New Millennial Class Warfare Brought on By Student Loan Debt

Written by adminOctober 25, 2018
Student Loan Consolidation

From the time your child, you’ve been told that if you want a better life, you need to go to college. Getting an education and the degree is the only way to be successful. But lately, for millions of people with student loan debt, that’s proving to be untrue. Taking out a student loan is an irreversible decision that is destroying lives.

Still, it seems like a worthwhile decision. When you graduate college, it’s a natural decision. Go to college, graduate, find a great job, and so on. No one hardly ever questions it. If you hope to own a home and be able to take care of your family, getting a degree will make that dream more plausible. But, that’s not today’s reality.

If you take on student loan debt to go to college, you’re more likely to have LESS money and more problems. These adult decisions about the rest of your life will probably get pushed back. You won’t be able to afford them. Yet, no one tells you this before you apply. It will even delay your ability to save for retirement.

How Student Loan Debt Affects a Person’s Life

The key to avoiding this problem is understanding how student loan debt will impact you. Don’t just assume going to college is the best bet. In today’s economy, going for a trade has a better return. It costs much less than going to a university and it’s almost guaranteed you’ll find a job after you leave. Not just any job, but a high-paying career.

You might not think this is true, as it goes against years of teachers and parents telling you college is the only way. But the Federal Reserve released data in 2016 that proves it. According to their info, millennials who had student loan debt had 75% LESS net worth than their counterparts who didn’t.

That’s right, the difference between millennials who had more money and had less depends on who had a student loan. Even looking at how much money they had in their bank accounts, those with student loans had much less money saved. They were, on average, delaying major life decisions, putting off getting married and buying a house.

To learn more about student loan debt and whether you qualify for forgiveness, call Financial Helpers today. We’ve helped thousands of people overcome their debt and gain financial freedom. We’d love to hear from you. You can reach us at:

Call Now 844-332-2079

The Crisis Takes Hold

Brian Karimzad, the co-founder of MagnifyMoney, spoke candidly about the snowball effect student loan debt has on graduates. He spoke with VICE about the Federal Reserve report.

“This is the first time we’ve seen an update in this federal data since the financial crisis. We wanted to get a sense of how net worth has changed for people with student loans and where they stand, and how this has evolved from a simmering problem to a crisis level for many graduates—particularly people who graduated into the recession, which was ten years ago.”

http://financialhelpers.com/student-loan-debt-can-sink-the-u-s-economy/

“What we saw was startling in terms of the absolute gap in net worth. But one thing that was kind of interesting for us is the difference in net worth—and this is constant dollars—for people [who are under 35] with and without student-loan debt, is that if you look back in 2004, it was around $70,000. Now it’s around $80,000,” he said.

“I would have expected it to maybe have doubled in that time, so it wasn’t as striking as I thought, which may be a function of the fact that the backgrounds of the people taking on student-loan debt were probably similar-enough situations. That said, it’s clearly going up.”

Savings at Risk

The goal of financial freedom is to allow a person to be able to save money. To have money in the bank to cover emergencies and to be able to save for retirement is key. No one knows what path their life will take. That includes how the economy will play out the next decade. Regardless of how things will turn, having a major debt can set you back.

If you’re paying the equivalent of a mortgage payment towards your student loan debt, life is going to be difficult for you. Right out of college, hardly anyone will be able to afford rent, insurance, gas, and their student loans. It’s why a lot of millennials are still living at home into their 30’s. They get made fun of, but they’re trying to make the best out of a bad situation.

Someone who doesn’t have student loan debt has about $40,000 saved for retirement on average. Those with debt have about half that at $21,000. To save enough money to make it through all your golden years, you need to start saving young. Waiting until you’re almost 40 isn’t going to cut it.

The student loan debt problem isn’t going anywhere. Right now, the government doesn’t seem to care about struggling Americans. That means you’re going to have to make hard decisions. Educate yourself about your options and call Financial Helpers today.

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Student Loan Debt Can Sink the U.S. Economy

Written by adminOctober 24, 2018
Student Loan Consolidation

Student loan debt has reached an astounding $1.53 trillion through the second quarter of 2018. That’s a massive amount of debt, second only to mortgage debt. This number has tripled since 2004 and doesn’t show any signs of slowing down. Throw in a variety of economic struggles and volatility, and you have a problem on your hands.

