Student debt is at over $1.6 trillion. That’s a lot of money that needs to be paid back to the federal government, lenders and college. But what if it didn’t have to be paid back? Where would it go? Why student debt should be forgiven According to economists, it would go toward spending, like purchasing homes, cars and other necessities. All of this would help boost the economy, they say. Currently, only one presidential candidate, Bernie Sanders, is proposing forgiving all student debt. Is it the right choice? Right now, many Americans, particularly those in the millennial age bracket, are po ..read more

Public Service Loan Forgiveness (PSLF) is a fantastic program is you can qualify for it. PSLF forgives the remaining balance on your federal student loans if you meet certain requirements, which include working full-time in a public service position while repaying your student loans. The program is in danger of being cut in President Trump’s latest budget. However, this change would only apply to student loans taken out on or after July 1, 2021. Therefore, if you’ve been making payments under this program up to this point, you are still eligible. PSLF Requirements & Guidelines To qualify f ..read more

College-bound students will be receiving their financial aid packages within the next couple of months — and many of them will come with student loans. But many students — even those already attending college — don’t really understand how student loans work. That’s despite nearly 70% of students graduating with student debt. The basics of student loans This video helps explain the basics of student loans, including interest rates, the different types of student loans and repayment options. In addition to federal loans, the video discusses private student loans, which can be an option for bor ..read more

As a Western New York-based business, we love seeing Upstate New York colleges making positive changes — especially when it results in lower student debt. Colgate University, a prestigious college located in Hamilton, NY, recently announced a new no-loan initiative for students with a total family income up to $125,000. Colgate’s No-Loan Initiative Starting in Fall 2020, students from households making under $125,000 who receive financial aid will not receive student loans as part of the package. By eliminating loans for families making under $125,000, Colgate University became more affordab ..read more

Now that the Free Application For Federal Student Aid (FAFSA) is available in October, it’s important to make sure you’re filling it out as early as possible. But filling it out correctly is even more important. If you make a mistake on your FAFSA, you could miss out on financial aid. Check out the top 10 common FAFSA mistakes from the Office of Federal Student Aid to make sure you don’t miss out on free money for college. Don’t make these FAFSA errors 1. Not completing the FAFSA form. It should go without saying, but nearly 40% of college-bound students didn’t complete the FAFSA last year, e ..read more

We’ve written before about how public colleges aren’t necessarily the most affordable choice in the long run. In some cases, private colleges may offer more financial aid than public schools and can sometimes end up being even less expensive. Not only can attending a private college sometimes save you money upfront, in many cases it can pay off long after graduation. Private colleges that offer high ROI This is because many private colleges have large endowments, which help students avoid taking out student loans by providing them generous financial aid packages, as well as extensive alumni ne ..read more

As this year’s class of college seniors prepares to graduate, they may (and should) be wondering about repaying their student loans. The video below from the office of Federal Student Aid provides a good breakdown of your options for repaying student loans, including consolidation and alternative repayment plans. Differences between student loan repayment plans The video outlines some of the differences between Standard Repayment, Graduated Repayment, and income-driven repayment plans. The difference between the Standard Repayment and Graduated Repayment plans is that the Standard Repayment P ..read more