Student Loans
A student loan is designed to help students pay for secondary education and associated fees such as tuition, books, and boarding. Student loans tend to have lower interest rates compared to other loans, and the repayment schedule is deferred until the student is finished with school.
Most student loans are paid back using an Income-Based Repayment plan which allows the borrowers to pay back loans based on how much they make, not how much they owe.
In the United States, there is currently $1.58 trillion in outstanding student loan debt, with the average borrower having $38,792 in student loan debt. It is also reported that 30 percent of college students take on some type of student loan.
In 2020, President Joe Biden promised student loan forgiveness.
Latest Student Loans News and Updates
Student Loan Forgiveness Hits Another Roadblock — Who Ends up Paying?
President Joe Biden's student loan forgiveness program is struggling to get off the ground legally – but who pays for student loan forgiveness?
Student Loan Forgiveness Is on Hold for Millions — Will It Go Through?
President Biden's student loan forgiveness plan is on hold as a federal appeals court reviews a lawsuit against it. Can you still apply, and will the loan forgiveness go through?
Is Student Loan Forgiveness Taxable? In Some Cases, Yes
Student loan forgiveness applications are now available. Will some borrowers have to pay income taxes on the forgiven amount? Here's what we know.
Will Changes to Biden's Student Loan Forgiveness Plan Impact You?
Student loan forgiveness changes are here, and some borrowers won't be eligible for $10,000 in loan forgiveness after all. We have all the details.
Student Loan Forgiveness Will Cost Hundreds of Billions of Dollars, Sparking Debate
Student loan forgiveness is coming with a big price tag. Here’s how much the program will cost the U.S. government as well as the average American.
Student Loan Borrowers Can Get Refunds for Pandemic-Era Loan Payments
Can you get a refund on student loans? The Department of Education is offering refunds on payments made during the COVID-19 payment pause. Learn more.
Why Student Loans Are So Hard to Pay Down — Interest Rates
The nation has been talking about a student loan crisis for years, but why are student loans so hard to pay down? Interest rates are largely to blame.
Got FFEL Loans? Consider These Student Loan Forgiveness Options
President Biden’s student loan forgiveness decision leaves out a group of borrowers with FFEL loans. What are their options? Here's what we know.
Student Loan Repayment Plans, Explained — Get Ready for 2023
Student loan repayment will resume in 2023. Standard 10-year repayment plans are the default, but several income-driven repayment plans and other options exist.
Student Loan Forgiveness Plan: When Will It Take Effect?
On Aug. 24, Biden announced the student loan forgiveness plan. When will loan forgiveness take effect? Here's what borrowers can expect.
Federal Student Aid Website Went Down After an Influx of Visitors Crashed It
The Federal Student Aid website may take longer to load due to “high volumes of visitors.” The website has received an influx of visitors following Biden's student loan forgiveness announcement.
Is Canceling Student Loan Debt a Bad Idea? Cons, Explained
President Joe Biden has announced the cancelation of student loans for up to $20,000 per borrower. However, it's a bad idea economically.
What Is a Perkins Loan? Eligible for Student Loan Forgiveness
As President Biden plans to forgive $10,000 in student loan debt, including for borrowers with Perkins loans, let’s clear up what a Perkins loan is.
Who Took Over FedLoan Servicing Student Loans? All About MOHELA
FedLoan Servicing ended its contract with the U.S. Department of Education in 2021. Who took over FedLoan Servicing loans? Here's what we know.
Aidvantage Took Over Navient's Federal Student Loans in 2021
Navient was previously the nation's largest student loan servicer. Last year it transferred its federal student loans to Aidvantage.
Can You Refinance Student Loans?
Do you know what comes next for your student loan payments? Refinancing student loans is possible, but it’s not right for everyone.
How to Apply for DeVry University Student Loan Forgiveness
Looking for DeVry student loan forgiveness in 2022? See how to apply—and what the U.S. Department of Education has uncovered about DeVry’s marketing.
Why the Student Loan Pause Might Not End in 2022
The repayments on student loans were paused in 2020 due to the COVID-19 pandemic. The pause ends in August but might get extended.
Biden Cancels $3.9 Billion in ITT Tech Student Loans: What to Know
President Biden has canceled nearly $4 billion in student loans for former students of the now-defunct ITT Tech. Here's what we know about the cancelation.
How to Apply for Forbearance — Biden May Not Extend the Student Loan Pause
It doesn't seem like President Biden plans to extend the student loan pause again. Since the deadline is fast approaching, here's how you can apply for student loan forbearance.
Biden Expected to Postpone Student Loan Payments Again and Forgive Many
President Joe Biden is expected to postpone student loan payments yet again and announce loan forgiveness for up to $10,000 ahead of August deadline.
FedLoan Transfers Many Federal Loan Clients to Nelnet, Company Is Legit
Many people have been getting emails from a company called Nelnet saying that they have a new loan service provider. Is Nelnet a legit loan service provider?
How to Get ITT Student Loan Forgiveness — Eligibility, Explained
Students of the former ITT Technical Institutes should be able to get student loans forgiven since the schools closed and filed for bankruptcy.
