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February 20, 2015

Lawyers Representing Student Loan Borrowers

I am delighted to provide free general information for student loan borrowers and the people who love them, but as an attorney, I must be very careful not to inadvertently establish a client-lawyer relationship with folks I don't represent.  I am licensed to practice in the state of North Carolina only and lawyers are specifically prohibited from practicing in states in which we are not licensed.  Also, lawyers can establish a client-lawyer relationship even without agreeing to do so.  That's why I…

February 18, 2015

How Student Loans Affect Your Credit

Your credit report is a history of accounts that includes information about how you pay your bills.  It's smart to download your credit report free from annualcreditreport.com. Creditors, insurers, employers, and other businesses use your credit report to evaluate lots of things that mater (like your applications for credit, housing, and employment).   Your credit score is a three-digit number intended to predict whether you will pay your bills over the next couple of years.  A high credit score helps you get access…

By Heather  |  Category:  Student Debt, Student Loan Repayment  

February 9, 2015

Administration Suggests Changes to PAYE and PSLF in Budget Proposal

Each year, the executive branch submits a budget PROPOSAL to the legislative branch.  The administration's budget serves as a starting point for negotiations in congressional committees.  To me, there is no world in which this congress passes this president's proposal precisely as it has been submitted.  More on the bizarre budget process from the Center on Budget and Policy Priorities and from the Washington Post. In my view, the substance of the budget proposal is important for two reasons:  first, it…

February 4, 2015

Misinformation and Miscommunication Between Borrowers and Loan Servicers

The National Association of Student Financial Aid Administrators (NASFAA) surveyed financial aid administrators finding a “large amount of misinformation and miscommunication between borrowers and the student loan servicers that collect their monthly payments. ”Financial aid administrators have a front seat when student loan servicing goes wrong -- and when it goes right,” said NASFAA President Justin Draeger. “These recommendations are built on the experiences and observations from professionals who want to ensure all borrowers…

By Heather  |  Category:  Student Loan Policy, Student Loan Repayment  

January 26, 2015

What Triggers Student Loan Interest Capitalization?

Sometimes a student loan borrower isn’t required to make payments on his or her loans, for example: • when he’s in school his loans and his loans are in deferment,  • for the six months after he leaves school when his loans are in a grace period, and • during other periods of authorized deferment or forbearance.  But on unsubsidized loans, interest is nearly always accruing (with a few exceptions).   So if a borrower isn’t making payments, what happens to the unpaid interest?   Specific events…

By Heather  |  Category:  Pay As You Earn, IBR, Student Loan Repayment  
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