Repaying your student loans can be daunting and seemingly never-ending. While student loan debt is certainly a burden, there is at least a small silver lining: you may be eligible to receive a tax benefit for the money you spent on your education. Now, we know taxes are also on the bottom of your list of fun things to talk about. But, there are important things to keep in mind when it comes to your student loans and taxes to ensure you’re at
Trying to save money while simultaneously trying to pay off your student loans can seem like an impossible feat. The two concepts also seem at odds with one another – should you prioritize saving money, or paying down your student loans as fast as possible? Both financial goals are important and it can be hard to decide which is best for you. Below are several things to keep in mind when deciding whether you should be saving money or pouring all that extra
Everyone knows that student loans in the U.S. have reached astronomical levels. It’s talked about on the news, on the Internet, and among those who themselves are burdened by high levels of student loan debt. But, just how bad is it? Recent statistics show that there are more than 44 million student loan borrowers with a collective $1.5 trillion in student loan debt in the United States. The average monthly student loan payment is $393 per month. Over 11 percent of these borrowers have
Paying off student loans is stressful and can make it feel like all your hard-earned money is going solely towards your minimum monthly payment, not leaving much leftover for anything else. With these five money-saving apps, you can work towards saving up some extra cash to line your pockets or to store away for a rainy day. 1. Mint Mint is a service created by Intuit that allows you to keep track of your monthly budget, bills, credit score and even retirement
Similar to the Public Service Loan Forgiveness program, the Teacher Loan Forgiveness Program provides student loan relief to eligible teachers. Under the Teacher Loan Forgiveness Program, if you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other certain qualifications, you could be eligible for forgiveness of up to $17,500 on your Direct and Stafford federal student loans. 1. Eligibility Requirements In order to be eligible for Teacher Loan Forgiveness, you must
Marriage is a life-long commitment that comes with a multitude of new responsibilities as you merge your life into one with your partner. While most people may not automatically think about their student loan debt when it comes time to say “I do”, it is important to know the effect that marriage can have on your student loan obligations. In a 2016 Consumer Reports nationally representative survey, it was found that 12 percent of Americans have delayed marriage because of their
The Public Service Loan Forgiveness (“PSLF”) program originated in 2007 when Congress passed the College Cost Reduction and Access Act. This means borrowers only began becoming eligible for loan forgiveness under the program beginning in October 2017. An attractive option for those wishing to work in a public service job or 501(c)(3) non-profit job, the PSLF program forgives the remaining balance on your federal Direct student loans after you make 120 qualifying monthly payments while working for an eligible employer. Enrollment into the
Student loans are often your first major financial obligation, which can be stressful and overwhelming. Understanding the relationship between student loans and credit is important, as student loan payments (or lack thereof) can have a big impact on your credit score. Student loans can be both positive and negative for your credit history, so staying on top of your student loans is essential. The Positive Side of Student Loans Typically, we think of student loan debt as being bad. Who wants thousands upon thousands of
1. Pay More Than the Minimum Amount Due This one is pretty self-explanatory. Paying more than the minimum amount you owe each month will allow you to pay off your student loans before the end of your repayment period. Making more than the minimum payment reduces the total amount you owe, and because interest is calculated based on your outstanding balance, it also reduces the total amount of interest owed. 2. Refinance Your Student Loans This can be especially helpful if you have private student
Student loan forgiveness through the Public Service Loan Forgiveness Program (“PSLF”) is an ultimate goal for many individuals enrolled in the federal program. To be eligible, the borrower must be employed more than 30 hours per week in an eligible federal, state or local public service job or 501(c)(3) non-profit job. Borrowers with qualifying employment must make a total of 120 on-time payments (10 years if done consecutively) prior to the remaining balance on their student loans being forgiven. However, it’s not quite