Simplify your student loans through expert opinions from our team at Bankovia
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In 2008, I earned my Master of Fine Arts degree and left graduate and undergraduate school with about $37,000 in debt. In the years that followed, I worried constantly about paying off my federal student debts. It seemed like I was going nowhere with them. With an income-based repayment plan, I wasn’t even covering the... read more
David Krug
You might think you need a CPA to keep track of your student loan debt, credit card debt, and other forms of unsecured debt. As a result, it’s easy to see why debt consolidation would appeal.One way to pay off numerous bills at once is to get a debt consolidation loan, which is essentially a... read more
David Krug
The vast majority of college students borrow money to cover their expenses. However, first-time borrowers may find it difficult to read financial aid award letters due to the wide variety of student loan options offered.In contrast, the amount you owe after graduation and the way interest accumulates with some federal repayment schemes can be affected... read more
David Krug
There is a common misconception that paying off student loans would be easy. The silver side is that there is an app to help you pay off your student debts quicker.It’s true that dozens of applications exist. Included in these resources are tools to assist you in setting financial goals, establishing a savings plan, making... read more
David Krug
Mortgage, child care, and grocery bills have depleted your savings. You still need to find a way to come up with the money each month to pay down your student loans. Yes, I see what you mean. I’ve really been there before!In case you’re wondering what to do with your federal student loans, you do... read more
David Krug
The temporary reprieve from paying loan payments is great news for me and the many others who are in the same position. Even though I’m on a plan that adjusts payments according to my income, I still end up paying close to $700 per month. Especially if you’re a parent feeding a hungry child, it’s... read more
David Krug
Due to the continuing coronavirus epidemic, the federal government has suspended federal student loan repayment until August 31, 2022. However, this can’t be prolonged indefinitely. Further, payments on private student loans have not been put on hold.You may be asking how to delay payments on your federal or private student loans if you are worried... read more
David Krug
Tens of millions of recent and not-so-recent college and professional school graduates are seriously weighed down financially by their mountainous amounts of student loan debt. EducationData.org estimates that in 2020, the typical student loan borrower will have $37,584 in outstanding debt.Public school graduates often have as much or more debt as their private university counterparts.... read more
David Krug
Debt incurred for the acquisition of an asset that should add to one’s wealth, such as a mortgage or a student loan, is commonly referred to as good debt. Conversely, bad debt refers to consumer loans and credit card balances built up to finance items that quickly lose value.Deficits, no matter how they’re categorized, must... read more
David Krug
Consolidating your federal student loans can help you save time and money by eliminating the need to make payments to several loan servicers each month.The vast majority of recent college graduates have some kind of student loan debt, and those that do typically have numerous loans and, consequently, many monthly obligations to pay. It may... read more
David Krug
You may be making more than one loan payment each month if you’re one of the millions of Americans who have graduated with student loan debt. It’s necessary to get a new loan for each academic year of borrowing. Although the federal government is the source of funding for federal student loans, it does not... read more
David Krug
With the rising cost of higher education, few students can afford to cover tuition and living expenses without taking out student loans. The Urban Institute reports that 70% of people with a bachelor’s degree are carrying student loan debt.Center for American Progress data shows that although only 15% of undergraduates continue their education with graduate... read more
David Krug
Historically speaking, student loans have developed. Although private loans could always be refinanced, federally-guaranteed ones were not. Presently, borrowers have a great chance to refinance their federal loans at a lower interest rate.Despite the potential savings of thousands of dollars, refinancing student loans is not always the best option. You should learn as much as... read more
David Krug
Federal student loans provide the lowest interest rates and the most flexible repayment plans, but there are annual borrowing limits.You may need to take out a private student loan if you find yourself in need of additional funding for your education, but be aware that these loans do not come with the same borrower safeguards... read more
David Krug
Every semester, the federal government sends me a check to cover my tuition, fees, books, and living costs at university (read: beer). A bill for $12 thousand showed up in my inbox the day after I graduated, and that was when I started to worry about paying back the student loans.Looking back, I realize that... read more
David Krug
Discover offers a wide range of banking, credit card, and lending options to suit your requirements. It doesn’t matter if you are searching for a new credit card, a high-yield savings account, or how to secure a loan; choosing the appropriate solution is crucial. A corporation you can trust won’t nickel and dime you along... read more
David Krug
Don’t know where to begin when looking for a bank account or a loan? Let Fiona assist you in finding the right product for your requirements.Fiona does not offer personal loans directly, but instead Fiona connects borrowers with a reputable company that makes a loan offer. They do this completely free, and the entire process... read more
