Using Student Loan Money for Other Purposes

Using Student Loan Money for Other Purposes

Obviously, when people borrow student debt, the reason they are loaned money is to pay for educational expenses. However, students are usually allowed to borrow money in order to pay for living expenses, and this can sometimes be a significant sum of cash. Students can decide to use this part of their student loans for purposes other than paying for housing, food, and related expenses. However, student debt borrowers should keep some things in mind… Continue Reading Using Student Loan Money for Other Purposes

Dealing with Inflation

Dealing with Inflation

As many people might have heard on the news recently, the United States, and indeed much of the globe, is experiencing the worst inflation in decades. For those who may not know, inflation is when prices of goods and services increase. COVID-19 is making it more difficult to ship goods, and the scarcity of goods along with pressures in the job market are increasing prices. Everyone needs to contend with inflation since it seems like… Continue Reading Dealing with Inflation

Repairing Your Credit

Repairing Your Credit

Student debt borrowers may take a hit on their credit score at one point or another during their student debt repayment saga. This usually occurs if a borrower is late in making payment or if it looks like a borrower may not be a solid credit risk in the future. Credit is important to achieving numerous financial goals such as buying a car, purchasing a home, or pursuing other accomplishments. However, repairing your credit can… Continue Reading Repairing Your Credit

Preparing for the Student Loan Restart

Preparing for the Student Loan Restart

As many readers of this website already know, borrowers of federal student loans have not needed to make student loan payments since the beginning of the COVID-19 crises. This has permitted student debt borrowers to focus their financial resources elsewhere, which has been helpful because layoffs and other financial disruptions as a result of the COVID-19 crises have negatively impacted millions of Americans. However, it appears as if the federal student loan pause will expire… Continue Reading Preparing for the Student Loan Restart

Mental Health Issues While Repaying Student Debt

Mental Health Issues While Repaying Student Debt

Student debt borrowers may face numerous sources of stress and anxiety while repaying student loans. Indeed, many student loan borrowers might not have the resources to meet all of their financial responsibilities and this can create a lot of mental health issues. In addition, the dread created by student loans and the magnitude of the debt can also be a source of stress. So long as you keep a few things in mind, dealing with… Continue Reading Mental Health Issues While Repaying Student Debt

Make a Plan For Student Loans

Make a Plan For Student Loans

When people are high school students thinking about college, student loans may seem like a distant challenge. Indeed, high school students usually did not need to borrow debt for anything else before in their lives, so it can be difficult to evaluate the consequences of student loans and how educational expenses should be covered. However, everyone should make a plan for student loans as soon as possible, preferably as soon as they know that they… Continue Reading Make a Plan For Student Loans

Handling a Tax Audit While Repaying Student Loans

Handling a Tax Audit While Repaying Student Loans

Taxes can be a complicated and daunting process for everyone, especially student debt borrowers. Many people repay student loans early in their adult lives when they do not have too much experience handling tax issues and completing the paperwork needed to be compliant with federal and state tax requirements. Sometimes, taxpayers may be audited, which means that tax authorities review documents and check information to make sure that statements made on tax forms are accurate.… Continue Reading Handling a Tax Audit While Repaying Student Loans

Defaulting on Student Loans Can Be Advantageous

Defaulting on Student Loans Can Be Advantageous

If you have read prior articles on this website, you probably know that I typically suggest paying off your student loans and staying current on student debt at all costs. Indeed, making late payments on your student loans or no payments at all can jeopardize your credit and your financial future. However, in certain situations, defaulting on student loans can be advantageous. Although, it usually does not make sense to purposefully default on student loans,… Continue Reading Defaulting on Student Loans Can Be Advantageous

Car Loans Are Different From Student Loans

Car Loans Are Different From Student Loans

After borrowing student debt, I did not want to borrow money for anything else I needed in life. I was able to overcome this aversion to debt when buying a home, and I took out a mortgage to purchase a condo several years ago. More recently, I purchased a car, and I had an extreme aversion to borrowing money to purchase this vehicle. However, car loans are different from student loans, and student debt borrowers… Continue Reading Car Loans Are Different From Student Loans

Thoughts on Another Student Loan Pause

Thoughts on Another Student Loan Pause

Anyone who has been following the student loan industry in the past few years should know that federal student loan payments have currently been paused due to the COVID-19 pandemic. Policymakers understand that student debt borrowers may have difficulty making student loan payments if they are dealing with the fallout from the COVID-19 pandemic. Originally, the federal student loan pause was due to expire in September, but this date was recently extended to January. I… Continue Reading Thoughts on Another Student Loan Pause