The reality is, many Americans struggle from time to time. Income volatility happens to us all, which can make it extremely difficult to fulfill our obligations. It’s difficult to afford rent, insurance, and our student loan debt.

It was estimated that as many as 8.2 million of us get behind, owing as much as $83 billion to the IRS just in taxes. Add that to the trillions of dollars owed in other debts, people are fighting to keep up during a time when the economy constantly bounces from one extreme to the other.

There are numerous reasons why this happens. It can be anything, such as their life is completely out of control, to simply not having enough money to pay their debts. Life disruptions, such as a death, sickness, and divorce, happen to most of us.

Income and economic volatility make it difficult as well. If you don’t know what your income will be any given year, it makes it downright impossible to guess if you’ll be able to pay off your student loan debt. The economy can fall through the floor tomorrow and leave thousands of people without work.

To learn more about student loan debt, and how Financial Helpers can help you overcome it, call us today at:

Call Now 844-332-2079

Who Should Pay for Student Loan Debt?

“There has been a big shift in terms of who should bear the burden of the cost of education,” said Benjamin Keys, a Wharton real estate professor with a specialty in household finance and debt. “We know the stories of our parents, that they could earn enough working as a lifeguard in the summer to pay for a semester of college. The growth of tuition costs relative to teen wages — indeed, all wages — has veered sharply upwards.”

“We’ve come to a place where most students have to borrow in order to pay the cost of completing a bachelor’s degree,” said University of Pennsylvania professor Laura W. Perna, executive director of Penn’s Alliance for Higher Education and Democracy.

Right now in the U.S., there are 44 million people who have some type of student loan debt. The average amount of debt students hold is $37,000. That can take them up to a decade or more to pay off. Due to this, it is forcing young people to put off making major life decisions. There’s a lot of evidence that student loan debt is doing just that.

http://financialhelpers.com/new-game-show-focuses-on-student-loan-debt-crisis/

Because student loan debt disrupts so many lives, students all over the country are asking the government to step in and help. While the person did decide to take on debt to go to school, it’s not their fault that the economy was crashing. Many also fell victim to predatory advertisements from for-profit schools.

“They are certainly starting off at a disadvantage relative to previous generations, and a lot of the scrutiny of millennials is really misplaced given the disadvantages they’ve had in terms of their costs of education and poor labor market upon entry,” Keys continued. “It’s hard to say that they won’t eventually catch up. It depends on the health of the labor market, and how stable the economy is.”

Pre-Recession Data

This crisis owes its existence to both the Great Recession and the increasing cost of a college education. Just a decade ago, student loan debt was way below auto loans, credit card debt, and more. According to the Federal Reserve Bank, it now surpasses all these forms of debt. The correlation between higher debt and lower homeownership can’t be understated.

The Federal Reserve has released data proving that as student loan debt increased, the number of people buying homes has steadily decreased.

“A $1,000 increase in student loan debt lowers the homeownership rate by about 1.5 percentage points for public four-year college-goers during their mid-20s, equivalent to an average delay of 2.5 months in attaining homeownership,” write Alvaro A. Mezza, Daniel R. Ringo, Shane M. Sherlund and Kamila Sommer in “Student Loans and Homeownership.”

This further proves that student loan debt will only destroy the economy the worse the problem gets. The government needs to step in and help as soon as possible.

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3 Ways to Save Money if You’re a Millennial with Student Loan Debt

Written by adminOctober 22, 2018
Student Loan Consolidation

Make no bones about it. If you have student loan debt, then you have much less money than the rest of Americans. While the student loan crisis picks can pick on anyone, it’s a reality that millennial’s it way worse. Student loan debt has recently reached $1.53 trillion. Most of that has come within the last decade.

We have that much debt, it’s going to hurt you and every other facet of your life. How can you save money when you have monthly payments nearly as high as your rent? How can you get a mortgage or car loan when you’re $50,000 in debt? The simple answer is: you can’t. And worse yet, how can you afford to save money for emergencies?

If you’re millennial who carry student loan debt, you have 46% less money than other millennials who don’t have debt. Millennials with student debt at $19,000 less in their retirement savings than those who don’t. Millennials with student debt have much less money and their checking and saving’s account than those who don’t.

