removed from their income-driven repayment plan (IDR plan) except by an act of Congress. Most experts also used to believe that borrowers cannot be made worse off if they’re already on a repayment plan.

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IEFA

JANUARY 3, 2024

Studying abroad can be a life-changing experience, opening up countless opportunities for personal growth, academic enrichment and cultural immersion. Key takeaways Understand federal and private student loans to finance your study abroad experience. Prepare for the loan application process, disbursement and repayment.

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NCLC Student Loan Borrower Assistance

MARCH 12, 2024

The deadline for borrowers to update their income to stay in their income-driven repayment (IDR) plans has been extended again for borrowers whose loans were covered by the payment pause. The earliest that borrowers with these loan types will have to update their income and family size for their IDR plan is September 2024.

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Student Loan Hero

DECEMBER 22, 2022

The Free Application for Federal Student Aid (FAFSA) opens on Oct. Upcoming changes to the FAFSA. Most students file the FAFSA much closer to the date it opens than the date it closes. The main reason to file the FAFSA later in the school year would be if you had a major change in your financial circumstances. FAFSA FAQs.

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CFAA College Financial Aid Advisors

APRIL 22, 2024

It can be frustrating to try to come up with cost figures because students all have individual financial circumstances, but the financial aid director will probably have the best understanding of the closest dollar estimate for attending the school. What are my chances of realistically being able to repay my student loans?

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CFAA College Financial Aid Advisors

APRIL 8, 2024

It’s important to enjoy this joyous occasion and celebrate your student. Encourage your student to find a balance between using money and saving some for a future day when things might not be so easy. But, if we aren’t careful, the balances can grow – and interest rates can always change.

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Scholly

APRIL 19, 2022

Do you already know that when the national pause on student loan payments ends you’ll be faced with monthly payments you can’t afford? Want a solution that leads to affordable payments and potentially even student loan forgiveness? Does this sound like the type of repayment plan you need?

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NCLC Student Loan Borrower Assistance

DECEMBER 13, 2022

In November 2022, the Department of Education published final rules that will change regulations governing a variety of federal student loan cancellation programs as well as how interest impacts student loan burdens. The new rules will go into effect on July 1, 2023. .

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College Planners of America

MARCH 7, 2023

This post is a continuation of the last two that summarized Modules 1 and 2 of the Student Loan Entrance Counseling (SLEC). Module 3, “Federal Student Loans”, is summarized in this post. SLEC ensures that a student understands their rights and responsibilities with Federal loans prior to entering into a loan agreement.

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College Planners of America

NOVEMBER 28, 2022

One of the most popular student financial aid programs managed by the U.S. Education Department (ED) is the Public Service Loan Forgiveness (PSLF) program, and it’s easy to figure out why. The PSLF program was implemented to forgive student loan debt for employees of public service and nonprofit jobs.

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NCLC Student Loan Borrower Assistance

MAY 24, 2023

The Income-Driven Repayment plans set borrowers’ monthly payment amount based on their income and provide them with cancellation of their remaining balance after 20 or 25 years of repayment. For information about how the Account Adjustment will impact PSLF borrowers, see the second post here.

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Student Loan Hero

OCTOBER 12, 2022

Understanding how marriage affects student loans can be tricky. For instance, you might wonder whether a spouse is responsible for student loans incurred before marriage, or what happens after a divorce. However, this depends on when the debt was acquired, who cosigned the loan and where you reside.

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College Planners of America

JANUARY 8, 2024

Education Department (ED) in 1979 was to assist students in paying for a post-secondary education. Like corporations that market to consumers, the ED conducts much of its business with its student-consumers over the Internet. There are many clever scams designed to pick the pockets of students who seek funds to pay for college.

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CFAA College Financial Aid Advisors

FEBRUARY 5, 2024

While some students who applied for early acceptance are sitting back, comfortable in the knowledge of where they’re going for their college journey, other students may not be. You’re likely to see scholarships and grants you will not have to repay, and student loans that you will have to repay.

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IEFA

SEPTEMBER 28, 2023

Refinancing your international student loans can be a game-changer in managing your student loan debt more efficiently and potentially reducing the amount of interest you pay by thousands of dollars. But, what are the steps to refinance, and what challenges do international students face in this process?

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NCLC Student Loan Borrower Assistance

OCTOBER 17, 2022

On October 6, 2021, the Department of Education announced it would temporarily change the rules for PSLF so that more borrowers could obtain cancellation. Typically, to have your loans canceled under the normal PSLF rules, you must: have Direct Loans, work full-time in a qualifying public service job, be in an income-driven repayment plan, .

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College Aid Consulting Services

JULY 28, 2023

Your options will also change depending on your reasons for applying, so factor your long-term goals into your decision. Look into Funding Options When it comes to financing a college education, several funding options are available for students. Make sure that you’re eating healthy foods and managing your stress.

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NACAC's Admitted

OCTOBER 7, 2021

In 2010, the federal government eliminated the bank-based student loan program (formerly the Federal Family Education Loan Program, or FFELP) in favor of originating loans directly from the Department of Education). As a result, some companies have decided not to continue serving as student loan servicers.

