Here are the best articles from around the web this week talking about student loans…
For the week ending Friday October 18, 2013
Student Loan News:
1. 5 Ways to Reduce Student-Loan Debt:
In a recent column on how to keep student-loan debt under control, I made the point that we need to apply out-of-the-box, even radical ideas to tackle spiraling college costs and student-loan debt. Readers quickly sent me their feedback.
Be practical. Some comments were straightforward. One reader thought that the best advice in my column was that families need to realize the dangers of making a college choice based on emotion: “Going to a $45,000-a-year school to become a teacher is a bad idea if you have to borrow.” See more ways: http://www.kiplinger.com/article/college/T042-C002-S003-5-ways-to-reduce-student-loan-debt.html
2. What Would Happen to the Student Loan Portfolio If the Debt Ceiling Is Breached?
In less than two days, if Congress cannot reach an agreement on the debt ceiling, it will be breached. This means that that U.S. Treasury will be unable to pay the bills. Thus far, the U.S. Treasury has not been vocal about what they will do if the ceiling is breached. But when it comes to student loans, the ones owned by the U.S. government, things could get problematic if the U.S. Treasury finds itself selling off its assets. Of course, there is always talk about this sort of thing happening (for instance, there are oftentimes suggestions that the national parks and the large swathes of federal land in Idaho and in other Western states be sold off and privatized. Thankfully, that has not yet occurred). Original article: http://www.huffingtonpost.com/c-cryn-johannsen/what-would-happen-to-the-_b_4102074.html
3. Student Loan Borrowers Complain of Repayment Snags:
Federal officials have received more than 3,800 complaints in the last year from borrowers of private student loans, with common problems related to payment processing and requests for loan modifications.
The complaints against lenders were documented in a report released Wednesday by the federal student loan ombudsman, Rohit Chopra, of the Consumer Financial Protection Bureau.
The complaints represent a tiny fraction of the millions of private student loans outstanding. About 13.7 million private student loans were outstanding at the end of 2011, the bureau and the Education Department estimated. More information: http://abcnews.go.com/Politics/wireStory/student-loan-borrowers-complain-repayment-snags-20590501
Student Loan Blog Posts:
1. How to Get out of Paying Your Student Loans:
Ah… to be a new college graduate again. With your freshly minted diploma in hand, you’re ready to start anew, pursue your passions, take the world by the horns and find your first job. And once you find a job, you finally have that wonderful… opportunity to start paying off those thousands of dollars of student loan debt.
Is there any way to avoid paying student loans? Have you considered a student loan forgiveness program? If you’re years away from paying off student loans, having debt forgiven might seem too good to be true. While the process can take some time, it can be simpler than you might think. Visit now: http://blog.brazencareerist.com/2013/10/14/how-to-get-out-of-paying-your-student-loans/
2. How to stay on top of your student loans:
For many people student loan is their first contact with the world of finance and credit. Student loans are an excellent way of creating numerous opportunities for students who are not able to pay for their education. In America over 60% of students borrow money to pay for their college fees. In all probability this is where you start building your credit score. Even though your credit score is just a little number, it is a number that can have great consequences in your life. While student loans can be very intimidating, it is something that can be taken care of. Get more: http://www.go2worldsearch.com/how-to-stay-on-top-of-your-student-loans/
3. Man uses stranger’s info in student loan scam:
A 32-year-old Northfield man will spend six months in jail after being convicted of using the Social Security number of a woman he’d never met to co-sign for his student loans.
Jason E. Young was convicted in August of attempted identity fraud after he pleaded guilty to the charge, a first-degree misdemeanor.
Young originally was charged with identity fraud, a fifth-degree felony, but was offered a plea deal for the reduced charge. Know more: http://medinagazette.northcoastnow.com/2013/10/16/man-uses-stranger%E2%80%99s-info-in-student-loan-scam/