This gap between the haves and have-nots is pretty shocking. You’d assume going to college was a great idea for taking the next step in life. You’d believe that you’re setting yourself up for a great future and to have more money for your family. But the way things are going, that’s not the future for a lot of people who go to college.

To learn more about student loan debt and the options you have for paying it off, call Financial Helpers today! We’d love to hear from you. Call us at:

Call Now 844-332-2079

Don’t Let Student Loan Debt Take Over Your Life

If you have student loan debt, these monthly payments take a huge chunk out of your income. You have to figure out a way to save money. You could be paying your student loan debt for a decade or more. This is the age where you have to start saving for retirement if you’re going to make it in your golden years.

You need to start saving for a down payment for a house if you want to start a family. And more importantly, you need a healthy emergency fund in the event that something happens outside of your control. Without that, you can rack up thousands of dollars of debt on top of your student loans.

The goal is to have at least three months of living expenses in your bank account just in case. But, how can you manage that if most of your monthly income goes toward your student loan debt? Here are three things you can do right now to help save money for the future:

1) Get a Side Gig

It’s understandable that this isn’t the best option for a lot of people. But, an estimated 44 million people have a side gig. They have to. There’s no other choice to get through life than having an extra source of income. Imagine driving for Uber a few nights a week and bring in an extra $500 a month.

That’s enough to pay for your student loan debt, freeing up the rest of your income. Or it can go directly into your savings account. You can have as much a $6000 saved after your first year. Work a few hours a night bagging groceries. It doesn’t matter what you do, but you have to work a little harder for a while and make more money.

2) Refinance those Loans!

This option won’t be immediately available to you after you graduate. Going to have to put a little work in. You see, when you start college and you have little to no work experience, your credit score probably isn’t that good. That means banks or other financial institutions are going to rake you over the coals bit.

The amount of interest that you’re paying, including the amount you pay back each month, is directly impacted by your credit score. Now, imagine a few years after you graduate, you’re doing better. You have a great record of on-time payments, you have a great job, and your credit scores improving.

http://financialhelpers.com/obamas-student-loan-forgiveness-rule-ordered-to-go-into-effect/

At this point, you can refinance your student loan debt. Not only will you get a lower interest rate, but your monthly payments will be less as well. Imagine getting a car loan with bad credit versus the car loan with excellent credit. If you have bad credit you to pay through the nose because creditors can’t trust you. It’s the same way with student loans.

3) Find a Way to Lower Your Costs

Of course, this is easier said than done. We all want new things. We want to have cable, fast internet, to buy our first home. The problem is, people with student loan debt can’t really afford it. So, what they do is, put themselves at greater danger by taking out more loans. Millennials like to indulge on fancy things they probably can’t afford.

If you can find a way to pick up an extra job and lower your expenses, you’re well on your way to paying off your debt faster. Instead of buying a house, split the rent and bills with a roommate for a few years. Use Netflix instead of wasting hundreds a month on cable. Use public internet. Don’t buy or lease a brand new phone every year.

Make smarter spending decisions. Put all that extra money into your loans and pay them back faster so you can get on with your life. If you don’t, you will only set yourself up for failure. Going into default because you can’t afford your student loan debt will destroy your credit. Be smart and think ahead in all things.

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Student Loan Debt Just Hit $1.53 Trillion and Trump is Fighting Against Students

Written by adminOctober 19, 2018
Student Loan Consolidation

As of the second quarter of 2018, the student loan debt has risen again. This time it has reached $1.53 trillion with no slow down in sight. It’s on pace to break the $1.6 trillion mark by next year. And rather than standing behind students and offering a means of protection, President Trump is against student loan forgiveness.

That’s right, the president has no plans for forgiving any student loan debt. “We would like people to repay their debts,” Director of the Office of Management and Budget Mick Mulvaney said. “We think that’s a fair thing to do.”

Yet, it’s no surprise to Mulvaney that student loan debt has risen to high. The federal government is the largest originator of these student loans. Why would the government give students a free pass when they will make money from these loans? That is, if you pay them back. They’ll make thousands on interest alone, per student.

When you consider there are 44 million Americans with student loan debt, that’s a lot of extra cheese. Of course, the government doesn’t want to spend a dime helping students. Nor do they want to just forgive the debt and miss out on a huge payday. According to Mulvaney, the government would rather educate young people when it comes to taking out loans.