David Krug
In order to make ends meet, pay off your school loans, take a dream trip, or save up for a large purchase, you may want to consider taking on a side job. When looking for a side hustle, you want to be sure the money you’re making and the work you’re doing is worth your... read more
David Krug
Close to 70 percent of students now take on debt to get a college education. It’s no surprise that borrowers worry about pay off your students loan. Some wonder how they are even supposed to start the intimidating process. Others agonize over the best way to repay that debt as quickly as possible.Take Stock of... read more
David Krug
Refinancing your student loans may save you anywhere from $100 to over $30,000 – it all depends on your current interest rate, loan balance, loan duration, and the sort of offer you receive. Our refinancing savings guide includes a summary of how much you may save in various circumstances.How does student loan Refinancing work?Student loan... read more
David Krug
The United States government is making an effort to ease the burden of student debt on new and current physician assistants. The Health Resources and Services Administration and the Department of Education are in the process of finalizing the details of the Student Loan Repayment Program for Physician Assistants (SLRP-PA).What is the Student Loan Repayment... read more
David Krug
In the U.S. student loans doubles and tripled debt over the last decade, surpassing auto and credit card debt and only second to housing debt, and now stands at almost $1.5 trillion. That’s in part because many people are seeing their individual balances spiral out of control.“Loans doubling, tripling, quadrupling, it really does happen all... read more
David Krug
Have you ever had someone look at you and say, “When I was your age, I put myself through college”? The older generation these days often fails to realize just how different things are between them and the newer generation, the Millennials. Did you know that the average income for a person of the older generation... read more
David Krug
After a recent Shark Tank episode Mark Cuban has decided to invest in a student loan startup called ChangED. It’s a really smart app that links to your debit or credit card and rounds up your purchases and uses that spare change to pay off your student loans faster.“A new app is seeking to change... read more
David Krug
If you are like one of the millions of people who have student loan debt, there are a variety of student loan forgiveness programs you need to be aware of. One such program is the total and permanent disability discharge program. Under this program, the following types of loans can be discharged: William D. Ford... read more
David Krug
Being a teacher comes with an array of benefits. From having the summers off to taking advantage of incredible health benefits, teaching definitely has its perks. Along with the perks, though, come a few cons, with one of the most burdening being a hefty amount of student loan debt to pay off. Unless you go... read more
David Krug
In 2014, a study showed that there were nearly three million nurses in the United States. The medical field is one that is continually growing and evolving, and there will always be a great demand for those in the nursing field. And while going to school to become a nurse can be accomplished in as... read more
David Krug
It’s no surprise that student loan debt is becoming more and more of a burden on both students and the economy. For many students, earning a degree comes with much stress once they graduate because they are left with debt that follows them around for many years. So, the question is, is going to college... read more
David Krug
Chances are, if you are looking up information related to student loan garnishments, then you either have a garnishment against you or one is fixing to take place. And while there are many sites providing information on student loan wage garnishment, all of this information can be a bit difficult to digest. That’s why we... read more
David Krug
The emotional consequences of debt have plagued American student loan borrowers for decades. What seems like a good idea at the time to take out a loan, often comes back to haunt borrowers for years to come. In fact, some borrowers go their entire lives paying back these loans. And while the emotional toll that... read more
David Krug
Refinancing and consolidating student loan debt can be a great way to save money and take advantage of today’s low interest rates. Refinancing can save you money each month through lower payments, and save you money over the life of the loan through lower interest rates. Consolidating student loans with different payment amounts, due dates,... read more
David Krug
Student loan debt is something that plagues almost two-thirds of all college graduates. The average student loan balance is $33,000, and is on the rise each year as the cost of college tuition continues to soar. While monthly student loans payments month are a harsh reality for most graduates, the rise of student loan forgiveness... read more
David Krug
Student loan debt can be incredibly burdensome. From losing sleep at night to increased anxiety, studies are showing that this form of debt can be detrimental to a borrower’s mental health. Are you one of these people? Are you looking for a way to reduce your student loan repayments? If so, you should consider student loan consolidation. This... read more
David Krug
If you make the smart decision to go to college, it is paramount that you choose a career path before you get into your graduate studies. Sure, undergraduate classes can be used to earn just about any type of degree, but you want to make sure your graduate studies are leading you down a preferred... read more
David Krug