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NCLC Student Loan Borrower Assistance

AUGUST 9, 2022

Fortunately, the Department of Education has temporarily relaxed the rules of the program so that many more borrowers can benefit and can get their loans canceled sooner—or even now. But to take advantage of these changes, many borrowers will need to take action by October 31, 2022. What Is the Public Service Loan Forgiveness Program?

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Student Loan Hero

OCTOBER 31, 2022

Federal student loans are a popular way to pay for college since they offer low-interest rates and flexible repayment terms. However, the Department of Education sets student loan limits, restricting how much you can borrow per year and in total throughout your entire educational career. PLUS Loan limits.

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College Planners of America

FEBRUARY 21, 2023

Federal financial aid programs for college students include scholarships, grants, work-study programs, and loans. Among these only loans need to be repaid, making them the least attractive type of Federal aid. Students may apply for Federal loans through the FAFSA process on the studentaid.gov website.

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IEFA

AUGUST 6, 2022

A scholarship is an award of financial aid for a student to further their education. Scholarships are often made possible by donors who wish to support students in achieving their educational goals, including to study abroad. Differences between scholarships and student loans. Differences between scholarships and grants.

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Diverse: Issues in Higher Education

JANUARY 20, 2023

Although the news cycle has been dominated by the Biden administration’s student loan forgiveness program and its fate at the U.S. Supreme Court, the Department of Education’s recent revisions to income-driven repayment (IDR) plans may be far more significant in the long run. Many will end up paying less on their loans.”

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Diverse: Issues in Higher Education

JUNE 27, 2023

About 43 million people are expected to resume or start repayments of their student loans. The National Association of Student Financial Aid Administrators (NASFAA) has issued its final report and a toolkit for financial aid professionals across the nation in anticipation of the resumption of federal student loan repayments.

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Diverse: Issues in Higher Education

JANUARY 10, 2023

Department of Education (ED) is proposing policies to reduce federal student loan payments costs, especially for low and middle-income borrowers. The new rules would create an affordable income-driven repayment (IDR) plan for student loan borrowers, simplify the program, and remove common pitfalls.

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Student Loan Hero

DECEMBER 1, 2022

What are the COVID-19 student loan relief deadlines for federal debt repayments? You may have heard some student loan servicers are closing shop — when does that happen? Over next two years: Many federal student loan servicer contracts due to expire. When do you need to file your FAFSA for this year?

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NCLC Student Loan Borrower Assistance

JULY 26, 2023

After the Supreme Court struck down President Biden’s student loan cancellation plan, President Biden announced a number of new actions to help student loan borrower. One of those actions was rolling out a new, more affordable student loan payment plan, called SAVE. Start here.

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EAB

SEPTEMBER 26, 2023

Blogs Your student loan payments are due: 3 strategies to support community college students’ financial wellness When I think back to my time in college, student loans were something that nearly everyone had, but not something any of us fully understood. Financial hardship is the #1 reason students stop out.

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Diverse: Issues in Higher Education

NOVEMBER 10, 2023

The Biden-Harris Administration has announced a new framework to better hold student loan servicers accountable and protect borrowers from servicer errors. The loan servicing environment has changed drastically since the Department began working with multiple servicers in 2009,” said Federal Student Aid (FSA) COO Richard Cordray.

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Student Loan Hero

OCTOBER 31, 2022

Student loans can take a significant chunk of your paycheck, making it hard to reach your financial goals. It’s worth learning how to repay student loans faster so you can move on from this debt. Paying your loans in a shorter time also means less interest overall. Pick the right repayment plan.

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College Planners of America

JANUARY 10, 2023

Student loan balances have spiked in the last few years. To reduce this burden, President Biden announced the Student Loan Forgiveness Plan (the Plan) in August 2022. It forgives $10,000 of student debt for borrowers earning less than $125,000 per year, and up to $20,000 for former Pell Grant recipients.

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NCLC Student Loan Borrower Assistance

APRIL 12, 2024

This week there have been two big student debt relief announcements from the Biden Administration. Today, President Biden announced that 277,000 more people are having their federal student loan debt canceled. That brings the total number of people who have had federal student debt canceled during this administration to 4.3

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Scholarship America

APRIL 3, 2023

While the Free Application for Federal Student Aid (FAFSA) typically opens for applications on October 1, the application for the 2024-25 school year has been delayed until sometime in December—a delay that could have ripple effects on students, families and scholarship programs. Increase the number of students receiving Pell Grants.

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Scholly

JUNE 9, 2022

How bad is the student loan debt crisis? trillion in outstanding student loan debt! How does it affect student loan borrowers? And what other student loan debt statistics and facts should you know in 2022? Who is borrowing the most student loans to pay for college.

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Student Loan Planner

JANUARY 12, 2023

There’s a sea change in higher education finance happening before our eyes in 2023. President Biden announced his New Revised Pay As You Earn (REPAYE) plan on January 10, 2023. The post More than 75% of Undergraduate Borrowers Could Seek Forgiveness Under Biden’s New REPAYE Plan appeared first on Student Loan Planner.

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