“It’s like, look if you’re going to borrow this money make sure you’re using it to get an education that can get you a job that helps you pay it back,” said Mulvaney.

To learn more about current student loan forgiveness programs, and to see if you qualify, give Financial Helpers a call today. You can reach us at:

Call Now 844-332-2079

Student Loan Debt is Destroying Lives

Federal Reserve Chairman Jerome Powell has a different view of student loan debt. He knows that this type of debt is derailing lives for millions of Americans. It’s this derailing that can impact the economy in more ways than one. In fact, NeighborWorks America has released a survey that indicates 59% of millennials know someone who put off buying a home.

Why did they put off buying a home? Because of their student loan debt. This extends into every other part of life. Millennials are delaying all sorts of life decisions because their debt is too high. Credit scores are dropping, hindering every aspect of a young person’s economic life. It can take anywhere between 10 and 25 years to pay back a student loan.

http://financialhelpers.com/the-student-loan-debt-crisis-is-going-to-be-worse-for-the-next-generation/

While Powell believes Congress should stand up and face the problem head-on, Mulvaney disagrees. Why should the government force taxpayers to pay for student loans people willingly apply for?

“Face it: If you’re borrowing money right now to go to school, you’re borrowing from the taxpayers,” he said. “And if you ask for loan forgiveness, what that really means is you want other taxpayers to give you money to go to school and that’s not part of our program.”

The Battle Between Democrats and Republicans

The current government doesn’t seem to want to help students overcome their debt. But, does Mulvaney have a point? Should taxpayers foot the bill and pay for other people’s student loan debt? The battle will continue to rage on between Democrats and Republicans. Many Democratic lawmakers, like Bernie Sanders, hopes to make college education free.

Some states, like New York, are already experimenting with free college options. Still, the federal budget $21 trillion in the hole. Should the government add another $1.53 trillion worth of debt to the deficit? It’s an expense that would assuredly raise taxes and take a massive bite out of economic growth.

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The Student Loan Debt Crisis is Going to Be Worse for the Next Generation

Written by adminOctober 18, 2018
Student Loan Consolidation

Right now, the stock market and US economy is booming. Almost every day Pres. Donald Trump talks about his accomplishments when it comes to jobs. While this might be true in most instances, it’s not true for college students. Student loan debt is getting worse for millennials and it’s interfering with their lives.

Imagine graduating from college already $50,000 in debt. Immediately after you graduate, you have to start paying it back. It’s not going to go anywhere. Every month, you’re expected to pay back the equivalent of a rent payment. In some cases, the debt so high, that students have to pay the equivalent of a mortgage.

How are you expected to start your life or raise a family so much debt weighing you down? Federal student loans are the only segment of debt in the United States with continuous cumulative growth. This growth has continued exponentially since the Great Recession. Yet, the crisis we’re experiencing today isn’t the worst of it.

All indicators point towards student loan debt to grow even higher. There’s been 157% growth over the last decade. In comparison, auto loan debt has only grown 52% while mortgage and credit card debt has fallen. Student loan debt is the second largest amount of debt owned by Americans, and it keeps getting worse.

To learn more about student loan debt and to see if you qualify for loan forgiveness, give Financial Helpers a call today at:

Call Now 844-332-2079

Student Loan Debt Keeps Growing

As the population of the United States continues to grow, more people are going to college than ever before. With the economy of the last decade, as well as the rise in the costs of a college education, have made getting a degree that much more unaffordable. This is forcing students to get a student loan at unprecedented rate.

Is not just the cost of college either? Interest rates on student loans are at their highest level. The cost of getting a college education is so expensive, that is much as 85% of students are working a job instead of studying. It’s expected that by 2020, over 43% of student loans will go into default.

http://financialhelpers.com/obamas-student-loan-forgiveness-rule-ordered-to-go-into-effect/

“Students aren’t only facing increasing costs of college tuition; they’re facing increasing costs of borrowing to afford that degree,” said John Hupalo, founder and chief executive officer of Invite Education, an education financial planner. “That double whammy doesn’t bode well for students paying off loans.”

It wasn’t really until the Great Recession when students started becoming delinquent on their student loan. For-profit colleges started making promises that they didn’t keep. The schools said they had a high job placement rate at a time when people were desperate for high-paying jobs. It all turned out to be a predatory marketing ploy.