If you’re reading this, you probably know that student loan debt is incredibly high right now. And it’s only growing. You probably also know that there’s actually so much student loan debt that it’s hard to even conceptualize the cost of higher education nationwide.General Student Loan Debt StatisticsWell try these student loan debt statistics on... read more
David Krug
FedLoan (FL) is a student loan servicer contracted by the United States Department of Education. Student loans are assigned to a servicer to be managed from the the time they are borrowed until the total amount has been repaid. Most of the interaction between the borrower and the servicer occurs once the repayment term begins. However,... read more
David Krug
When it comes to education, a lot of people believe the grass is always greener on the other side, with the other side being the United States. What they fail to realize, though, is that there are many disadvantages to education in the United States. From high tuition costs to an insurmountable of student loans,... read more
David Krug
The first thing that you need to do after you graduate is head over to the National Student Loan Database. This is a great resource that is maintained by the US Department of Education that tracks who services your student loans and the balance of your loans.Given how much can change with your student loans... read more
David Krug
Schools Offering Free College Tuition If you thought graduating debt-free was an impossibility these days, you’ll be glad to know that tuition-free schools do exist. While some of these schools are subject-specific, such as the prestigious Curtis Institute of Music, others accept students pursuing degrees in all disciplines. Another difference in these schools is that... read more
David Krug
Wondering about student loan consolidation? You’re not alone. Thirty-eight million Americans have student loan debt, and many of them juggle more than one loan. It’s not uncommon for graduates to have five or more loans at a time! The notion to consolidate student loans has no doubt crossed your mind, but if you’re like most... read more
David Krug
With so many advantages of federal student loans, it’s clear that most students are better off seeking government funding for college rather than applying for loans from private banks. At every point in the process, from applying for loans to repaying your debt and getting help for issues, federal student loans offer more benefits and... read more
David Krug
One of the fastest ways to pay off your student loans is really simple. Make more money. I see a really common problem far too often. People graduate college and get an entry level job in their career. And then they fight the grind for 10 years and are still paying off student loans 15... read more
David Krug
Nowadays, many learners leave college with more than just a degree; they have huge debts to show for their time in education, too. For example, the members of the class of 2015 were estimated as each having an average of just over $35,000 to pay towards their student loans come graduation day. That’s quite the... read more
David Krug
It’s no secret that millions of Americans are dealing with student loan debt, and it’s likely many more will borrow money for college in the future. If you’re one of the many people overwhelmed by thousands of dollars in debt, you may be wondering about what options you have for paying off student loans.One option... read more
David Krug
Student loan refinancing has become a popular option for borrowers looking to reduce their interest rates and save money. Unlike loan consolidation, which simply rolls all of your federal student loans into one repayment plan, student loan refinancing repays your existing loans by issuing a new loan with a lower interest rate and different repayment... read more
David Krug
Deciding to refinance your student loans is a big financial decision. Knowing which bank to choose can be pretty challenging in a landscape where the small differences can mean big things down the road. Here’s some helpful information about some of the biggest names in student loan refinancing.We looked at 11 of the top names... read more
David Krug
Student loans are all College Ave does. Its student loan product comes with great interest rates, and a variety of terms and repayment options, so you can find the right fit for you. College Ave’s student loan process has been simplified so you can focus on the things that matter most: preparing for a bright... read more
David Krug
MEFA (which stands for the Massachusetts Educational Financing Authority) helps Massachusetts families plan and save for education expenses, but also offers student loan refinancing to borrowers across the country. Unlike some refinancing lenders who focus on the benefit of saving money over the life of the loan, MEFA emphasizes that their borrowers see lower monthly... read more
David Krug
Founded in 2013, Earnest is headquartered in San Francisco and backed by Maveron, Andreessen Horowitz, Atlas Venture, Mohr Davidow Ventures, First Round Capital and others. Founded on the belief that financially responsible people deserve better options and access to credit, Earnest’s lending products are built for a new generation seeking to reach life’s milestones. The... read more
David Krug
SoFi was founded in 2011, when four graduates from Stanford Graduate School of Business committed to helping people pay down their student debts in a timely manner. Their dedication to lowering customers’ student debt payments have made them one of the most popular and fastest growing companies in the industry. SoFi is dedicated to providing... read more
David Krug
Citizens Bank is a full-service retail bank that operates primarily in the northeastern United States, but offers student loan refinancing to residents across the U.S. through Citizens One, the bank’s lending division that operates nationally. Citizens Bank offers great refinancing rates to many borrowers and as with any lender, the lowest rates are available to... read more
