Student Loans - MoneyTips

Can Student Loans be Used to Pay Rent?

Matthew Jones — Fri, 18 Nov 2022 14:02:48 +0000

Student loans can be used to pay for rent. Additionally, you can use funds from student loans to pay for other living expenses, like food and transportation. However, there are some limitations you should know. So in this article, we’ll take a deep dive into what you can do with your student loan and how...

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What Is Navient?

MoneyTips Writer — Thu, 13 Oct 2022 20:53:48 +0000

Navient – which was a spinoff from Sallie Mae – is a student loan service provider for private and Federal Family Education Loan Program (FFELP) student loan borrowers. The company was recently involved in several lawsuits, including a multistate lawsuit with 39 attorneys general. As a result of the settlement they reached, several changes have...

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What Is Regulation Z and How Does It Protect You?

Josh Richner — Mon, 27 Jun 2022 14:51:05 +0000

If you’re not familiar with Regulation Z, the name might sound ominous (images of a plotting Dr. Evil or Filch tacking magical decrees to the wall), but it’s one of the most successful consumer protection laws in the U.S. Regulation Z, also referred to as the Truth in Lending Act (TILA), established a series of...

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Employer Student Loan Repayment Program: Common FAQs

MoneyTips Writer — Thu, 23 Jun 2022 16:55:21 +0000

Student loan debt impacts over 43 million Americans, costing over $1.7 trillion. The debt has also cost borrowers many milestones; 53% of millennials haven’t bought a home yet because their debt is either hurting their ability to qualify for a mortgage or they can’t find one they can afford. If these stats blew your mind,...

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How Does Student Loan Forgiveness Work?

MoneyTips Writer — Thu, 09 Jun 2022 19:05:20 +0000

The U.S. Department of Education (DOE) announced a final extension of the pause on federal student loan payments until December 31, 2022. Right now, student loan payments are expected to jump-start on January 1, 2023. Many borrowers were hoping that by the time payments restarted, their debts might be up to $20,000 lighter (if not...

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Does Paying Off Student Loans Build Credit?

MoneyTips Writer — Thu, 26 May 2022 14:51:28 +0000

Things change when you leave school. Suddenly there are more bills to pay, including your monthly student loan payment. Meanwhile, if you want to take out a loan to buy a car, rent an apartment or get a mortgage to buy a home, you’ll need to know what your credit score is and how to...

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Do Student Loans Affect Buying a House?

MoneyTips Writer — Tue, 05 Apr 2022 14:14:40 +0000

Going to college and buying a home are both important milestones, but student loan debt might make them feel like conflicting goals. Luckily, you can pursue both higher education and homeownership by understanding how loan debt might affect your mortgage. Read on to learn how student loans factor into getting a mortgage and get some...

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What Is a Federal Direct Loan?

MoneyTips Writer — Thu, 31 Mar 2022 20:52:48 +0000

If you’re like many high school students, you’re probably not in the financial position to cover the entire cost of your higher education. Well, you’re in good company. College and other post-secondary institutions can be expensive, close to 48 million borrowers have student loan debt. Once you graduate or leave school, you start making monthly...

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What Is a FAFSA® Form? – Do You Qualify?

MoneyTips Writer — Mon, 28 Mar 2022 21:02:04 +0000

If you are a current college or university student, or someone striving to be one, you know that one of the greatest barriers to getting a higher education is money. That’s where financial aid comes in. Financial aid helps students pay for college, so they can stress less about how they’ll pay the next bill...

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What is a Student Loan Default: What Will Happen?

MoneyTips Writer — Mon, 28 Mar 2022 20:37:38 +0000

Facing a student loan default can be intimidating. Especially when terms like collections agencies, lawsuits and wage garnishment are thrown around in the same sentence (like this one). And while it is serious, it’s not the end of the world. If your student loans are in default, you’re not alone. Education Data Initiative reports that...

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Student Loan Repayment Freeze Extended to August 31

MoneyTips Writer — Fri, 25 Mar 2022 17:14:08 +0000

President Biden announced that pandemic relief for federal student loan borrowers was extended once more until August 31, 2023, or 60 days after the student loan debt relief program litigation is resolved. The pause on student loan payments and interest provided much-needed relief for many borrowers and helped them stay afloat during the financial uncertainties...

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Are Student Loan Payments Tax Deductible?

MoneyTips Writer — Fri, 25 Mar 2022 17:06:29 +0000

If you’ve taken out student loans to pay for your education, you’re not alone. In the U.S., a total of 43.4 million borrowers have student loan debt. The good news is that the government helps lift the burden of debt for many borrowers. You can typically claim your student loan interest as a tax deduction...

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