By the time the students graduated, they had no job and a degree that didn’t help that much. Add in between $25,000 and $50,000 worth of student loan debt, you’ll start to see how much more difficult this made life for students. Ultimately the students were left with debt that they couldn’t pay back.

For-Profit Schools Under the Gun

By 2011, for-profit schools represented nearly half of student loan borrowers across the country. The students who went to the schools accounted for 70% of all student loan defaults. The default rate skyrocketed to 11% the next year alone. Less than a decade later, the rate hasn’t changed despite a better economy.

“There’s a systemic problem in the student loan market that doesn’t exist in the other asset classes,” said Hupalo. “Students need to get a job that allows them to pay off their debt. The delinquency rate will rise as long as students aren’t graduating with degrees that pay back that cost.”

The problem is only going to escalate for future generations. The cost of borrowing for school has risen in the past two years. That rate is not going to change anytime soon. Interest rates have jumped 5% this year alone. As more students are slated to go into default in the future, it’s only going to make the US economy that much worse.

Student loan debt is unpayable, students will end up in default. That means they won’t be able to get a mortgage, a car loan, or even get married. Research is already revealing that millennials are putting off major life decision solely because of student loan debt. As college gets more expensive and interest rates continue to climb, this problem will only get worse.

The Fed chairman, Jerome Powell, agrees.

“You do stand to see longer-term negative effects on people who can’t pay off their student loans. It hurts their credit rating; it impacts the entire half of their economic life,” Powell testified before the Senate Banking Committee in March. “As this goes on, and as student loans continue to grow and become larger and larger, then it absolutely could hold back growth.”

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Obama’s Student Loan Forgiveness Rule Ordered to Go into Effect

Written by adminOctober 17, 2018
Student Loan Consolidation

Financial Helpers previously wrote an article a few weeks ago about how a judge put a hold on President Obama’s student loan forgiveness rule. After hearing cases from both sides of the argument, it appears the rule has been greenlighted. Now, students have the protection they’ve long desired.

During the waning months of President Obama’s administration, he put in place student loan forgiveness protections. These protections were designed to allow students to apply to have their loans wiped away. Not just any student loans, but those obtained through fraudulent schools.

Many for-profit schools outright lied and used predatory tactics to attract students. They bragged about their job placement rates and told students they would help them find work. After the students graduated, was later found that these claims were untrue. That’s why Obama put together a plan to prevent students from being suckered.

Pres. Obama called this program a defense for borrowers. It allows student loan forgiveness for student federal loans. The Trump administration did their best to delay this federal rule. Present Trump and Betsy DeVos set out to create their own income tiered program.

To learn more about student loan forgiveness and to see if you qualify, call Financial Helpers today at:

Call Now 844-332-2079

Borrowers Qualify for Student Loan Forgiveness

There are now over 100,000 borrowers who qualify for student loan forgiveness. These students attended for-profit schools that abuse the system. Some of these schools include ITT Tech and Corinthian, who recently went out of business

“We’re really gratified,” said Eileen Connor, the director of litigation at Harvard Law School’s Project on Predatory Student Lending, “These regulations have a lot of critical protections in them for student borrowers and taxpayers.”

http://financialhelpers.com/new-bill-would-encourage-employers-to-pay-off-student-loans/

The new rule was supposed to go into effect July 2017. Just before that happened, education secretary Betsy DeVos decided to do some a little different. She suspended the Obama era rule and implemented her own. The problem is, federal agencies must do things the right way. DeVos didn’t follow the specific procedures for implementing a rule change.

Federal Judge Randolph Moss stated last month that the US education Department did not follow proper procedures. But before putting forward the Obama era rule, he wanted to hear the argument on both sides of the aisle. Prominent Democrat lawmakers, as well as school associations and the for-profit schools, to get a chance to defend their argument.

As a result of this delay, there were many thousands of loan discharge requests for student loan forgiveness waiting for answers. Finally, the judge ruled against DeVos and the Trump administration. Now, with every obstacle out of the way, student loan forgiveness can move forward without delay.

The Fight May Not Be Over

According to Liz Hill, a spokeswoman for the Education Department, the fight isn’t over.

