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How to Pay Off Your Student Loans Fast
  + stars: | 2023-09-10 | by ( Rebecca Safier | ) www.wsj.com   time to read: +11 min
5 strategies to pay off your student loans ahead of scheduleMore than half of students take out student loans to pay for college, with the average debt load upon graduation totaling nearly $30,000. Be cautious about refinancing federal student loans: Doing so means sacrificing federal repayment plans and other protections. Pay off interest during school and your grace periodInterest starts accruing on most student loans, such as federal unsubsidized loans and private student loans, from the day they are paid out (known as the disbursement date), usually at the beginning of each semester. Pursue student loan forgiveness and assistanceIf you’re open to switching jobs, consider pursuing a role that would make you eligible for student loan forgiveness or assistance. If you have federal student loans, you may need to set up autopay again before the payment pause ends in October.
Persons: Rebecca Safier, you’d, , , Karen McCarthy, Let’s, you’ll, Biden, Michael Lux, Joe DePaulo, McCarthy, autopay, forbearance, It’s, you’ve, Jan Miller Organizations: National Association of Student Financial, Public, Student Loan Sherpa, College Ave
How to Pay Off Your Student Loans
  + stars: | 2023-06-28 | by ( Rebecca Safier | ) www.wsj.com   time to read: +13 min
Here’s how to pay off student loans in a way that works for your budget and goals. Look into specialized loan forgiveness programsWhile the Supreme Court hasn’t shared its ruling on Biden’s widespread forgiveness initiative yet, there are other options for loan discharge, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. You can pay off federal student loans early, as there’s no student loan prepayment penalty. If you want to retain access to federal protections, it wouldn’t make sense to refinance your federal student loans. In the end, there’s no single right way to pay off student loans faster.
Persons: Rebecca Safier, Biden’s, , Robert Farrington, you’re, you’ve, Michael Lux, , Farrington, Autopay, servicers, autopay, servicer Nelnet, hasn’t, Adam Minsky, You’ll, Mark Kantrowitz Organizations: Education Department, College Investor, millennials, Federal, Aid, Grad, Student Loan Sherpa, Student Aid, autopay, Peace Corps, Corinthian, Education Locations: , SavingforCollege.com
What Happens If You Don’t Pay Your Student Loans?
  + stars: | 2023-04-25 | by ( ) www.wsj.com   time to read: +9 min
Read on to understand the details of not paying your student loans:What happens if you don’t pay your student loans? “The key is to communicate with their servicer or lender.”What happens when you don’t pay your student loans varies by loan type: Defaulting on federal student loans can follow you for life, whereas private student loan collections efforts have a statute of limitations. Here’s a closer look at what happens when you don’t pay your federal student loans, followed by what happens when you don’t pay your private loans. What happens if you don’t pay your federal student loans? “The Fresh Start program is likely the best pandemic-era student loan program to actually fix structural problems hurting student loan borrowers,” says Farrington.
When Will Student Loan Payments Resume?
  + stars: | 2023-03-06 | by ( ) www.wsj.com   time to read: +7 min
When will student loan payments resume? While student loan payments have been put on ice since March of 2020, you may have to start paying them back again this summer or fall. Student loan payments are set to resume 60 days after June 30, 2023, or 60 days after the Court’s decision, whichever comes first. We will notify borrowers before payments restart.”That means your federal student loan payments will be due at the end of August 2023 or sooner. Don’t expect your student loan payments to automatically debit from your account, though.
How to Refinance Your Student Loans
  + stars: | 2022-12-05 | by ( ) www.wsj.com   time to read: +14 min
You can refinance federal student loans, private student loans or both. “If you have several student loans, refinancing is a good way to help streamline payments,” says Joe DePaulo, co-founder of College Ave Student Loans, an online lender. How to refinance student loans in 5 stepsThe process of refinancing student loans typically only takes two to three weeks from start to finish. Student loan refinancing FAQWhen is a good time to refinance student loans? While both federal and private student loans are eligible for refinancing, only federal student loans qualify for Direct loan consolidation.
How to Apply for Student Loan Forgiveness
  + stars: | 2022-10-22 | by ( ) www.wsj.com   time to read: +15 min
The official student loan forgiveness application is available on the Federal Student Aid website. What you can do now to prepare for student loan repayment and reliefFirst and foremost, you can fill out the application for up to $20,000 in student loan forgiveness on the Federal Student Aid website. “January will almost certainly be a chaotic time for the [student loan] servicers,” says Michael Lux, attorney and founder of The Student Loan Sherpa. You might also check out alternative options for student loan forgiveness, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. If your state charges a tax rate of 5%, for example, expect to pay about $500 in taxes on $10,000 in loan forgiveness or $1,000 on $20,000 in loan forgiveness.
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