Consolidating Student Loans for PSLF: Pros and Cons, Explained
You may want to consolidate your student loans for PSLF if your current type of loans isn’t directly eligible for the program. Here are the pros and cons.
Student Loan Dilemma — Pay It Off or Wait for Forgiveness?
The moratorium on student loans ends in August. What’s the latest update on student loans? Should you pay off your student loan or wait for forgiveness?
Parent PLUS Loan Borrowers Can Be Eligible for Forgiveness
Are Parent PLUS Loans eligible for Public Service Loan Forgiveness (PSLF)? They can be if certain criteria are met. It gets a little complicated.
There Could Be Serious Repercussions for Not Paying Student Loans
Student loans can a financial burden. People might wonder what would happen if they don’t pay their student loans? There could be repercussions.
Don't Get Caught With the National Student Loan Center Scam
National student loan center scams have been prevalent throughout the years, targeting many student loan borrowers. How can you avoid these scams?
Fact Check: Did Joe Biden Promise Student Loan Forgiveness?
Many people on social media claim Biden promised student loan forgiveness when he ran for president, but is that actually true? Let's take a look at what he said.
How to Apply for Student Loan Forgiveness in 2022
Some alumni can get their student loans forgiven. Here's an update on the criteria and how to apply for student loan forgiveness in 2022.
Biden Set to Extend Student Loan Pause Through August 2022
The Biden administration will issue another extension on the student loan pause. Get the latest details on the moratorium and whether student loan cancelation is on the table.
Looking for Scholarships to Pay Student Loans? Check Out Grants Instead
Can you use scholarships to pay off student loans? It’s not likely, one CPA says, but various grants are available to student loan debtors.
You Don't Have to Work at All These Fast Food Restaurants to Apply for a Scholarship
Your favorite fast food restaurants like Taco Bell and Chick-fil-A are giving back by offering scholarships to college students — here are the best and how to apply.
Education Department Says 100,000 Student Loan Borrowers Now Eligible for Debt Relief
Debt relief for student loans is now possible for 100,000 borrowers because of PSLF updates, the Department of Education announced on March 9.
Filing for Bankruptcy on Private Student Loans — Pros and Cons
Filing for bankruptcy might be a way to help get rid of private student loans. However, it's hard to prove that loans will cause undue hardship. There are other options.
Getting Rid of Student Loans Without Actually Paying Is Hard, but Not Impossible
Student loans are unavoidable for some. However, there are a instances where you don't have to pay them back.
Do You Have Student Loan Debt? Tips for Getting Mortgage Approval
Knowing how student loan debt affects getting a mortgage is a crucial aspect for prospective homebuyers. Can student loan debt affect getting a mortgage?
The American Rescue Plan Made Student Loan Forgiveness a Lot Less “Taxing”
Do you pay taxes on forgiven student loans? Find out how the American Rescue Plan changed the taxation of student-loan forgiveness.
Navient Will Cancel $1.7 Billion of Student Loan Debt
Navient is one the top student loan lenders in the U.S. After a recent class action lawsuit, the lender will forgive thousands of student loans.
Paid Off Your Student Loans? Time to Focus on Other Financial Goals
What should you do after paying off student loans? Learn about what you can do with the extra money, and how your credit score might change.
When Paying Off Student Loans While in College Could Be a Good Idea
Should you pay off your student loans while in college? Or should you wait until after you've graduated?
10 Student Loan Scams to Avoid As We Enter the New Year
Avoid these 10 student loans scams online criminals are using to gain personal information from people who can't afford to repay their student loans.
The Student Loan Payment Pause Is Temporary but Consolidation May Be a Permanent Solution
Although Joe Biden has extended the pause on student loan payments, it may not happen again. Is consolidation the best option?
How to Pause Student Loans After Biden Extends Repayment Relief
Many borrowers want to know how to pause student loans after Biden extended the repayment relief. Other people want to keep paying on their loans.
As the Pandemic Drags On, Many Wonder if Student Loans Will Ever Go Away
Many politicians are pushing to have student loans forgiven, though many government officials have yet to show support of the idea.
Watch Out For Mia Torres Student Loan Scam Calls
Mia Torres phone calls claiming to offer student loan forgiveness are scams. Here's how to avoid scammers, whether by phone, email, text message, or social media.
AOC Has Student Loan Debt—Why She's Pushing for Loan Forgiveness
Progressive Alexandria Ocasio-Cortez wants to move forward with student loan debt forgiveness. Here's how much she has and her goals as a New York Representative.
What Happens If You Default on Federal Student Loans?
As borrowers prepare for federal student loan forbearance to end in January 2022, they need to know the consequences of loan default and how to avoid it.
Will Biden Forgive Student Loans? Costs and Economic Impact, Explained
Will President Joe Biden forgive student loans. What would the economic costs and benefits be if he forgives the loans?
When Do Student Loans Show Up on Your Credit Report?
Students should consider several factors carefully when taking out loans, especially their effect on credit. When do student loans show up on your credit report?