Ms. DeVos “respects the role of the court and accepts the court’s decision. However, Ms. DeVos still hopes to rewrite the rule. The secretary continues to believe the rule promulgated by the previous administration is bad policy, and the department will continue the work of finalizing a rule that protects both borrowers and taxpayers,” Ms. Hill said.

In order to change this rule, the education department must wait until July 2020. Which means students have until then to obtain full student loan forgiveness. As of right now, there are 106,000 claims still pending that were on hold. These legal fights are likely to continue, as even Judge Moss cited in his decision that this is not the last chapter of the fight.

Come back to Financial Helpers to learn more as it develops.

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New Bill Would Encourage Employers to Pay Off Student Loans

Written by adminOctober 16, 2018
Student Loan Consolidation

Student loan debt is continuing to skyrocket past $1.5 trillion. Many of the 44 million Americans who have student loans are begging the government to step and help them. Many have so much debt it will take two decades to pay it off. Now, they might be getting their wish as a new bill is being proposed.

Senator Cory Gardner from Colorado has proposed the Student Loan Repayment Acceleration Act. This bill is designed to allow employers to make tax-free contributions towards their employee’s student loans. It wouldn’t just be student loans either. Retirement contributions, health insurance, and other benefits would also be on the bill.

“Student loan debt makes it harder and harder for graduates to get ahead,” Gardner said in a statement.

“I’m hopeful my legislation can make it easier to pay off loans by allowing employers to contribute to their employees’ student loans as many do for 401(k) plans. Every little bit helps, and this can be a model for further policies to deal with the growing problem of student loan debt.”

To learn more about student loans, and to see if you qualify for student loan forgiveness, give Financial Helpers a call at:

Call Now 844-332-2079

Allowing Employers to Help with Student Loans

The government has been debating about how to handle the student loan debt crisis. Several candidates and lawmakers believe the government should make college free. They run on that semi-successful platform. Others, like the Trump administration, are completely against that approach. In fact, they’ve attempted to wipe out student loan forgiveness altogether.

According to President Trump, it’s unfair to expect taxpayers to foot the bill. A person decides to go to college and take on student loans to pay for it, they should pay what they owe. Still, that hasn’t dampened the cries of many students looking for help. The cost of a college education is growing exponentially.

How this Plan Would Work

Senator Gardner is hoping that incentivizing employers to make contributions makes the most sense. Rather than taxing companies to death, give them a tax break to encourage them to contribute. The SLRAA would allow your company to give up to $10,000 per year towards existing student loans.

http://financialhelpers.com/new-game-show-focuses-on-student-loan-debt-crisis/

In a lot of ways, it will be like a 401(k) payment. Employers can choose to structure the program so the employer matches every payment their employee makes towards their loan. This isn’t dissimilar to what a lot of companies are already doing. According to CNBC, many employers are already helping their workers pay off student loans.

Earlier in 2018, Fidelity Investments introduced a new program called Student Debt Employer Contribution Program. More ideas like this will be put into action if this new law is enacted. It’s really the middle ground between students who want the government to pay their loans and the government who doesn’t want to.

Either way, the SLRAA will help cut debt from student loans significantly. If you want this proposal to pass into law, call your senators and ask them to support it. This is the only way to show the government how badly students need relief. So, if you have student debt, help may be on the way. Come back to Financial Helpers for more as it develops.

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New Game Show Focuses on Student Loan Debt Crisis

Written by adminOctober 15, 2018
Student Loan Consolidation

Game shows have been a major part of Americana for decades. Most of us can remember waking up to Bob Barker or watching Wheel of Fortune. Most of the prizes were always the same: cash, cars, and vacations to paradise. But now there’s a unique show coming to truTV with a prize guaranteed to make those with student loan debt pay attention.

The show, set to debut today, is called “Paid Off”. It’s been suggested that this is the classic game show you love, but with a Sallie Mae Twist. That’s right! If you win this game show, you will have all your student loan debt wiped away. In reality, it’s a sign of the times.

Currently, there are 44 million Americans who hold an estimated $1.5 trillion. That’s a lot of student loan debt! And if you’re one of those millions who struggle, you can become a contestant. Having your debt wiped away is a dream for many. Life is incredibly difficult for those under this burden. It doesn’t appear to be going away anytime soon.

