Ben Luthi is a money and travel writer based in Utah. He is passionate about helping people gain financial freedom and living the way they want. His work has appeared in publications like U.S. News & World Report, MONEY magazine, USA Today, CNBC and Marketwatch.
How to Cut Student Loan Interest Rates
Student loans can feel like a significant financial burden, and getting a lower interest rate on your debt could potentially save you hundreds, if not thousands, of dollars. While there aren’t many opportunities to lower your student loan interest rates, here are options that can help.
Best Credit Cards for College Students
Credit cards can be an excellent way for college students to learn how to manage credit and build a credit history. But many student credit cards go beyond those basic benefits and provide rewards and other perks when you use the card regularly. If you’re a college student and thinking about getting a credit card, here are some of the top options available.
Can You Pay Student Loans with a Credit Card?
Using a credit card to pay off your student loans is technically possible, but it’s generally not a good idea. If you’re considering using your card to make a payment toward your student loans or pay them off in full, here’s what you need to know and why you should think twice before doing it.
Can You Return Your Unused Student Loans?
As a college student, you know what your tuition costs are going to be, but when it comes to books and living expenses, it’s not always easy. You may end up borrowing more student loans than you need. Learn if it's possible to return student loan money you borrowed.
How to Travel the World When You Have Student Loan Debt
Student loan debt can be a massive burden, but it doesn’t have to stop you from living your best life — and that includes traveling the world. If you have a case of wanderlust but aren’t sure you can satisfy it with student loan payments, here are some tips to help you achieve your goal.
Why You Shouldn't Pay Off Your Student Loans
Student loan debt can be an incredible burden, and paying off your balance sooner than later is an admirable goal. However, there may be times when paying off your student loans early doesn’t make sense. Depending on what your plans are and your current financial situation, here are a few situations where it may be better just to pay the required amount every month and nothing more.
Should I Pay Off Student Loans or Credit Cards?
Paying off your student loans early is a worthy goal. But if you also have credit card debt, you may be wondering which debt to attack first. In most cases, it’s best to work on paying off your credit card debt before you add extra payments to your student loans. Here’s why that is and how to choose the right priority for you.
How Parents Can Save Money on their Taxes
Raising your child from infancy and guiding them along life’s journey to prepare them for college is a commitment that takes years and thousands of dollars to sustain. Fortunately, Uncle Sam offers eligible parents a way to soften this financial hardship during tax season, including tax credits for college and tax credits for just having children.
Rehabilitation of Defaulted Federal Student Loans
If you’re in default with one or more of your federal student loans, you’re not alone. In the last few years, about 10% to 15% of borrowers have defaulted within three years of entering repayment. If you are in default, though, there is a way out called rehabilitation. Rehabilitation clears the default from your credit history and stops wage garnishment and the offset of income tax refunds.
Strategic Default Does Not Save Money on Student Loans
Strategic default is a practice where a borrower intentionally defaults on a loan to obtain a settlement for less than what is owed. When it comes to student loan debt, however, strategic default is not an effective solution. Unless you qualify for student loan forgiveness, paying down your college debt is the best way to get rid of it.
Collection Charges on Defaulted Federal Student Loans
If you’re struggling to make payments on your federal student loans, the last thing you want is to default. At that point, the U.S. Department of Education can refer your account to a debt collection agency. Not only can the process damage your credit, but you’ll also be on the hook for the cost of collection charges on your own debt.
How to Settle Your Student Loans at a Discount
If you’ve defaulted on your federal student loans, you may be able to settle with the collection agency for less than what you owe. There are three standard settlement offers that collection agencies are authorized to accept without prior approval by the U.S. Department of Education.
How Much Parent Loan Debt Is Too Much Debt
Borrowing too much parent loan debt can affect a parent's ability to retire on time and with as little debt as possible. It is important to understand how much parent loan debt is too much, and what you can do if you borrow more than you can afford to repay.