For a college grad with big student loans, it’s probably the closest thing you can imagine to hitting the lottery: getting a discharge or cancellation of all your loans and making those debts instantly vanish. Unlike the lottery, you’re not going to receive a million dollar prize. But if you can get a lender to […]
How to Qualify for a Student Loan Cancellation or a Student Loan Discharge Read More »
Mortgage interest rates are at historic lows. If you have great credit with a FICO score above the mid-700’s, these days you’ll probably qualify for a rate below 5%. Despite the low rates, if you make a home purchase, should you pay points to lower your rate even more? Generally, my answer is “No.” What
Should You Pay Points on a Home Purchase? Read More »
It takes the average college graduate 15 years to repay his or her student loans, according to the College Board. A lot can happen over that time. So if you ever find yourself struggling to pay your college debts, or even just needing more information about the loans you’re carrying, the following five websites just
5 Websites Everyone with Student Loans Should Know Read More »
You hear a lot about your credit score being a strong factor behind your eligibility for credit cards, car loans or mortgages, but do you know how the Fair Isaac Corp., the company that calculates your FICO credit score, determines this number? Here are the basics: Your FICO credit score ranges from 300 to 850
5 Factors that Determine Your FICO Score Read More »
Editor’s note: For the most current information about the Home Affordable Refinance Program (HARP) visit MakingHomeAffordable.gov. If you are a homeowner in good standing with your mortgage, but you can’t seem to get refinancing because your home has lost equity in this declining economy, you might instead qualify to refinance your mortgage to something more
Is The Making Home Affordable Program Right For You? Read More »
Editor’s note: Please visit the Making Home Affordable website (link at the end of this article) for the most current information about this program. Under President Obama’s “Making Home Affordable” loan modification program, owners who are in risk of losing their home or are on the verge of not being able to make their monthly
6 Steps to Determine If You Qualify for the Making Home Affordable Program Read More »
In this tough economy, an increasing number of college graduates (and college drop-outs) are falling behind on their student loans. According to the Department of Education, federal student loan defaults are up to 6.9% in 2009, well above their year-ago level of 5.2%. For those carrying private loans, defaults hit 3.37% in 2008 versus 1.47%
How to Fix Defaulted Student Loans Read More »
You can consolidate your student loans into one payment in an effort to reduce your monthly payments. Before you can consolidate, you have to bring your loan(s) out of default status, if any are in default. You do this by making just three monthly payments — on time, and in any amount that you and
Student Loan Consolidation Vs. Rehabilitation Read More »
If you default on a federal student loan, the government has a right to garnish your wages in order to obtain payment. The good news is that you can appeal a wage garnishment and request a hearing on the matter in order to demonstrate why it is that you can’t afford the payments and wage
How to Appeal a Wage Garnishment for Defaulted Student Loans Read More »
Anyone with student loans receives lots of offers in the mail from lenders seeking to consolidate your student loans. To learn more about this option, read below for my last tip in a series of “Seven Smart Ways to Pay Off Student Loans Fast.” Read also Tip #1, Tip #2, Tip #3, Tip #4, Tip
Pay Off Student Loans Fast: Consolidate Them Read More »
By Lynnette Khalfani-Cox, The Money Coach Did you know that you could negotiate loan rates and terms on any new federal student loans? To learn more, read below for my Tip #6 in a series of “Seven Smart Ways to Pay Off Student Loans Fast.” Read also Tip #1, Tip #2, Tip #3, Tip #4,
How to Negotiate Your Student Loan Payment Read More »
A host of working professionals and volunteers can have their loans forgiven or outright canceled. To learn more, read below for my Tip #5 in a series of “Seven Smart Ways to Pay Off Student Loans Fast.” A new tip is presented each day for seven days. Read also Tip #1, Tip #2, Tip #3
Pay Off Student Loans Fast: Volunteer, Teach, or Serve the Sick Read More »
Most people think only students who are enrolled in school can get deferments on their student loans. Nothing could be farther from the truth. There are a variety of reasons those with loans can defer or cancel their payments. To learn more, read below for my Tip #4 in a series of “Seven Smart Ways
More Smart Ways to Pay Off Student Loans Fast: Get Forbearance Approval Read More »
Who better to forgive your student loan than the lender? Just as Mom and Dad sometimes forgive portions of a loan to you, the same can be said for the Federal government, which issues more than 10 million student loans a year. To find out how to get the Federal government to pay off your
Smart Ways to Pay Off Student Loans Fast — Get Uncle Sam to Pay It. Read More »
You obtained that college degree for a reason: To get a decent-paying job. That job just might pay off your student loans in a way you haven’t before considered. To find out how, read below for my Tip #2 in a series of “Seven Smart Ways to Pay Off Student Loans Fast.” A new tip
More Ways to Pay Off Student Loans Fast — Have Your Boss Do It. Read More »
