Consolidating vs. Refinancing Your Student Loans - Student Tax OPtion

The Student Loan Crisis

We are looking at the student loan crisis all wrong. Sometimes a problem takes on a whole new meaning when looked at it differently. Such is the case with student loans. A generation ago there was no student loan crisis. Then slowly, gradually student loans began to grow as government support for post-secondary education shrank. That “government support” was taxes. …

One thing that could change the way you pay off student loans - Student Tax OPtion

Will Your Student Loans REALLY Be Forgiven?

The Biden Presidential campaign policy statement, loan forgiveness has limiting criteria: Only federal loans are forgiven Loan forgiveness is limited to $10,000 per year Private loans are NOT forgiven Federal loans are only forgiven for public colleges and universities; historically Black colleges and universities (HBCU) and minority-serving institutions (MSI) Loans are NOT forgiven for loan holders with incomes above $75,000; …

Loans get repaid, students get tax cuts, and a New Middle Class is formed.

Now there are two sides to the Student Debt Crisis: forgive loans or do nothing and let students buck up.  Neither is a desirable solution.  Paying back loans without any relief ignores a financial bubble, worse than the 2008 mortgage collapse.  Forgiveness is like damming up a river, ignoring the constant flow of new loans.  Let us create a New …

Can Your Student Loan Lender Take Your Stimulus Payment - Student Tax OPtion

Can Your Student Loan Lender Take Your Stimulus Payment?

Millions of Americans are eager to receive their stimulus check. Under the CARES Act, those checks will provide up to $1,200 per taxpayer and will likely help many to ride out the current economic storm of unemployment, reduced hours, and furloughs. However, 44 million Americans also live with student loan debt hanging over their heads every month. Since many student …

how student loans impact your credit score - Student Tax OPtion

The Impact of Student Loans on Your Credit Score

A high, favorable credit score is essential to obtain a high quality of life. The credit score is evaluated when applying for housing (rental and purchase), vehicle ownership or lease, and other milestone achievements. A low or average credit score can severely hinder the ability of a person to consummate such obligation.  Or, if the obligation is able to proceed, …

what happens to your student loan if you die - Student Tax OPtion

What Happens to Your Student Loans When You Die?

Benjamin Franklin said nothing in this world is certain except death and taxes. While this statement is extremely accurate, particular student loan borrowers and their families are learning something else is certain. For some student loan borrowers and their loved ones, full loan balance payments are also certain. While death discharges or wipes out student loan debt for some borrowers, …

how to pay off student loans - Student Tax OPtion

Hustle Out of Your Student Loans

In the second quarter of 2019, US student debt exceeded $1.6 trillion. Student loan debt is the most overwhelming debt a person may undergo. Student loan debt has the potential to hinder home purchase, vehicle purchase, and other milestone purchases a graduate may want to enjoy. While several recommendations and resources are available to graduates, the ability to successfully pay …

Plan to erase debts is now hot topic in America - Student Tax OPtion

Contemporary America Wonders: How Do We Get Rid of Debt?

It’s an age-old question, currently brought forth due to economic troubles – what are some ways to cancel debt? The prevalence of such liabilities has gradually solidified itself in the economy, and has insidiously weighed down on the lives of Americans and many others around the world. On the political spectrum, Democrats are largely supportive of write-offs, which include canceling …

Settlement with University of Phoenix Should Shame the Dept of Education - Student Tax OPtion

Department of Education Should be Ashamed of University of Phoenix Settlement

Like most other for-profit colleges in the United States, the enrollment at University of Phoenix (UoPx) tanked and the school began its downfall. During its highest moments, UoPx was the most profitable of these types of institutions and the school and its owner spent $1.7 billion to advertise and market the brand with the sole intention of bringing in more …

big changes student loan borrowers could see in 2020 - Student Tax OPtion

Big Changes Student Loan Borrowers Could See In 2020

If you are a student loan borrower, you could see big changes in 2020 pertaining to your loan interest, repayment, and refinancing. You may see that you have less debt and may have different options to repay it. There could potentially be big changes that positively affect you as a student loan borrower. Debt forgiveness could potentially be possible given …