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Many students have financial decisions to make due to the COVID-19 pandemic. How does the CARES Act affect student loan borrowers and those who used a 529 plan for college expenses?
As important as it may feel to conquer your student loan debt, do not lose sight of setting money aside for your future. Develop a savings strategy that aligns with your financial goals.
For those choosing a career in the public service sector, the Public Service Loan Forgiveness program can be a great way to relieve student loan debt after ten years of monthly income-based payments. But it turns out there’s much more to it than simply working in the public sector and making those ten years of payments. If you or someone you know is graduating and wants to take advantage of this program, be sure you understand all the requirements that must be met.
College loans exceed 1.5 trillion dollars! Most of this debt is owed to the U.S. government student loan programs. Since this represents 6% of our national debt, non-repayment is a serious matter.
To consolidate, refinance, or do nothing? The answer is not simple. It’s based on everyone’s unique situation—type of debt (federal or private), current interest rate, income level, occupation, estimated payoff timeline, etc.