Glossy mailers promising low rates and cleverly crafted ads on your favorite podcast might leave you wondering: Should you refinance your student loans? With over $1.6 trillion in student loan debt in America as of March 2019, student loan refinance companies have an incentive to entice you. And a lower payment sounds alluring. But is refinancing the right move for you? DIG INTO YOUR FINANCES Before you make a big change to your money management, such as refinancing your student loans , fully understand your overall financial picture, says Barbara Thomas, executive vice president at SouthEast Bank. This will ensure you’re coming from an informed place so you can make the best decision for your situation. The more solid your footing — you’re paying all bills on time, putting away savings and still have cash left at the end of the month — the more likely it is you could qualify for a refinance and handle any financial changes it brings, Thomas says. “Make … [Read more...] about Millennial Money: Is student loan refinancing right for you?
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Jun 09, 4:43 PM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury National By Kenneth Roth 06/09/19 AT 3:21 PM South Bend, Indiana Mayor Pete Buttigieg, in addition to being the first openly gay presidential candidate, also is likely the first candidate to have a six-figure student loan debt while on the campaign trail.With loans totaling more than $130,000 Buttigieg and his husband, Chasten, are among the 43 million Americans who owe federal student loan debt. While virtually all of the Democratic frontrunners have rolled out plans for addressing the high cost of higher education, and dealing with the estimated $1.447 trillion owed by student borrowers, Buttigieg appears to be the only candidate still paying back the cost of education.At HBCUs, crushing student loan debt is a symptom of even bigger problems. https://t.co/zzdPxYl164— NBC News (@NBCNews) June 9, 2019 While student loan debt is often discussed as an issue facing … [Read more...] about If Elected, Buttigieg First President To Have Student Loan Debt
As high school seniors and their families prepare to choose which college to attend, student loan debt looms large. Currently, 43 million Americans have student debt and the average household with student loan debt owes almost $48,000. More than 5 million borrowers are in default. With the nationwide student debt topping $1.5 trillion, CBS News business analyst Jill Schlesinger urges families to discuss debt long before the college application process begins. Students and their parents need to look at what their loan entails. Before taking on debt, students should have an understanding of what their degree will be worth in the future job market. "If you can graduate with a total amount of debt that is at least equal or lower than your first year's salary, you'll probably be able to pay it off pretty easily within 10 to 12 years. So, if you're going to be a software engineer and you have $60,000 in debt, you're gonna be OK. But if you're going to be a docent at a museum and you're … [Read more...] about How families can tackle student loan debt
Eliza Relman, provided by Published 7:48 am PDT, Sunday, April 28, 2019 Boston Globe/Getty Images On Monday, Sen. Elizabeth Warren unveiled a highly ambitious plan to relieve a massive amount of student loan debt and make public college free for all. The plan is one of the boldest and most progressive in the 2020 debate and progressive education experts and activists praised its scope. But conservatives — and some 2020 Democrats — aren't fans of the proposal. They cite the $1.25 trillion price tag, and argue that the proposal doesn't do enough to address skyrocketing college tuition. Visit Business Insider's homepage for more stories. On Monday, Sen. Elizabeth Warren unveiled an ambitious plan to relieve most Americans' student loan debt and make public college free for all. Warren's policy would cancel $50,000 in student loan debt for every American whose family makes up to $100,000, and make all public higher education, including … [Read more...] about Elizabeth Warren is trying to tackle the skyrocketing cost of education with a plan to forgive student-loan debt and offer free college — but experts are divided on her ambitious idea
Published 3:01 pm PST, Monday, February 4, 2019 Image 1 of / 1 Caption Close Image 1 of 1 Student Loan Debt Growth Fastest Among Boomers 1 / 1 Back to Gallery (BPT) - Student loan debt in the U.S. has been skyrocketing for years, recently topping $1.5 trillion, and now surpassing automobile loans and credit cards to become the largest source of personal debt, aside from mortgages. Millennials bear the brunt of that burden, with 75 percent of the generation carrying some form of college debt. But the problem isn’t contained to the younger generation. According to a new white paper from The Guardian Life Insurance Company of America(R) (Guardian), baby boomers are increasingly feeling the strain of student loan debt — and it’s having a major impact on their overall well-being. While much of the conversation about student loan debt has centered around millennials, proportionally, boomers have actually … [Read more...] about Student Loan Debt Growth Fastest Among Boomers