Wednesday, February 5

Tag: student debt

How to Get a 401(k) Match for Your Student Loan Payment | 401ks
11Aug By adminNo Comments
Money

How to Get a 401(k) Match for Your Student Loan Payment | 401ks

Those who have an overwhelming amount of student loan debt are often unable to contribute to a 401(k) plan and qualify for a valuable 401(k) match. The SECURE 2.0 Act, which was signed into law by President Joe Biden on Dec. 29, 2022, allows eligible employees to receive a 401(k) match if they are making qualified student loan payments.Here's how a student loan 401(k) match works: An employee must be making qualified student loan payments due to higher education expenses. The employer must offer a qualifying retirement account and a student loan matching contribution program. Student loan matching contributions can be made to a 401(k), 403(b), SIMPLE IRA or 457(b) plan. What is a Student Loan 401(k) Match? A student loan 401(k) match allows companies to pair student loan repayment with...
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Biden to forgive $130 million in debt for CollegeAmerica students
26Jul By adminNo Comments
Money

Biden to forgive $130 million in debt for CollegeAmerica students

Another student loan forgiveness plan Biden administration takes steps to forgive billions in student loans 03:43 President Joe Biden on Tuesday said he is forgiving $130 million in student debt for 7,400 borrowers who attended CollegeAmerica in Colorado, a defunct for-profit college that shut down in 2020 after misleading students about their career prospects and loans.The debt will be forgiven automatically for students who were enrolled in...
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How to Refinance Student Loans: The Complete Guide | Student Loans and Advice
23Jul By adminNo Comments
Money

How to Refinance Student Loans: The Complete Guide | Student Loans and Advice

Student loan refinancing is when you take out a new private student loan to repay one or more existing student loans. Borrowers may choose to refinance student loan debt in order to lower the interest rate, reduce their monthly payments or pay off debt faster. Refinancing student loans can save you money during repayment, but it's not a good strategy for everyone – particularly if you have federal student loans that are eligible for debt forgiveness programs and income-driven repayment plans. But if you have private student loans or if you don't plan on using federal protections, then you may have decided that refinancing is the right move for your financial situation. If this sounds like you, follow this guide on how to refinance your student loan debt in five easy steps. How to Refinanc...
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Biden admin to forgive $39 billion in student loan debt for 800,000 borrowers. Here’s what to know.
14Jul By adminNo Comments
Money

Biden admin to forgive $39 billion in student loan debt for 800,000 borrowers. Here’s what to know.

Options for student loan repayments Options for student loan repayments 02:19 More than 800,000 borrowers with $39 billion in federal student loans will get their debt forgiven, the Biden administration said on Friday.  The Department of Education said it will begin notifying borrowers today about the automatic discharge of their debt, which will occur in the next few weeks. The debt relief comes two weeks after the Supreme Court invalidated the Biden administration...
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Biden Nixes $39 Billion In Student Debt For More Than 800,000 Borrowers
14Jul By adminNo Comments
Politics

Biden Nixes $39 Billion In Student Debt For More Than 800,000 Borrowers

The Biden administration announced Friday that it will erase a total of $39 billion in student loan debt for 804,000 borrowers.The act is the result of fixes to the federal student loan system’s income-driven repayment plans, which cancel certain borrowers’ debt if they make payments for 20 or 25 years.In the past, failures in the program resulted in qualified payments not being counted towards forgiveness, the administration said.“At the start of this Administration, millions of borrowers had earned loan forgiveness but never received it. That’s unacceptable,” Education Department Under Secretary James Kvaal said in a statement. “Today we are holding up the bargain we offered borrowers who have completed decades of repayment.” Eligible borrowers will start to receive notification on Frid...
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How to Lower Your Student Loan Payments | Student Loans and Advice
20Jun By adminNo Comments
Money

How to Lower Your Student Loan Payments | Student Loans and Advice

Student loan payments can drain your monthly budget and make it more difficult to reach other financial goals, like saving money for retirement or buying a home. Thankfully, there are ways to lower your student loan payments, whether you have federal loans, private loans or a mix of both. Here are five strategies for reducing student loan payments:Find the Best Student Loan Refinance Lenders Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan TermChange Your Student Loan Repayment PlanFederal student loan borrowers typically start out under the standard 10-year repayment plan, but the Department of Education offers several alternative repayment plans that can result in lower monthly payments. Y...
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