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Buried In Student Loan Debt? Top 10 Reads for Help and Hope You Need to Dig Yourself Out

July 6th, 2015 · No Comments · Student Loans

by Kristy Welsh

(Last Updated On: February 26, 2018)

Buried In Student Loan Debt? Top 10 Reads for Help and Hope You Need to Dig Yourself Out

Whether you’re just out of college or several years into your student loan debt, there’s help and hope for you yet. No matter how buried you feel, there is always something you can do to minimize your stress and better manage your debt. Here’s how.

Is Your Student Loan Servicer Stressing You Out? Share Your #StudentDebtStress

As though paying back student loans isn’t stressful enough, student loan servicers often only serve to make things worse. If that has been your experience, the Consumer Financial Protection Bureau (CFPB) wants to hear about it.

How to Avoid Defaulting on Your Student Loans

If you are buried deep in student loan debt, you are not alone, and there are things you can do to avoid defaulting on your loans. Try any one of these tips before you throw in the towel and default on one or more of your student loans. Your credit score will thank you.

Obama Extending Pay As You Earn Eligibility for Student Loan Borrowers

If you are one of the 5 million student loan borrowers who have fallen through the cracks of eligibility for the Pay As You Earn Repayment Plan, here’s some good news. Come December 2015, you will no longer be required to pay more than 10 percent of your monthly income toward your student loan.

Do You Qualify for the Public Service Loan Forgiveness Program?

The College Cost Reduction and Access Act (CCRAA) created a loan forgiveness program for borrowers who hold public service jobs. Borrowers who meet the requirements outlined in the law may be eligible to have a portion of their student loan debt forgiven. Do you qualify?

How Does Your Servicer Allocate Excess Payments Across Multiple Student Loans?

If you’ve been paying on multiple student loans and sending in a little extra now and then, your loan servicer may not have been applying said payments to the loan that will most quickly pay down your balance, even (in some cases) if you ask them to. That’s the big takeaway from the Consumer Financial Protection Bureau’s (CFPB) inquiry into student loan servicer payment allocation procedures.

The Pros and Cons of Consolidating Your Student Loans

One way to manage multiple student loans is to consolidate them into one bill. Not only could this simplify your life, but it could reduce your overall monthly payment. But it is a good idea? Will combining them or refinancing them be beneficial for you?

Wells Fargo or Discover Student Loan? How to Qualify for New Loan Modification Program

If you’re struggling with payments on a private student loan from Wells Fargo or Discover Financial Services, you may be in luck. Both of the lenders recently announced the introduction of loan modification programs. This is big news for the private student loan industry, as it has notoriously lacked the kind of modification options available to borrowers through federal student loan programs.

What’s a Borrower to Do? 9 in 10 Private Student Loan Co-Signer Release Requests Denied

It may be advisable to request a co-signer release on a private student loan. And, in fact, that’s precisely what the CFPB urged borrowers to do last year. But as the agency has since discovered, such requests are almost never granted. The CFPB won’t stand for that, calling for an overhaul in the co-signer release process.

Are Private Student Loan Borrowers Being Driven Into Default?

In a review of thousands of private student loan complaints received by the CFPB over 12 months’ time, many borrowers claim they have been driven into default. Unfortunately, unlike federal student loans, those issued by private lenders do not offer the same kind of straight-forward, affordable payment options.

CFPB Action Against Student Debt Relief Scam Reminds: Borrowers Beware

If you’re struggling with student loan payments, by all means, seek debt relief. Just be careful where you look. As we are reminded by the CFPB action against two student debt relief scams, their “help” can do more harm than good.

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