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Is refinancing or consolidating your student loans the right move?

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When you graduate college with student loans, it’s not just one big loan. It can be lots of smaller ones. To make things worse, they won’t all automatically fall under the same student loan servicer. It can leave you with a frustrating task when you want to request a change to an income-driven repayment plan or need a deferment, forbearance, or even answers to a question. Two ways to make your loans easier to manage are consolidation and refinancing. But what’s the difference and is either a good option for you?

Don't play dangerous games with student loans

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This week, Forbes reported a disturbing trend among some student loan borrowers engaging in what’s called strategic default. The site reports that there are “intentional” defaulters fighting back at what they call student loan slavery, servitude, and “economic terrorism.” While social protest can help change the world, it can also wreck your financial future if you’re not careful. For those considering taking a stand by not paying their student loans, here’s what you need to know.

Adversary proceedings are the tool to fight student loans in bankruptcy

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If you’ve got student loans you can’t afford, one of the possible routes to relief is bankruptcy discharge. Before the 2005 bankruptcy reform act, it was much easier to unload student loans in bankruptcy if your financial situation was rocky. Post-2005, it became much harder - almost impossible in fact. But now the tides are turning again and it’s increasingly possible to diminish or eliminate your student loans in bankruptcy, but step one is an Adversary Proceeding. Let’s look at what it is and why it’s necessary.

Student loans out of control?

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Roughly 25% of all adults now carry student loans as one of the 44 million Americans with college debt. With a total price tag of $1.5 million and rising by the day, it’s a looming debt disaster on a personal and national level. For those who can afford the debt, that’s a good thing, but even so, it might come at a great sacrifice of other life goals. For those who can’t pay their college loans, the consequences can be dire. Here’s why student loans are so dangerous and how you can get help.

What are your options for student loan repayment?

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It’s far too easy to take on student loans. Federal loans to students don’t require a credit check, and they don’t cap the amount you borrow based on your ability to repay. When it comes time to pay back Uncle Sam, there are different repayment options. Today we’ll dig into those and also consider what happens if you can’t afford to pay at all.

Student loan changes are coming

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Currently, most student loans are federal student loans. But there are significant changes afoot for student loan borrowers. The current presidential administration is looking to redefine the college loan market to make it more competitive and possibly more affordable. Will these shifts come to fruition is one question. Initiatives don’t always make it to the law or regulation stage. Plus, whether they’ll benefit borrowers, as intended, is another concern. Here is what’s in the wind.

Are you borrowing too much in student loans?

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Not all debt is bad. Some debt is good because it empowers you to make changes to your life that you couldn’t if you had to pay cash for everything. That applies to a home and college education, in particular, since most cost too much to pay out of pocket in a lump sum. But if you get in over your head, the opportunity could turn into a financial crisis. When it comes to student loans, how much is too much?

Gaming your way out of student loan debt

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Student loans are no fun, but a new TV show would convince you otherwise. While college debt continues to rise, Americans are looking for new and creative ways to unload their student loans. A new game show on Tru TV aims to put the fun in finance and help contestants eradicate debt.

Looking for a solution to student loan default?

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Student loans get more burdensome by the year, and many people struggle to conquer this debt. If you miss one payment, that’s not good. From the first missed payment, you’re considered delinquent. If you keep missing payments for 270 days, you go into default for most types of loans. Federal Family Education Loans (FFEL) go into default after 330 days of non-payment.