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Student Loans

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.

What College Graduates Should Know About Student Loan Repayment

By Bruce McClary If the results of the recent NFCC financial literacy online poll are any indicator, many college graduates will soon experience sleepless nights, as more than half of the respondents (53%) suggested that student loan debt repayment was causing them the most stress. The best way to feel more confident about keeping your student debt under control is to have a specific plan. Part of the planning process involves …Read More

NFCC Acquires Student Loan Alliance®

By Bruce McClary The NFCC is pleased to announce the acquisition of the Student Loan Alliance® (SLA). This announcement heralds a new chapter in counseling services for consumers struggling to repay their student loans. Student loan debt recently surpassed credit card debt at $1.3 trillion, and is now second only to mortgages in terms of total consumer debt. Among the 43 million total federal student borrowers, 7.3 million are at least …Read More

Student Loan Borrowers Don’t Know What They Owe

By Jesse Campbell Here’s the scene: you’re closing on your dream house. The bank’s approved you for a loan. They present you with a stack of paperwork and begin to explain the terms and conditions of your mortgage. “Nah,” you say. “I’m good. Where do I sign?” “Don’t you want to know what you’re signing up for? The loan amount? The interest rate? The good faith estimate? Anything?” “Nope,” you …Read More

How Do I Quickly Pay Off Student Debts?

By Melinda Opperman For an entire generation, excessive student loan debt is like a millstone chained around one’s neck. With so much debt hanging over their heads just as they start out in the working world, many of today’s recent graduates want to know how to pay off student loans quickly. Because the amount of debts we’re talking about are typically very large, there’s not quick shortcut to getting out …Read More

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

Survey Reveals Varied PerspectivesRegarding Student Loan Debt

By Gail Cunningham The NFCC 2014 Financial Literacy Survey revealed that U.S. adults have a varied range of opinions and experiences when it comes to how they view student loan debt. By a two-to-one margin, borrowers were more likely to say that their student loan was a good investment than a bad investment. At the same time, however, more U.S. adults would not recommend student loans as a way to …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

How to Restore Your Credit Score
After Defaulting on Student Loan

By Erica Sandberg Dear Erica, I had student loans that were in deferment. I did not know they were no longer deferred. They led me to believe as long as I didn’t have a job, I would be OK. They switched companies, and I started getting letters saying I was 200-plus days behind on payments. I made the missed payments plus extra, and kept making monthly payments until they automatically …Read More

Don’t Dawdle on Student Loan Search

By Jason Alderman Millions of young Americans a few months ago began their senior year of high school. If your kid is among them, he or she is probably busy juggling homework, extracurricular activities, and maybe a part-time job – all while trying to savor the last official year of childhood and simultaneously prepare for impending adulthood. You, on the other hand, are likely just wondering how the heck you’re …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