CFPB Does it Again! New Toolkit Aims to Help Educate Borrowers on PSLF Options.
The Consumer Financial Protection Bureau (CFPB), our new BFF, launched a toolkit yesterday to empower school districts and other public service organizations to help their employees pay off student loan debt. The CFPB is asking these employers to make a pledge to inform their employees of their options. According to a report released yesterday, the CFPB estimates that more than 25 percent of the U.S. labor force is in public service. This includes teachers, librarians, firefighters, military personnel, law enforcement, first responders, nurses,…
President Obama Hits the Road to Discuss College Costs
Attention New Yorkers and citizens of the great state of Pennsylvania: The Obama Express is coming to a college town near you later this week! Thanks to an article today by NPR's Frank James, we now know that President Obama will hit the road this Thursday and Friday to visit college campuses in Buffalo, Syracuse and Binghamton, NY as well as Scranton, Pennsylvania. According to Josh Earnest, Deputy White House Press Secretary, the president is expected to discuss his views on the pressing need to rein in college tuition and fees.…
Building a Bad*ss Credit Score: A Silver Lining Playbook for Student Loan Borrowers
I may not have two dimes to rub together, but my credit score is through the roof! How’d I do it? By borrowing young, borrowing a lot, and making zillions of teeny, tiny payments. On time. Every time. Ever since. (BTW, a better plan is to minimize your borrowing and pay back debt quickly to avoid higher interest fees and lower your costs over time. Um. If you can afford that). Credit Report vs. Credit Score Your “credit report” is a history of your credit accounts that includes…
Income-Driven Repayment Options for Gay or Lesbian Couples (Post DOMA)
On Wednesday, June 26, 2013, the U.S. Supreme Court cleared the way for the federal government to recognize marriages between same-sex couples. Equal protection for my gay and lesbian brothers and sisters! What does the DOMA decision mean for gay and lesbian student loan borrowers? Same-sex married couples with student loans will find that having one’s marriage recognized by the federal government makes for some mighty tricky tax decisions. The income-driven repayment plans (like Income-Based Repayment and Pay-As-You-Earn) limit a borrower's…
The Clock Ticks On
Time's up!. As expected, interest rates for new subsidized federal student loans rose this morning from 3.4 percent to 6.8 percent as Congress adjourned for its Independence Day break without reaching a compromise. Despite missing the deadline, Congress still has time to fix the issue before students begin classes in the fall and apply the fix retroactively. However, if Congress fails to find a solution prior to its August recess, significant problems for students could be the result. So how did we get here and which proposed…
