The topic of student loan cancellation is covered in my book, Zero Debt for College Grads. The following is a short excerpt. I’ve already warned you about how difficult it can be to get a student loan discharged. Unfortunately, part of what makes it tough is that for most discharges, the ultimate authority on the […]
What to Do if Your Student Loan Cancellation Application Is Denied Read More »
This post is part of week-long a series of articles about how to qualify to get student loans canceled. By Lynnette Khalfani-Cox, The Money Coach Under federal law, as of October 8, 1998, you can no longer discharge student loan debt in a bankruptcy proceeding. As with most laws, however, there are loopholes and exceptions
Student Loan Cancellations In Bankruptcy Are Rare – But Possible Read More »
Effective Oct. 7, 1998, all borrowers of Perkins loans are entitled to have those loans discharged if they served in the U.S. armed forces. This student loan cancellation privilege applies to Perkins loan recipients regardless of when the loan was made or what the terms on the original promissory note are. Military personnel qualify for
Student Loan Cancellation and Discharge for Military Service Read More »
Two other categories that you might qualify for with regard to getting your student loans discharged or cancelled pertain to service-based work. You can get your educational loans cancelled, or at least greatly offset, for jobs in teaching and public service. Up to $17,500 Forgiven Teachers qualify for loan forgiveness in the amount of $5,000
Student Loan Cancellations for Teaching and Community Service Read More »
If the school that you attended closed before you could earn your degree, or if you withdrew from the school or were on an approved leave no more than 90 days before it closed, you can also qualify to get your student loans cancelled. Those of you who completed your studies elsewhere or by transferring
Student Loan Cancellations for School-Related Issues and False Certification Read More »
While many student loan cancellations can be difficult to obtain, some are not. Take the case of Jaclyn Ward, who went to Harvard and then graduated from Fordham Law School in 2003. I once interviewed Ward for Essence Magazine, and she explained to me that her position as an assistant district attorney, in the Manhattan,
A Student Loan Cancellation Success Story Read More »
I can already guess what many of you are thinking about getting a student loan cancellation or discharge for reasons of death. You’re thinking, a) I’m reading this information, Lynnette, so I’m obviously alive and not dead! and b) I don’t have any plans on dying anytime soon, nor do I want to die, so
Student Loan Cancellation Due to Death Read More »
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 »
