The Public Service Loan Forgiveness (PSLF) Buyback program lets you earn forgiveness credits for months you didn’t pay due to forbearance or deferment, which can help you get loan forgiveness faster. You must make a payment equal to what you would’ve owed on an income-driven repayment (IDR) plan at the time of your missed bills to get credit, but you should wait until the IDR account adjustment program is over before considering the Buyback program. For example, if you spent three months in deferment in 2015, and your monthly bill at the time was $100, you could owe $300 through…

A typical four-year degree can cost $115,000 or more, according to a 2023 College Board report. Borrowing money to pay for college adds to the total cost, due to interest. To lower the overall cost of your education, consider making optional student loan payments while you’re in school or during your grace period. Even if you can only afford a small amount, every payment you make will decrease the amount of interest that accrues. You could save thousands over the life of your loan.”Interest begins accruing on most private student loans and some federal student loans as soon as students…

Interest rates on personal loans have steadily increased since early 2022, coinciding with the Federal Reserve’s efforts to curb inflation by raising the federal funds rate.But anticipated Fed rate cuts before the end of this year may not bring personal loan rates down right away.“Typically, we don’t see personal loan rates drop as a result of those rates dropping,” said Jean Hopkins, director of consumer lending at WeStreet Credit Union in Tulsa, Oklahoma.Changes to the federal funds rate have a greater impact on variable-rate credit products, such as credit cards or home equity lines of credit, she said. Personal loan…

If you’ve been skipping your federal student loan bills, or you have defaulted loans, your time is running out to get back on track without harsh consequences. Two key pandemic-era relief programs are set to expire on Sept. 30: the student loan on-ramp and the Fresh Start program.Millions of borrowers are benefitting from the on-ramp or Fresh Start — and some may not know it. To check, log into your studentaid.gov account and review your monthly payment history and loan repayment statuses. If you have missed or late payments, you’re on the on-ramp. If you have a loan listed as…

Congratulations on your college graduation! Now, get ready for your next milestone: student loan repayment. Most student loan borrowers get a six-month grace period after graduating or dropping below half-time enrollment. This grace period applies to all federal student loans and some private loans. Monthly payments begin after your grace period. So, if you graduated in May, your student loan bills could start in November. Student loan payments can make it difficult to find your financial footing, but there are ways to manage them. Spend a few hours taking stock of your student loan situation before your grace period ends.…

Trump wins the 2024 presidential electionFormer President Donald Trump will be back in the White House come January. In case you missed it, here’s a rundown of his plans for the economy and your personal finances — and what economists are projecting for his second term. Read more.As the Nov. 5 election looms, Vice President Kamala Harris and former President Donald Trump offer starkly different visions for student loan policy at a time when the topic is top of mind for voters.More than one in five student loan borrowers (22%) say that student loan forgiveness is one of the most…

Grad school can boost your career, but it comes at a price. Those who completed a graduate-level degree in 2020 left school with about $88,220 in student debt, on average, according to the latest data from the National Center of Education Statistics. Even grad school loans offered by the government can be tough to repay. Federal grad PLUS loans, available to graduate and professional students for education expenses not covered by other financial aid, have a 9.08% interest rate in 2024-25, compared to 6.53% for direct loans for undergraduates. Bills can quickly become unmanageable. A hypothetical borrower who has $88,220…

Accredited Debt Relief is a debt settlement company that negotiates on behalf of consumers to lower how much debt they owe to their creditors. Consumers who complete Accredited Debt Relief’s debt settlement program reduce their monthly payments by 40% or more, according to the company. This is likely before taking into account fees paid to Accredited, which will lower the total amount saved. Accredited Debt Relief at a glanceMinimum debt required to enroll:Types of debt eligible for enrollment:Unsecured debt, including credit cards, personal loans, collection accounts, medical debt and private student loans.40% of enrolled debt (likely before fees).Not available in:…

Yes, college is expensive. The real surprise: Housing can be pricier than tuition. At public four-year colleges in 2023-24, the average cost for housing and food was $12,770 — higher than the $11,260 for tuition and fees, according to a 2023 College Board report. Students at community colleges and private schools also faced similarly high housing costs.High housing prices can impact a student’s ability to thrive at college or complete their degree. According to a 2019 report by Temple University’s Hope Center in Philadelphia, about 56% of surveyed students said they experienced housing insecurity — including the inability to pay…

The FAFSA Submission Summary is a document containing your estimated financial aid eligibility for the relevant academic year and copies of your responses on the Free Application for Federal Student Aid (FAFSA). The summary is not an official financial aid offer. Colleges use the information from your summary to create financial aid offers once they’ve admitted you. Here’s what you need to know about your FAFSA Submission Summary and how it factors into your financial aid package.What information does the FAFSA Submission Summary include? The FAFSA Submission Summary provides basic information about your financial aid eligibility, including:Estimated eligibility for the…