10 Ways to Tell If You Have Financial Deficit Disorder
It’s not unusual to make the occasional late payment on a bill, or treat yourself to a frivolous purchase every now and then — We all have done it at some point in our lifetime, and perhaps even a few times too many. However, there are some people out there with FDD —Financial Deficit Disorder, […]
Law School Loan Forgiveness
The bad news is that most law school graduates have a ton of student loan debt. The good news is that many law schools forgive loans of students who serve in public interest or nonprofit positions. Equal Justice Works is a great resource for how you can get law school loans forgiven. Browse its website […]
What to Do if Your Student Loan Cancellation Application Is Denied
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 […]
Student Loan Cancellations In Bankruptcy Are Rare – But Possible
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 Cancellation and Discharge for Military Service
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 Cancellations for Teaching and Community Service
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 School-Related Issues and False Certification
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 […]
A Student Loan Cancellation Success Story
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, […]
Student Loan Cancellation Due to Death
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 […]
How to Qualify for a Student Loan Cancellation or a Student Loan Discharge
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 […]
Should You Pay Points on a Home Purchase?
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 […]
5 Websites Everyone with Student Loans Should Know
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 Factors that Determine Your FICO Score
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 […]
Is The Making Home Affordable Program Right For You?
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 […]
6 Steps to Determine If You Qualify for the Making Home Affordable Program
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 […]