Although used interchangeably, loan discharge, forgiveness, and cancellation have different relief for borrowers. Loan discharge happens after being in repayment or an event occurs, like the death of the borrower. There are several types of loan discharge, like income-driven repayment (IDR), disability discharge, closed school Read More …
More than 70% of for-profit students borrow federal loans and account for 50% of all student loan defaults. Students who attend for-profit colleges are three times more likely to default on student loans, and six times less likely to receive employment after enrollment, according to Read More …
Student loan debt is considered “good debt,” but it is also the cause for an over $1.7 trillion student loan debt crisis. Student loan debt consists of private loans and federal loans. Over 40 million borrowers have federal student loans totaling around $1.6 trillion in Read More …
Any discussion about student loans, should begin with a basic knowledge of: Federal vs. Private Student Loans Student loan debt consists of private loans and federal loans. Private student loan debt accounts for 7.61% of all student debt and totals $131.1 billion. Private student loan Read More …
For Mel Ligon and his wife, remnants of the 2008 housing crisis kept them from realizing major savings from refinancing their Chicago home during the pandemic refi boom. They had a deferred principal placed on their home during the Great Recession when they used Read More …
While artificial intelligence (AI) technology has made mortgage underwriting and insurance claims faster and easier, it could also unintentionally discriminate against protected classes. The Casualty Actuarial Society (CAS) this year acknowledged “the potential impact of systemic racism on insurance underwriting, rating and claims practices” in four research papers examining the Read More …
From remote working to the gig economy, technology has allowed workers more autonomy over their professional lives. This impact is especially evident in the music industry, when before if you didn’t have a record label contract you couldn’t make it. Now, independent artists are retaining Read More …
The Education Department (ED) opened up a beta version of its student loan forgiveness application process at studentaid.gov/debt-relief/application, offering periodic access to some borrowers who can apply ahead of the official launch. “We’re accepting applications to help us refine our processes…If you submit an application, it Read More …
Silicon Valley origin stories begin in someone’s garage or basement. For Imani Ellis, her one-bedroom Harlem apartment was the birthplace of The Creative Collective NYC and CultureCon. She invited a few friends over to talk about developing a space where creatives of color could “show up as Read More …
Hispanic Americans are less likely to carry life insurance than the average American, missing out on a key source of financial security. Only 42% of Hispanics have a life insurance policy, below the U.S. average of 50%, according to a 2022 Insurance Barometer Study supplemental report from Read More …
One of President Joe Biden’s less headline-grabbing measures to address the student loan crisis last week aims to make debt repayment more affordable for both current and future borrowers. The president is making four key changes to income-driven repayment plans to reduce monthly payments, prevent Read More …
The application for student loan forgiveness won’t be ready until October, according to a White House official, with relief coming about four to six weeks after a borrower applies. National Economic Council Deputy Director Bharat Ramamurti on Friday said to expect the application process to Read More …