A college education may be the ticket to a higher-paying job after graduation, but for many people it also leads to a mountain of debt that can take years—or even decades—to pay off. Americans currently owe a record-high $1.41 trillion in student loans, according to the credit reporting agency Experian. [...]
Table of Contents Expand How Much Can You Borrow? Federal Direct Student Loans Federal Direct PLUS Loans Private Student Loans Annual and Aggregate Loan Amounts Loan Eligibility by Type There are limits to almost everything in life, including how much you can borrow on student loans. Student loan limits are [...]
Table of Contents Expand What Is Student Loan Bankruptcy? Know This Before You File Filing an Adversary Proceeding The ‘Undue Hardship’ Hurdle Special Circumstances The Bottom Line You may have heard that student loans can’t be discharged in bankruptcy. That statement oversimplifies the truth. You actually can get student loans [...]
Table of Contents Expand Overview General Federal Loan Forbearance Mandatory Federal Forbearance Private Student Loan Forbearance Pros and Cons Alternatives to Forbearance The Bottom Line Student loan forbearance is a way to suspend or lower your student loan payments temporarily, typically for 12 months or less, during times of financial [...]
If you need help paying for college, private student loans can help fill the gap that federal financial aid doesn't cover. Most college students don't earn a lot of money, nor do they have lengthy credit histories, so many private loan lenders encourage applicants to have a cosigner on their [...]
Table of Contents Expand Federal Repayment Options Which Federal Option Is Best? Private Student Loan Options The Bottom Line Student loan repayment options offer borrowers some flexibility in repaying education debt. With federal student loans, you have multiple repayment paths to choose from. If you borrowed private student loans, however, [...]
Table of Contents Expand Public Service Loan Forgiveness Teacher Loan Forgiveness Perkins Loan Teacher Cancellation TEACH Grant State-Run Programs Private Student Loan Forgiveness? The Bottom Line Student loan forgiveness programs can make repaying education debt on a teacher's salary easier. There are several programs that offer federal student loan forgiveness [...]
You need money fast, but what if a bad credit score keeps you from accessing traditional short-term loans or lines of credit? Taking out a car title loan is one way to get your hands on some fast cash with no credit check and minimal income verification. This may sound [...]
A car title loan is a short-term loan for which the borrower's vehicle is used as collateral. The typical repayment term is 30 days and, unless restricted, the typical interest rate is 250% to 400%. Online lenders have quoted rates as high as 651% for car title loans. The amount [...]
Asking if title loans or payday loans are better is tantamount to asking which illness is best to come down with. Both loan products feature usurious interest rates, unfavorable terms and aggressive collection tactics that border on abusive, and both subject you to dealing with unscrupulous characters, often in less-than-stellar [...]