David Krug
CommonBond was founded in 2012 by University of Pennsylvania’s Wharton School MBA graduates David Klein, Michael Taormina, and Jessup Shean. Due to the founders’ commitment to their customers, CommonBond grew to a national brand in just one year and has already helped refinance over $500 million in student loans. CommonBond is an online student loan... read more
David Krug
Laurel Road, a Division of Darien Rowayton Bank, was founded in 2006. The bank, based out of Connecticut, has expanded out of its original location to offer nationwide services thanks to their ongoing efforts to create a strong online presence. Laurel Road has quickly become a national mainstay in the student loan industry, especially amongst... read more
David Krug
If you’re thinking about going to college, it is important to explore your options for financial assistance before enrolling in class. There are a number of loan and grant possibilities to explore. While it may seem intimidating to borrow so much money, your future depends on a good education. Just remember that completing a degree... read more
David Krug
What does the future of student debt hold? What changes should borrowers anticipate during the new administration? Sometimes there are no simple answers, which seems to be the case currently. It is difficult to tell fact from fiction in the current climate of information sharing. Headlines seem alarming, but the reality remains that any change happening... read more
David Krug
Currently, there is a feasible repayment option for everyone, regardless of your current income. Sometimes it can be hard to get a job right after school, but the worst thing you can possibly do is cut off contact with your loan provider once you graduate. Most people have the option to apply for a $0... read more
David Krug
The oldest university in the world, Morocco’s University of Karueein, has been instructing students for nearly 1200 years, a full 250 years before England’s Oxford University gave out its first sheepskin. Up until the end of the Renaissance, universities served as the training grounds for priests, the guardians of all learning for much of history, and... read more
David Krug
This comprehensive guide to student loans is a useful asset for prospective college students of all ages. Learn about the changing nature of student loans, what to expect from a lender, what path is best for you as a student, and how to minimize and plan for debt as much as possible. We will discuss the... read more
David Krug
Many companies have started offering student loan consolidation services. You may even receive an official looking letter offering you this service for a reasonable fee. They may even know the general amount of your loan. This article will explain the scam and then walk you through step by step how to consolidate your loans by... read more
David Krug
You can dramatically reduce college debt by applying for scholarships, fellowships, assistantships, and the federal work study program. They are all free and you don’t have to pay them back!Federal GrantsA Federal Grant is a gift that you do not have to pay back. It is used to help you get through school and earn... read more
David Krug
Mark Twain famously said there were three kinds of lies: lies, damn lies, and statistics. The numbers behind the American student loan crisis, however, certainly do not lie about its dire nature. For the first time in history, student loan debt has grown larger than total credit card debt (itself a serious issue for millions... read more
David Krug
Every decision we make has consequences, but not all consequences are created equal. If you receive a parking ticket well away from your home state, for instance, you can probably rest easy knowing that the police will never cross state lines to knock on your door and force you to pay it. One of the... read more
David Krug
There are over 2500 schools in the United States that offer four-year degrees, and many thousands more that provide associate’s degrees or certifications. While this array of higher education gives American students a lot of choices, their annual output pales in comparison to their competition on the global scale. While the United States was the... read more
David Krug
There is no question that a college degree matters more today than it has at any point in recent history. Higher education, and especially a four-year degree, has become the new minimum standard for the vast majority of jobs created today, replacing the previous minimum standard of just a high school diploma. Unlike high school,... read more
David Krug
Going to college and earning a four year degree will cost you around $71,335. To reduce this amount you should always apply for grants and scholarships. It is of the utmost importance that you reduce your student loan debt as much as possible because it can become overwhelming once you graduate. Fortunately, there are many... read more
David Krug
Once you graduate college you are going to find yourself with lots of career options to choose from. Unfortunately, though, you are probably going to find yourself with a large amount of student loan debt, as well. In fact, for those who graduated in the year 2016, the average student loan debt that they graduated... read more
David Krug
Going to college can be a great investment, but only if you choose to go into the right career field. Sure, you may not be pursuing the career of your dreams just for the money, but still, you want to make sure the money you spend on your degree is worth what it will bring... read more
David Krug
Student Loan StatisticsStudent loan debt has been on the rise, especially during the last decade. Statistics show that 2017 has been the worst year yet for student debt. In fact, as of 2017 Americans owe more than $1.4 trillion for the debt they obtained for their school-related expenses. When compared to the nation’s credit card... read more
David Krug
