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What payment plan is right for me?

If there is one thing I know scary it is if you can’t afford your student loan payment.  Those payments can be nothing short of paralyzing.  I remember when my wife got her first notices for over $900.  Good news is we didn’t panic right away and we looked over our options.  You too have…

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A reader asks: How do I know if consolidation is right for me?

A reader asks: I have no idea if consolidation is right for me. Are there times when it can help you? Is there ever a time when it’s a bad idea? Will it save me money? Josephine in Texas Hey, Josephine! Consolidation is often touted as the great fixer, like, “If I can’t afford my…

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Reader Question: What do I do if my loan is in default?

I have not made payments on my loans in a long time and now my loans are in default. When I contacted my servicer, I was told my loans had been transferred elsewhere. What is going on, and what can I do? Tony in Wisconsin Hi, Tony! If you have not paid your loans in…

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How to notify if a borrower dies

It can be a really difficult time when a borrower dies.  The silver lining is the process to notify of a borrower’s death is pretty straight forward. The first good thing is anyone can make the phone call and report this death.  So if you have a family friend to do it so you don’t…

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Student Loan Problems arise from lack of knowledge, not resources

The most recent 3-year national cohort default rate released by the Department of Education for Fiscal Year 2011 is 13.7%.  According to the Department of Education, a 3-year cohort default rate is the percentage of a school’s borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct…

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Who can claim student loan interest?

Another issue we often times experienced around tax time is who can claim what in terms of their taxes.  This often happened because a child was making payments on his or her Parent PLUS loan and because they made that payment they want to be able to claim that eligible interest on their taxes. Here…

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3 common points of Student Loan Confusion

There are a lot of problems that are caused by misunderstandings for student loans.  Of these things, 3 seems to come up and cause the most confusion. Parent PLUS loans are not transferrable You got this loan to help you son and daughter and now that they are out of school it’s time for them…

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Why didn’t my Direct Debit extract?

I never liked the first couple days of the week at work.  Especially if I was doing Direct Debit emails.  It felt like many of them were simply: My payment didn’t pull!  Will I get late fee?  Credit reported? If your Direct Debit doesn’t extract there is a few possibilities.  Check these first before you…

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Breaking down the 3 most common Student Loan Tax Forms

Tax season is among us and with it brings a lot of questions.  Here is a quick over view of the 3 most common tax forms and what their purpose is: 1098-E- Reportable Interest that was paid to your servicer. 1099-C- Reportable canceled debt from things from disability discharge or death For both these forms, you…

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