Tag Archives: student loans

Student Loan Servicers Are Dinging Credit Reports For The CARES Act Forbearance | Forbes

Robert P., a student loan borrower from Queens, New York, was surprised to find out that this credit score had dropped by 100 points after his federal student loans serviced by Great Lakes Higher Education were automatically placed into a forbearance. This happened following passage of the CARES Act. Another borrower named Ashley Higgins experienced a credit score drop during the same time period and told a local news affiliate about what happened. Other borrowers (who wished to remain anonymous) have reported similar credit score hits, as well.

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Here’s Everything That’s Happened With Your Student Loans In 2 Weeks | Forbes

There’s so much happening right now with your student loans.

Here’s what you need to know – and what to do about it.

Student Loans

In case you missed it, there have been major changes regarding your student loans. President Donald Trump signed the CARES Act, which includes a $2 trillion stimulus package in response to the Coronavirus health emergency. Among other benefits, the CARES Act has major implications for the way you pay your student loans, think about student loan forgiveness, and manage your money during Coronavirus. Fortunately, let’s make it easy for you and put all the updates in one place so you’re up to speed. Here are the major changes:

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A Coding School Tuition Model Spreads to 4-Year Colleges | WIRED

One day in 2017, Lauren Neuwirth sank into a chair in her university’s financial aid office feeling out of options. She was finishing her second year at Purdue University in Indiana, a school she’d chosen for its top-ranked engineering program. Neuwirth, who grew up near Milwaukee, was working two jobs to cover her living expenses and quickly running through the money her mother had set aside for college. Federal student loans only covered some of Purdue’s pricey out-of-state tuition. She worried that to remain in school she’d have to take out expensive private loans or join the Army.

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Trump Calls For End To Student Loan Forgiveness Program

President Trump wants to end a popular student loan forgiveness program.

Here’s what you need to know.

End Student Loan Forgiveness

Trump’s new annual budget calls for several changes to student loans, which are part of a $5.6 billion cut in funding to the U.S. Education Department. As in previous years, Trump repeated his call to end public service loan forgiveness. Under Trump’s proposed budget, if passed by Congress, the Public Service Loan Forgiveness program would be eliminated.

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Student Loans Stunting Small Business Growth | Business News Daily

Student loans aren’t just negatively impacting you financially; they’re also hurting your chances of starting a new business, research finds.

Entrepreneurship is significantly hampered in parts of the country where residents carry more student loan debt, according to a recently updated study by researchers at Pennsylvania State University and the Federal Reserve Bank of Philadelphia.

For the study, student loan debt across the United States was analyzed by county and compared with small business creation in those areas. Researchers discovered that between 2000 and 2010 a one standard deviation increase in student debt reduced small businesses in those counties by an average of 14 percent.

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