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Posted November 22, 2013 by

4 Options for Relief From Your Staggering Student Loan Debt

Young female college student lifting a student loan sign

Young female college student lifting a student loan sign. Photo courtesy of Shutterstock.

If you’re saddled with overwhelmingly high student loan debt, you aren’t alone. The Consumer Financial Protection Bureau reports that some of the most common complaints it receives deal with the difficulties of making payments on loan balances. Below are four smart strategies to help you get out from under the weight of your student loans.

Pay Off Variable-Rate Private Loans First

A private loan may have come with a low interest rate when it was first signed, but unlike federal loans, they can climb by several interest points over the years. Private loans also offer fewer payment options to borrowers. If you have a private variable-rate loan, pay it off first and as quickly as possible. As the economy shifts, the interest on these loans can spike suddenly, whereas the rates on fixed federal loans cannot. (more…)

Posted June 14, 2013 by

5 New Rules Concerning Federal Student Loans

Student loans on a sign with an arrow

Student loans on a sign with an arrow. Photo courtesy of Shutterstock.

Whether you’re taking out a federal student loan or entering repayment, get up to speed on the new changes to the federal loan program. Kiplinger’s outlines the five new rules you need to know about federal student loans.

The new rules include:

·         Loans get pricier—the rate on federally sponsored loans jumps from 3.4% to 6.8% on July 1, barring a last-minute (and unlikely) save from Congress. Despite the headlines, there’s no need to panic—the rate applies only to new loans, not those that are outstanding. (more…)