Unless you believe you have a chance at winning a game show, there are other ways to take care of your debt. Financial Helpers has been the bedrock of the student loan forgiveness community for a long time. We’ve helped thousands of people just like you determine if they qualify for loan forgiveness. To learn more, call us today at:

Call Now 844-332-2079

Student Loan Debt and “Paid Off”

Set to air tonight on truTV (check local listings), “Paid Off” is a once-in-a-lifetime TV show. It goes to show how many people are struggling with their student loan debt. If it wasn’t such a problem, then a show like this might not be worth the watch. But truTV execs wholeheartedly believe the show will resonate well with viewers.

“It speaks directly to our audience,” Goldman told The Atlanta Journal-Constitution. “This debt is holding people back. It’s keeping them from buying homes, getting married, having kids.”

“Paid Off” is slated for 16 episodes and it will be hosted by comedian Michael Torpey. Most of the contestants will be in the upper 20s to early 30s. Three contestants will compete against each other to have their student loan debt completely wiped away. Although, the show hasn’t specified how much debt they will actually wipe away.

http://financialhelpers.com/5-strategies-for-lessening-your-student-loan-burden/

Several contestants on the show have as much as $50,000 in student loan debt. According to the Federal Reserve, as many as 16 million students have $25,000 or more. This type of debt is forcing young adults to delay life decisions, such as buying a home, a car, or even marriage.

Short of winning on “Paid Off”, it doesn’t appear the student loan debt crisis is going away anytime soon. The government can’t seem to compromise on a good course of action. In the meantime, the amount of student loan debt continues to climb rapidly. Let’s hope “Paid Off” is a success and helps a lot of students.

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5 Strategies for Lessening Your Student Loan Burden

Written by adminOctober 12, 2018
Student Loan Consolidation

As student loan debt shoots past $1.5 trillion, it’s a growing burden for millions of Americans. It’s not just a struggle for those people, but for the economy as a whole. Getting by is extremely difficult when you also have to budget anywhere between $400 and $1,000 each month for loans.

This student loan problem is forcing people to seek out alternative ways to paying off their debt. Many are even just accepting their fate and going into default. That’s never a good option, as it always comes back to haunt you later by tanking your credit score. What you need is a strategy that works for you.

Maizie Simpson, a data editor with Credit Karma, believes having a plan to pay down your student loan debt is the best way to go. There are numerous reasons for that.

“The first has to do with interest: The longer you draw out your repayment period, the more interest you’ll end up paying,” Simpson said. “The second reason is that the longer you have student loan debt, the longer you might put off big life decisions or making investments in your future, such as starting a family or contributing to a 401(k).”

Here are 7 strategies for lessening your student loan burden:

1) Know How Much Student Loan Debt You Owe

There are a lot of people who try their hardest to not think about their debt. It’s not a priority to them. The total might be a lot to wrap your mind around, but you’d rather just ignore it and avoid the stress. It’s an understandable reaction, but not worth the trouble. Your debt is not going to disappear. Knowing what you owe is the first step to getting rid of it.

2) Figure Out Your Next Step

The best way to overcome any stressor in life is to not get overwhelmed. Take it one step at a time. If you’re in danger of missing a payment, consider what you’re going to do next. Should you file a forbearance? Find an income-driven repayment plan if you’re not making as much money? There are options out there.

http://financialhelpers.com/student-debt-forcing-millennials-to-load-up-on-other-debt/

“First, switch federal student loans to an income-driven repayment plan to lower monthly payments. Then, apply for deferment or forbearance to pause payments if you hit a major financial setback, such as losing a job,” said Simpson.

To learn more about your options, give Financial Helpers a call. We’ve helped thousands of people figure out a plan that works for them. We’ll even check to see if you qualify for student loan forgiveness. You can reach us at:

Call Now 844-332-2079

3) Focus on Your Student Loan First

Everyone wants to live the American Dream. To get there, most of us need to take out other loans, like a car loan or a mortgage. Piling debt on top of debt is never a good idea, as you’ll be so far in the red. The best course of action is to wait before making those major life decisions. Focus 100% on paying your student loan off before anything else.

4) Cut Your Spending Budget

Going along with point #3, you have to cut your spending. Tally up every bill you have and decide what you can do away with. For example, rather than a $100 cable bill, pay for cheap Netflix to get you by. It will be a temporary situation until your loan is paid off.

