Sean Pyles Nerdwallet Published 1:01 PM EDT Sep 17, 2019 Glossy mailers promising low rates and cleverly crafted ads on your favorite podcast might leave you wondering: Should you refinance your student loans? With over $1.6 trillion in student loan debt in America as of March 2019, student loan refinance companies have an incentive to entice you. And a lower payment sounds alluring. But is refinancing the right move for you? Dig Into Your Finances Before you make a big change to your money management, such as refinancing your student loans , fully understand your overall financial picture, says Barbara Thomas, executive vice president at SouthEast Bank. This will ensure you’re coming from an informed place so you can make the best decision for your situation. The more solid your footing – you’re paying all bills on time, putting away savings and still have cash left at the end of the month – the more likely it is you could qualify for a refinance … [Read more...] about Millennial Money: Is student loan refinancing right for you?
Refinancing federal student loans
Susan Tompor Detroit Free Press Published 7:00 AM EDT Aug 9, 2019 Asabe Danpollo, 24, has one of those dream jobs that more young professionals are yearning to get. As part of the perks of working at PwC, her company promises to pay $100 a month toward her student loan debt. The offer covers up to six years — potentially knocking off up to $7,200 in principal. The total value is more since another $2,800 or so in interest could be eliminated, too. "Most of my debt comes from my master's program," said Danpollo, who earned an undergraduate degree in accounting from Michigan State University in 2016 and later a master's degree in strategic management in Ireland from University College Dublin. Danpollo, who comes from a family of seven children, said she put herself through college. She kept a lid on her undergraduate costs by working at the MSU library for a year and being awarded scholarships as part of the Michigan State women's rowing team. She … [Read more...] about The right job can help you pay down your student loans
Susan Tompor Detroit Free Press Published 7:00 AM EDT Jul 25, 2019 Student loan debt is no doubt a drag on the U.S. economy, holding back how much money young consumers can spend on cars, homes and even invest in 401(k) plans or new businesses. But the debt crisis is giving an early kick start to the 2020 Democratic presidential race. One candidate after another has generated some buzz by offering up one freebie or another for tackling $1.5 trillion in student loan debt. The political rhetoric reflects the ongoing financial anxiety. So it wouldn't be surprising to hear more about student loans during the second round of Democratic Party presidential debates comes to Detroit on Tuesday and Wednesday, hosted by CNN. Dealing with old student loans has become so overwhelming for many families that it has now somehow risen to the level of, say, climate change or criminal justice reform. Why student loan debt is a hot topic Sure, … [Read more...] about Can 2020 o election help you shed student loan debt?
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
Susan Tompor Detroit Free Press Published 6:00 AM EST Jan 27, 2019 A "Saturday Night Live" sketch in January generated plenty of laughs with a fake game show called "Millennial Millions" where twenty-somethings compete for prizes, such as a chance to pay off their big student loans. But employers are increasingly recognizing that $35,000 or more in student loan debt is a serious matter that is stressing out many workers. "We're finding that more and more employees are entering the workforce with more college debt," said Maria Darbonne, manager of savings plans for Fiat Chrysler Automobiles. "We know it's overwhelming." So as we enter 2019, expect to hear more about financial wellness — including finding ways to help debt-burdened employees recover from an increasingly common financial headache. One of the latest moves: Auburn Hills-based FCA US began partnering this year with CommonBond for Business to offer a way for salaried … [Read more...] about FCA employees get chance to pay down student loans