Loans
President Donald Trump has vowed to dismantle the U.S. Education Department, which oversees federal student financial aid. There are reports that members of Elon Musk’s Department of Governmental Efficiency (DOGE) team have accessed financial aid data containing the personal information of millions of students enrolled in the federal student aid program.These developments may sound the alarm for student loan borrowers. But for now, there’s no need to make dramatic changes to your student loans. “We have to engage in the process that currently exists…we don’t have any guidance that suggests we should be doing things in different ways,” says Wil…
Eight million borrowers facing “persistent financial burdens,” such as those brought on by unexpected medical bills, natural disasters or high child care or family caregiving costs, could qualify for federal student loan forgiveness — but it’s not a done deal yet. The Education Department revealed new details of the financial hardship proposal on Friday, Oct. 25, including eligibility criteria and how borrowers could apply for the relief. “For far too long, our broken student loan system has made it too hard for borrowers experiencing heartbreaking and financially devastating hardships to access relief, and it’s not right,” U.S. Secretary of Education…
As interest rates start to soften, you may hear more buzz about student loan refinancing as a way to lower your bills. “Essentially, what it means is you are taking the debt that you owe and you are giving it to another company. They’re going to pay off the debt that you have with the company you currently work with, and then you’re going to pay this new company,” explains Kristen Ahlenius, director of education and advice at Your Money Line, a workplace financial wellness company. For private loan borrowers who can qualify for a better interest rate, refinancing can…