While there are endless free resources for
saving on your student loan payments, some people might still find value in paying a third - party company for assistance with their student loans.
Furthermore, college graduates under the age of 35 with student loans are spending nearly one - fifth of their
salaries on student loan payments, a Citizens Financial Group debt study revealed.
Paul DeMuth, a Harmarville, Pennsylvania resident, had fallen behind
on his student loan payments due to extenuating circumstances, and that is when the calls from Navient, the nation's largest student loan company, started coming in.
For example, information
on a student loan payment for a Tom Smith from Kansas could be entered on a credit report for a Tom Smith from New York.
The PAYE and REPAYE plans stem from a campaign promise Obama made as he courted young voters, telling them he would provide
relief on their student loan payments and help better manage their debt.
Default rate is the most recent default rate reported by the federal Department of Education; it's a percentage of borrowers that enter default
on student loan payments within three years of graduating.
Also, since your income is less than $ 75k, you may be able to deduct the
interest on a student loan payment on your taxes (see Publication 970), softening the blow somewhat.
A man from a Pittsburgh suburb has been awarded $ 300,000, paid by Navient, after it was ruled that the student loan company was harassing him with robocalls in an effort to have the man repay his student loans.Paul DeMuth, a Harmarville, Pennsylvania resident, had fallen
behind on his student loan payments due to extenuating circumstances, -LSB-...]
Citizens» Millennial Graduates in Debt survey found that college graduates 35 years old and younger who have student loan debt spend 18 percent of their
salaries on student loan payments, and 60 percent of those surveyed said they expect to be paying their loans off until they're in their 40s.
Falling behind
on student loan payments can happen to anyone!
If you all already behind
on your student loan payments or fear it may come to that, there are other alternatives.
This can alleviate your current financial situation without having to default
on your student loan payments.
If you've defaulted
on your student loan payments, you might consider both loan rehabilitation and loan consolidation.
According to the most recent data from the federal government, approximately 11.5 percent of federal student loan borrowers who entered repayment in 2014 are defaulting
on their student loan payments.
One way to «save»
on your student loan payments is to deduct the interest you paid on your student loans on your taxes each year.
A student loan typically defaults when you've gone 270 days late
on your student loan payment.
If you all already behind
on your student loan payments or fear it may come to that, there are other alternatives.
The IRS can seize your tax refund if you are running late
on student loan payments.
Defaulting
on a student loan payment will remain on your credit report for seven years with serious consequences for your credit history.
If you fall behind
on your student loan payments and end up in default on a federally guaranteed student loan, your tax refund may be intercepted and used to pay off outstanding student loan debt.
Yet, consolidation could help college students before there's a risk of falling behind
on student loan payments.