As part of the democrats’ new “Fair Shot” agenda, Senator Elizabeth Warren (D-Mass.) reintroduced legislation last month aimed at easing the burden of student loan repayment.
This bill will reportedly come up for a vote soon, perhaps as early as this week. In advance of that, let’s talk about one of its features that could help for just about every type of borrower: the ability to refinance private and federal student loans at the current low interest rates.
Recent graduates face a number of challenges, from landing their first job, to possibly relocating, and learning how to repay student loans. One recent proposal from groups like the National Association of Student Financial Aid Administrators (NASFAA), Young Invincibles, and the New America Foundation aims to make the latter a lot easier—at least for federal student loan borrowers who are just about to enter repayment.
Late last month, Senator Tom Harkin said he wanted legislation to reauthorize the Higher Education Act (HEA) by June. That timing may not happen; however, members of Congress are currently proposing bills in anticipation of reauthorization.
When reauthorization does occur, that could mean big changes for student loan borrowers—especially if two bills I’d like to see passed get approved in some fashion.
For those still trying to figure out how to repay your student loans, you may be surprised to realize how much things have changed for the better in just the last 5 years.
Here is my list (in no particular order) of what I believe to be the most positive signs for those struggling to repay their education loans.
Congratulations, Class of 2013! It’s time for those of you with student loans to begin repayment. Are you ready?
When I graduated in 2008, I was admittedly a bit in the dark when it came to the simplest of financial decisions. Should I consolidate my federal student loans? Which payment program should I choose? And what about the private ones—can I consolidate those as well?
Of course, these are still relevant questions today. Luckily, there are now resources to help make payment easier for you.
On October 16, Rohit Chopra, the student loan ombudsman for the Consumer Financial Protection Bureau (CFPB), released a report analyzing complaints received from borrowers with private student loans.
Surprisingly, the chief concern had to do with paying off debt early—an issue that definitely hits home for me.
A little while ago, the Consumer Financial Protection Bureau (CFPB) announced that millions of workers are not taking advantage of programs that could forgive their student loans. Thinking about this, I took a quick (read: unscientific) poll among friends who have federal student loans and work at nonprofits or public organizations.
About half of them were not aware that they may be eligible to have their remaining balance forgiven.
Over the years, repaying private student loans has proved to be a very daunting task for me. Five years ago, I was so lacking options that I turned to my Congressman’s office to figure out the next step.
Just because you’re broke doesn’t mean you can stop buying toilet paper. But have you considered buying that online?
While in the throes of student loan repayment, I’ve found a number of online tools to be godsends at helping me cut down on cost-of-living essentials. Spending an extra minute on these sites or even on a quick Google search can make all the difference.
We’ve helped you Face The Red™ the past few months, and there’s no better way to do that than hearing from someone facing his. That’s our newest contributor, Sean Engelking. Here’s his story.