Carrie Pallardy started her career in healthcare journalism, but she is now a full-time freelance writer and editor. Her work spans multiple subjects including education, real estate, healthcare, and travel. She earned her bachelor’s degree from the University of Illinois at Chicago.
New Year’s Resolutions to Help Pay Off Student Loans
February is the month of lapsed New Year’s resolutions. Forget about the ones you won’t keep, and instead, focus your energy on your financial health. Several small, easy steps can build a strong foundation that will help reduce and eventually eliminate your student loan debt.
How Student Loan Debt Affects Home Ownership
Student loan debt is commonly reported as an obstacle to home ownership. The Federal Reserve released a report examining the relationship between student loan debt and the decreasing rate of young adult home ownership. While it can be a challenge, it is possible to balance student loan debt with plans to buy a home.
Understanding the Fair Debt Collection Practices Act
If a borrower defaults on their student loan debt, the lender can hire a debt collection agency to recover the debt. These agencies, whether hired by a private lender or the federal government, are subject to the Fair Debt Collections Practices Act (FDCPA). Anyone who has been contacted by a debt collection agency should understand their rights under the FDCPA, what happens if those rights are violated, and how to best communicate with debt collectors.
Can You Be Arrested for Not Repaying Your Student Loans?
The potential consequences of unpaid student loans can be serious, ranging from damaged credit and lawsuits to even arrest. Even though the United States no longer has debtors’ prisons, it is still possible today to be arrested for unpaid debt, including unpaid student loan debt, if you fail to appear in court.