Sasha Yunginger knew becoming a teacher wasn't going to make her rich, but she loved working with young people and felt a passion to put them on the right path. Yunginger tried to keep costs down, attending a state school as an undergraduate and working her way through two degrees. But by the time she got her teacher's license in 2010, she was shocked to see her total debt was $90,000. Her minimum payment was $900 a month, and she would be making $32,000 a year. The company managing her loans said income-based repayment wasn't an option. "I told them I can't afford that, I'm a first-year teacher," she said. "I don't make that kind of money." Yunginger's struggle has become all too common, some state lawmakers say. More than 775,000 Minnesotans currently owe balances on their student loans. As the problem grows and federal efforts to protect borrowers stall, Minnesota is joining a growing number of states taking on the problem through the courts and legislatures. Lawmakers in St. Paul … [Read more...] about ‘It’s time to put a cop on the beat’: Minn. lawmakers push tougher regulations for student loan companies
Teacher debt forgiveness student loans
WASHINGTON -- Tens of thousands of public servants have applied to have their federal student loans forgiven through a temporary relief program run by the U.S. Education Department. Fewer than 300 have had success. Now, one of the lawmakers who championed the initiative wants to know what happened. "We authorized $700 million dollars to help ensure public servants -- including firefighters, teachers, and nurses -- receive the loan forgiveness they have earned, and it's maddening that the Trump Administration is letting it go to waste," Sen. Tim Kaine, D-Va., said in an email.Kaine and other Senate Democrats have said the Education Department created eligibility criteria that are far more rigid than anything Congress envisioned. The measure in the fiscal 2018 budget that set up the one-time expansion, based on legislation introduced by Kaine and Sen. Sheldon Whitehouse, D-R.I., directed the agency to develop a simple way for borrowers to apply for forgiveness. Instead, lawmakers say … [Read more...] about Vast majority of applicants for temporary student loan forgiveness are rejected
Susan Tompor Detroit Free Press Published 7:00 AM EDT Mar 27, 2019 Most of us know we need to pay attention to things like our mortgages when doing our taxes. But who would imagine that student loan debt could possibly help you get a bigger tax refund? Here's a look at how you might be able to write off some interest paid on student loans, as well as other tax tips relating to college debt. Big clue, don't default if you want a fat tax refund: Deducting interest can boost tax refunds Despite some rumors to the contrary, many people can lower their tax bill by tapping into a deduction on federal income tax returns for interest paid in 2018 on federal and private student loans. "It's a nice benefit to have," said Cari Weston, director of tax practice and ethics for the American Institute of CPAs, But she warns that it's a tax break that only applies to a limited group of people, often younger consumers who aren't making much money. Married couples … [Read more...] about Tax refunds cut after defaulting on student loans
provided by Published 9:00 am CST, Friday, March 1, 2019 MoneyTips By Amy Beardsley When it comes to student debt, more than half of borrowers are struggling to make their payments. Refinancing your student loan is an excellent option to lower your monthly bill or to pay less interest over the life of your loan. Even though refinancing could make student loan debt more manageable, the latest survey by Student Loan Planner found that 85% of borrowers are afraid to refinance their student loans. Why do borrowers fear refinancing when it could save them thousands of dollars? According to the survey, half of borrowers didn't know you can refinance more than once and 65% of respondents haven't refinanced their student loan at all. Two-thirds of respondents can't name more than two refinancing companies, while almost half (40%) of borrowers who did refinance shopped at only one place. Why Are Student Loan Borrowers Not Refinancing? The most important reason for refinancing … [Read more...] about Student Loan Survey: Borrowers Are Afraid To Refinance
Sections SEARCH Skip to content Skip to site index Your Money Subscribe Log In Log In Today’s Paper Your Money | A Teacher’s Student Loans Were Forgiven. Then FedLoan Wrecked His Credit. Supported by Your Money Jed Shafer thought his work navigating the troubled public service loan forgiveness program was finished. He found out he was wrong when Lowe’s turned him away at the register. ByRon Lieber Feb. 22, 2019 Whena few months ago, Jed Shafer figured he was finally done with his student loan. He had spent years struggling to get the loan forgiveness that federal law provides for public servants like him, and those checks from the United States Treasury covered what he’d paid beyond his obligation. His loan balance was officially zero. But he’s not done, not by a long shot. Earlier this month, he went into Lowe’s to buy a new refrigerator and applied for a store credit card … [Read more...] about A Teacher’s Student Loans Were Forgiven. Then FedLoan Wrecked His Credit.