Tax time is here!

It's getting to be that time of the year when you can begin filling out your tax return. Whether this is a good or bad time of year for you, your student loans will likely play a role in how much money you get back from (or, perhaps give to) Uncle Sam. 

If you've made payments on your student loans, the interest may be tax deducible. Here's a link to the IRS. Fun times. Now, if you are still in school, some of your educational expenses may be deductible. Go here for info. about deducting educational expenses. For married folk on IBR, you should also consider whether it is better to file singly or jointly. See this site for more info.

2015: A New Year of Student Loans

I wish that my student loans had magically disappeared with 2014, but that would only happen if I was able to win the lottery. Not happening. A new year ushers in new changes and, sometimes, brand new regulations. Here are some student loan stories and topics that are relevant for 2015. 

1. 3 Student Loan Tips for Borrowers in 2015

2. Federal Student Loan Debt Tops 800 Billion  (bloody hell!)

3. (Potential) changes for 2015.

Suze Orman on Student Loans....

Suze Orman is a bit of a personal finance and credit guru, depending on who you ask. Here is her opinion about student loan repayment plans. She's not a fan of IBR in most cases, save for those people who will qualify for PSLF. 

In order to combat your own personal student loans, it's best to consider the viewpoints of multiple people. However, always consider the source. Orman may have some good ideas about finance, but she also involved in murky institutions such as the University of Phoenix. Student debtor, beware.

I don't wanna go to rehab, no, no, no....but why not?

I don't want to pawn off Amy Winehouse, so I butchered her famous song in the title above. Rehab can be good for many things: getting people off nasty substances, building bone or muscle strength, and in the case of student loans gone bad. I've discussed in earlier posts how late student loan payments can mess with your credit terribly. It's good to know that in advance so you can keep this from happening.  That's all well and good, but what if student loans have already damaged your credit? 

If you have federal loans, you may be in luck. You can rehab your loans! Make sure to rehab your loans directly with your loan servicer! Here is official information from the government about loan rehab and rehab options. DO NOT sign up with a company that makes you pay a fee with the promise that they will undo the damage. There are many scams out there! The CFPB also has good info. Report any violation of your rights directly to the CFPB!

Student loans and credit implications.

Student loans impact your credit, but the status of your student loans determines the type and breadth of this impact. 

*Late payments will damage your credit for years to come....don't allow it to happen, no matter what. 

*However, it is not all doom and gloom. Having student loans does not necessarily lower your credit score. 

Visit the following sites for more specifics about student debt and credit. They are seriously valuable!

1. Creditboards

2. Myfico

Loan Modifications.....for student loans?????

Private loans have gotten a deservedly bad rap because of their  inflexible nature. Well, it appears that it is snowing in hell (and currently in Buffalo, NY). Wells Fargo and Discover are allowing people to modify their PRIVATE loans when they experience hardships. What the what? Apparently, they are also doing it of their own volition (or on the advice of a PR firm). This is potentially good news for those burdened by private loans.

Who knows how this will actually manifest, or how much help it will truly bring people. Still, it is a start. A start of something good, I hope.

Some Student Loan Documentaries/Reports on YouTube.

What is better than free? Not much! YouTube offers some great entertainment for no cost. Ever peruse cute kitten videos for stress relief? It works. 

Anyway, onto student loan topics. 

Here is a very informative (but scary!) documentary on student loan default. 

Here's another.

Don't read some of the comments, though :(