Category Archives: Student Loan Debt
Valuing your education is incredibly important, and for many Americans, going to college and getting a degree is a life goal and major milestone. However, with going to college means having to take out student loans. Sometimes, the amount of student loans is enormous, and many former students will find themselves in an incredible amount of debt after school. Usually, after a few years the debt can be repaid, but often students will find themselves running out of options on reimbursement. Students can file for bankruptcy in certain cases, but here are a couple of alternative methods of repayment before going that route. Other Repayment Options There are a few other ways that students can repay their student loans before filing for bankruptcy. One way is to defer your loans. Deferment is a federal repayment option that allows you to pause your student loan payments for up to three years….
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Student loan debt is an issue that affects the majority of college students in America today. According to the Consumer Financial Protection Bureau (CFPB), complaints that they have received regarding student loans increased 325% over the past year. What could be causing this? University prices have been a hot button issue in recent years. Students cannot afford to pay for college without taking on large student loans. Issues with sketchy loan providers such as Navient, and employment sponsored repayment plans that have gone bust, have created much difficulty for students trying to pay off their debt. Below are some issues the CFPB have cited against Navient. Navient is the largest student loan provider in the U.S., and is currently facing a lawsuit from the CFPB right now for the reasons listed below. Examples of Sketchy Student Loan Practices Blocking borrowers from lower payments: Navient allegedly disallowed qualified lenders from making…
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Student debt can accumulate fast, and knowing the inefficient nature of student lending corporations can help you avoid paying unnecessary fees and stop you from acquiring additional debt. Navient, the largest student loan company in the U.S., has just recently been sued for a laundry list of malpractices. The lender was cited for creating unnecessary obstacles for borrowers, incorrect payment processing, misinformation, and cost cutting at every corner. The importance of defending yourself is very high as your credit score is at stake. There are several steps you can take to ensure you’re not letting these companies lock you into paying predatory student loans. Ways to Avoid Getting Slammed by Predatory Student Loans Set up Autopay: Setting up autopay ensures that the lending company will get the payment on time every time, and no egregious late fees or additional debt will be accumulated. You can expect your loan provider to…
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