Slouching Towards (And Planning For) Repayment

Former Intern Mike is well on his way to earning his merit badge in Student Loan Repayment.
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Being a real person has taught me quite a bit about budgeting and saving. While I’m still new to the world of big-boy finances, a key nugget that I’ve taken away already is that having a financial plan is important. Knowing how much per month I’m going to have to dedicate towards student loans will ultimately allow me to figure out how much will be left over for groceries, rent, and fun. With things like an expired apartment lease looming in my future, I knew it was important to have my numbers hashed out this month.

5 Steps To Create A Student Loan Repayment Plan With Your Parents

Don’t leave any money on the table when you negotiate—even if it’s with your parents.
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Graduation is right (and I mean right) around the corner. With that has come more stress than I’ve had in my entire life. This is partially due to my fear of falling down while on stage. But until recently, I was also freaking out because my parents and I still hadn’t decided if/how they’d be helping me repay my student loans after graduation. I decided the time had come for us to make a real game plan—a game plan that’s clear, tactical, and allows my parents and me to beat these loans together. Here are some steps you can take that may help you make a plan with your parents.

One Way to Simplify Student Loan Repayment (That Might Actually Work)

What if your student loan payments were linked to your paychecks?
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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.

Repayment Estimator: Your New Secret Weapon In The Fight Against Debt

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There are many federal student loan repayment plans to choose from and it can be difficult to pick the right one for you. For example, some offer forgiveness after a certain amount of eligible payments if you qualify, but will you pay more in the long run to get that benefit? How do you know which option is the best fit for your situation?

You Never Have To Pay For Help With Your Federal Student Loans

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Helping people understand student loans is our job at SALT™, and few are better at it than Betsy Mayotte—the director of regulatory compliance for American Student Assistance®(our parent company). We told borrowers to “Just Ask” her questions, so check out her answers below (as well as her cat—because if Piglet can’t make student loans better, what can?).

Can You Avoid Parents Signing Student Loan Paperwork?

Piglet after a bath
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Helping people understand student loans is our job at SALT™, and few are better at it than Betsy Mayotte—the director of regulatory compliance for American Student Assistance® (our parent company). We told borrowers to “Just Ask” her questions, so check out her answers below (as well as her cat—because if Piglet can’t make student loans better, what can?).

Will Reauthorizing The Higher Education Act Provide The Relief You Need?

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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.

Does Switching Jobs Make You Ineligible For Loan Forgiveness?

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Helping people understand student loans is our job at SALT™, and few are better at it than Betsy Mayotte—the director of regulatory compliance for American Student Assistance® (our parent company). We told borrowers to “Just Ask” her questions, so check out her answers below (as well as her cat—because if Piglet can’t make student loans better, what can?).

How Much More Could You Owe In Student Loans?

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I graduated with $21,000 of student loan debt—but that number is not even close to how much my postsecondary education cost.

If you add up the tuition, fees, and textbooks for my bachelor’s degree and MBA, you’d come up with an amount closer to $100,000. I could have graduated owing that much in student loans. In fact, if I had done a few things differently, I definitely would have owed that much.

How To Know If Your Tax Refund Will Be Seized For Student Loans

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Helping people understand student loans is our job at SALT™, and few are better at it than Betsy Mayotte—the director of regulatory compliance for American Student Assistance® (our parent company). We told borrowers to “Just Ask” her questions, so check out her answers below (as well as her cat—because if Piglet can’t make student loans better, what can?).