On October 27th, the Department of Education revised the rules of the Pay As You Earn program (PAYE) in an effort to ease the burden of student loan payments on borrowers. The new rules established the Revised Pay As You Earn Plan (REPAYE), and it just became available to borrowers effective December 17th. Here’s the […]

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There’s lots of press these days about how terrible doctors have it with their horrific six-figure student loan burdens. And they have a point: The median all-in cost to go to medical school, including books, shelter and the occasional meager meal (I know, right?!) is over $207,868 at public colleges and $278,455 at private schools. […]

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Two finance professors out of Appalachian State University, Jarrod Johnstone and Ivan Roten, took a look at Income Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF) and the possible impact this may have on individuals, college tuition and the economy. IBR has been around since 2009 and capped payments at 15% of discretionary income […]

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If you’re struggling to pay your student loans each month, one of the worst things you can do is to do nothing at all. Student loans won’t go away and federal loans have no statute of limitations, so they will inevitably catch up to you. It’s best to be proactive and request a deferment or forbearance […]

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If you know anything about loans it’s that they come with interest, but do you know how interest works? Do you know when it starts accruing and how often it does? Most people don’t, so there’s no shame in your game unless you’re a finance, econ or accounting major (this group should totally be in […]

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For those that are struggling with student loans, Pay As You Earn can be life-changing. Currently, this repayment plan is helping borrowers who started borrowing after October 2007 and were still borrowing as of October 2011. The plan doesn’t apply to a wide swath of borrowers and due to lack of awareness, many aren’t taking […]

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Most people that graduate college come out owing both student loan and credit card debts. Research published last year by Fidelity Investments – Cost-Conscious College Graduates Study – showed that the majority of grads (roughly 70%) end up with debt that exceeds $35,000, on average. Half of those surveyed were surprised by the extent of […]

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With student loan balances averaging more than $29,000 for recent grads and unemployment and underemployment continuing to plague many, some find that their loan payments are unmanageable. The good news is that two newer repayment plan options – Income Based Repayment and Pay As You Earn – are making life oh-so-much better for cash-strapped borrowers.

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Colleges are getting aggressive over Perkins Loans – a type of federal student loan that is administered by the schools themselves. While Pell Grants and subsidized student loans go to those with financial need, Perkins Loans go to those with “exceptional” financial need – meaning they help fund the college education of the poorest students. […]

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