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Student Debt

Founded in 1951, the National Foundation for Credit Counseling is the largest serving nonprofit financial counseling organization. Find various topics in this blog, including personal finance, credit counseling, housing, budgeting and student loan help. Click here to speak with an NFCC-certified Consumer Credit Counselor.

The Key to Surviving Student Loan Debt

By Jesse Campbell A recent report released by the Department of Education shows that student loan default rates have fallen slightly for the first time in seven years, but still remain uncomfortably high at approximately 14 percent. That means that one out of every seven student loan borrowers will default on their loans within three years of graduation. One possible reason for that massive default rate? Over the past decade total student …Read More

What To Do If You DefaultOn a Student Loan

By Lauralynn Schueckler It’s possible that you didn’t realize your loan came out of deferment, and you missed some payments. Unfortunately, we see this kind of thing all the time. If you’ve missed even one payment, then you are at risk of defaulting on your student loan. Defaulting on your loan has some serious consequences. However, here are a few things you can do to avoid any more damage. You …Read More

Mastering Student Loan Debt

By Barb Miller I’ve recently observed a few disturbing trends with student loan borrowers. I would like to share some of those with you, along with some tips for avoiding over-borrowing student loan debt. Otherwise, you might just sabotage your financial future. By this I mean you will owe so much in student loans you won’t be able to afford (or qualify for) a home mortgage or auto loan. TRENDS …Read More

How to Compare Financial Aid
and College Costs

By Lauralynn Schueckler Hooray! Spring has finally arrived, and students all across the country are receiving college acceptance letters in the mail. It’s an exciting opportunity, but it comes with a lot of life changing decisions to make, like how to pay for it. Cracking the code on financial aid is a big (and often stressful) part of making that final decision, and it’s not always easy to figure out …Read More

What You Need to Know
About Defaulted Student Loans

By Shannon Doyle Student loan default rates are on the rise. Defaulting on your student loans can have massively negative consequences: the federal government has powers to recapture your tax refunds, garnish your income without taking you to court, and can even garnish certain amounts and types of Social Security income. Not to mention there is no time limit on how long they can try to collect on your defaulted loans. …Read More

Financial Tips for College Freshmen

By Gail Cunningham For incoming freshmen college often means one thing: freedom. That freedom can come in the form of no curfew, no set study time, or no one looking over your shoulder as you spend money. Such freedoms can be part of a positive growth experience, or create negative situations which take years to recover from.  Last year more than 60,000 young adults under the age of 24 came to …Read More

How to Handle Student Loan Debt Collectors

By Lauralynn Schueckler When you default on a student loan, the government will usually hire debt collection agencies to collect on these loans. It’s not quite as straightforward as you might like to think, to try and get this loan to just disappear. The collection agencies are sometimes known to twist their words around to get what they want, while leaving you confused and hanging. Everyone needs to be aware …Read More

Student Loan Caution and Action Advised

By Sara Gilbert Recent Associated Press headlines, and an article in May’s issue of Consumer Reports have identified student loans as the next potential head-on collision that Americans will have with their debts in the coming months and years. A few years ago over-extended mortgagors and a loose mortgage lending environment helped to initiate the economic slow-down we have been experiencing. Now some are suggesting that student loan repayment difficulties will …Read More

Can Your Family Afford College?

By Jason Alderman I’m a firm believer that the more knowledge you acquire, whether through college, trade school or self-study, the richer your life will be. But as college tuition and fees continue to skyrocket, students and parents increasingly are asking, “Is a degree really worth the cost?” For many people it certainly is: On average, college graduates earn roughly $550,000 more than high school grads over a lifetime, according …Read More