If you’re just beginning to figure out your college financing options, it helps to have an overview of student loan funding. By understanding the basics of student loans, the lenders that finance them and the process of getting and repaying a loan, you can make smart financial decisions about paying for your education.Student Loan BasicsA... read more
David Krug
These days, student loans are an absolute must for any student who wants to attend a great private college or university. After all, tuition, books, housing and food don’t come cheap. Of course, paying back those loans can be difficult and can take many years. One of the many options available to individuals to pay... read more
David Krug
Many Americans struggle with the issue of paying off their student loans. Attending the best colleges and universities in the country can be costly, especially for those who go the distance to get a graduate degree in addition to their undergraduate degree. It can take many years to pay off student loans, even when a... read more
David Krug
Common Bond is a 2012-founded online lender that specializes in student loan refinancing and private student loans. Common Bond Student Loans helps refinancing loans, these are best suited to borrowers with a bachelor’s degree who prioritize repayment flexibility. Its private student loans are best suited to students who want to utilize a cosigner and value... read more
David Krug
SoFi Student Loans, the student-loan brand of Social Finance, based in San Francisco, is a major player among student loan refinancing companies. SoFi Student Loans Financial is particularly well-known for its 2011 innovation: refinancing federal and private student loans together, in one bundle. The company offers student loan refinancing as well as mortgages, personal loans... read more
David Krug
College Ave Student LoansThere is a certain romance about the whole college experience. It is considered a right of passage for a lot of people. Getting into college and then having the real college experience is in fact something magical. Unfortunately, it is difficult for some to pay for college. This is particularly true if... read more
David Krug
Many people end up going to college for the sake of improving their chances of a great career and a financially stable life. College is a great place for people to find out who they really are, to fine tune their skills, and to discover skills they never though they could possess. However, people also... read more
David Krug
Student Loan Forgiveness is still a real thing under new President Donald Trump. Don’t worry. Here’s how to know if you qualify. It’s really very simple. 1) If you work for the government or a nonprofit, you can have part of your student loans forgiven 2) You need to be on an income-driven repayment plan... read more
David Krug
If you know you need a college education but are reluctant to go into debt for your degree, you’re in luck. Read on to learn about the 15 alternatives to student loans that could help you afford an education. Federal Grants and State Grants If you’re like many students, you might associate federal and state... read more
David Krug
If you’re experiencing wage garnishment – the involuntary withholding of money from your paycheck to cover your unpaid debts – then you need to understand what exactly student loan wage garnishment is and why it is happening to you.What Is Wage Garnishment? Administrative Wage Garnishment, or AWG, is the term for the federal government’s ability... read more
David Krug
For many of today’s students, loans are an essential, if confusing, part of getting a college education. The average cost of a single year of study at a four-year college or university is $25,409, according to the National Center for Education Statistics (NCES). The total cost of earning your undergraduate degree could very well approach... read more
David Krug
Do you want to spend another year struggling with student loan debt? Millions of Americans are looking for relief from their oppressive student loan payments and mounting loan payoffs. In fact, the collective student loan debt in the United States is currently well over $1 trillion, and most college students graduate with the heavy burden... read more
David Krug
Image this scenario. You come into work on the first Monday after Christmas. The holidays are finally over. You can finally start buying that Starbucks that you quit buying because you needed to save money to buy Christmas presents.An email sits in your computer at work saying that HR needs to see you ASAP. Your... read more
David Krug
Should I refinance student loans? This is the question many people ask when faced with mounting student debt or multiple student loan payments. While it’s true that refinancing student loans is often a practical idea that may even save you money, it’s also a big financial decision to make. A recent report from Credible suggests... read more
David Krug
If you’re like millions of Americans who borrowed money for your college education but want to build a life for yourself, you may be wondering how to go about buying a house with student loan debt. This can be a tricky prospect, but the good news is—it’s not impossible! In this guide we’ll outline everything... read more
David Krug
Federal student loans have no statute of limitations. This means that even if the loan is 30 or 40 years old, for example, and you have made no payments, the federal government can sue for payment. And trust us they are really good at this.However private student loans vary state by state. But the most... read more
David Krug
BORROWERS wrestling with college debt often complain that it is frustrating to deal with the companies that manage their student loans. This summer, federal regulators have stepped up pressure on loan servicers to treat their borrowers better.Just this week, Wells Fargo Bank, the second-largest lender of private student loans, agreed to pay a $3.6 million... read more
David Krug
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