5) Make Extra Payments

Create a budget and if you have to, put most of your money directly into your loan. Paying it off faster will also cut the amount of interest you’ll pay overall. It can save you thousands in the long run. Once you’re out from under the burden, life becomes much more manageable.

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New Lawsuit Accuses Navient of Obstructing Student Loan Forgiveness Cases

Written by adminOctober 4, 2018
Student Loan Consolidation

It would appear as if Navient is in more legal trouble this week. Another lawsuit is being filed against the student loan company. Navient is being accused of preventing potentially millions of service workers from obtaining legally granted student loan forgiveness. Service workers include social workers, teachers, and other public servants.

Named in the lawsuit is the American Federation of Teachers, who claims that Navient purposely misled public servants to prevent them from qualifying for student loan forgiveness. This is a 10-year process. According to federal law, those who work in a service-related field and makes qualifying payments for 10 years can have their debt wiped away.

By giving these workers the wrong information, or counseling them incorrectly, Navient isn’t being honest. That’s nowhere near enough time to counsel them on all their options. Proper understanding and counseling of student loan forgiveness takes quite a bit of time longer.

Navient’s Plan to Disrupt Student Loan Forgiveness

It’s not difficult to see why Navient would want to mislead borrowers. After qualifying payments are made, Navient sends the loan to another company. Instead, they held onto their loans longer by misleading students who qualified for student loan forgiveness.

According to Rand Weingarten, president of the American Federation of Teachers:

Navient “purposefully and systematically trapped teachers, nurses and other public-service workers under a mountain of student-loan debt rather than providing them the opportunities to reduce this debt through the public service loan forgiveness program.”

So far, representatives from Navient have declined to comment about the accusations brought against them.

To see if you qualify for student loan forgiveness, give Financial Helpers a call. We are here to be your advocate against the backdrop of shady and predatory lenders. We’ve helped thousands of students just like yourself find the program they’re qualified for. Even if you can’t get forgiveness, we help students negotiate with their lenders. Call us today at:

Call Now 844-332-2079

Looking for Guidance

Kathy Hyland, a teacher in New York, felt she was doing all the right things to obtain student loan forgiveness. She was paying her bills and did everything Navient told her to do. In her testimony against her lender, Hyland claims they misled her for three years. She found out later that the payments she made didn’t qualify for forgiveness.

“At that moment, I just needed a little bit of help — I didn’t need a handout — I needed a little bit of guidance and a little bit of understanding,” said Melissa Garcia, another teacher from New York. Garcia made 37 qualifying payments. At least, Nevient said they were qualifying, only to deny her later.

http://financialhelpers.com/trump-administration-signs-massive-student-loan-forgiveness-bill/

These are just two of hundreds of similar cases where teachers and other service workers are lied to by Navient. They were advised to take actions that ultimately disqualified them for student loan forgiveness. By disqualifying them, they still were forced to keep paying Navient rather than having their cases transferred over to another company.

Everyone who has a student loan needs to do their own research. Don’t just accept what your lender says. They have every reason to not be truthful. They want their money, and they will get it. Unless, of course, you know your rights. Keep following Financial Helpers for more information about this lawsuit.

What This Means for You

Can you imagine working for months and years paying your student debt down, only to find out your lender was lying to you? Make no mistake about it, they want your money. Lenders will do everything within their power to get every dime. Even if you qualify for programs that make life easier for you, it doesn’t matter. They are on you like sharks smelling blood in the water.

As student loan debt surpasses $1.5 trillion, the lenders are loving every minute of it. Even the government-appointed student loan watchdog has stepped down from his position. There are so many fraudulent cases out there today, it almost seems helpless for millions of Americans.

You’re Not Alone

Don’t let your lender sell you on their lies. If you have student loan debt, help is here for you. A single call to Financial Helpers can determine whether you qualify for student loan forgiveness. We understand the complications and burdens your loans cause, which is why we advocate for thousands of students across the nation.

Even if you don’t qualify for student loan forgiveness, there are numerous options at our disposal to help make repayment manageable. You need a plan that will fit your lifestyle and your budget, not one that prevents you from living life on your terms. Don’t let student loans hinder you any longer. To learn more about qualifying for student loan forgiveness, you can call us at:

Call Now 844-332-2079

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