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.
Monday, December 15, 2014
Monday, December 8, 2014
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!
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!
Tuesday, December 2, 2014
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
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