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Important Dates You Need To Know Regarding Biden's Student Loan Forgiveness Plan

President Biden’s student loan forgiveness plan is back in the news — mostly because of how confusing it all seems to be. When AfroTech originally reported on the President’s plan, there was some intimation that it may favor higher-income parties. “Despite the $125,000 income cap, research shows the White House plan still slightly favors higher-income Americans: Analysis of a $10,000 blanket relief program published Tuesday by the Penn Wharton Budget Model found 69.79% of overall debt forgiveness would go to the top 60% of Americans by income, while individuals who make between $82,400 and $141,096—placing them between the 60th and 80th percentile—would receive the greatest share of overall forgiveness, at 28.1%, though the additional relief for Pell grant recipients should bring further benefit to lower-income borrowers,” read our report, according to a Forbes article about the matter. But, the reality of the student loan forgiveness plan is a lot more complicated than originally...

Hampton University Wipes Out All Student Balances For The Spring 2022 Semester

Although President Joe Biden announced an extension to pause federal student loan payments through August 31, current students at Hampton University are getting additional relief toward their college expenses. In a recent announcement , Hampton University President, Dr. William R. Harvey, announced that the HBCU will not increase tuition, student fees, or room and board for the upcoming academic year. Additionally, any outstanding student balances for the Spring 2022 semester will be erased. “In keeping with the University’s efforts to help our students, there will be no increase in tuition, fees, room and board for the 2022-2023 academic year,” said Dr. Harvey. “In addition, on behalf of the University, I am pleased to announce that all outstanding balances for the Spring 2022 semester will be erased.  We hope that this action will continue to assist our students and their families at our Home by the Sea.” Officials from the Virginia-based institution, say the move to offer...

Josh Rodgers

Apr 8, 2022

How to Use Coronavirus Student Loan Relief to Your Advantage

If you’ve been walloped by the economic fallout from the coronavirus pandemic, taking advantage of the federal student loan repayment suspension and interest freeze is a no-brainer. You can now stop making your payments and enjoy the six-month, interest-free period handed down by the U.S. government. But what if you can afford to keep putting money toward your education debt? For you, taking advantage of the federal student loan interest freeze might mean something else entirely. Here’s how to know… … when it makes sense to keep making federal loan payments … when it makes sense to sit back during the federal student loan interest freeze When it makes sense to keep making federal loan payments As you’ve likely heard, the government has enacted a six-month suspension of student loan payments — technically, an “administrative forbearance” — that allows most federal loan borrowers to take a penalty-free break from payment through Sept. 30, 2020. And yet, continuing to make payments...


Apr 16, 2020

Can Student Loan Debt Eat Up Your Social Security Benefits?

Unfortunately, Social Security payments can be garnished if you default on federal student loans , as many retired borrowers find out the hard way. Called an offset, more people than ever are losing out on Social Security benefits due to federal student loan debt. However, there are limits to how much can be garnished for student loans, though these limits don’t go far enough. If you’ve defaulted on your student loan debt, here’s what you need to know about student loans and Social Security benefits, as well as your options for student loan forgiveness at age 65 and above. Can student loan debt threaten your Social Security payments? What’s the Social Security garnishment limit? How many Americans had their Social Security payments garnished? What can people do to save their Social Security payments? What can you do to avoid student loan default? Student loans and Social Security payments: The bottom line Can student loan debt threaten your Social Security payments? Yes — and the...


Dec 10, 2019

How to Refinance Your Student Loans, Even If You Didn’t Graduate

People enroll in college anticipating that a degree will lead to better job prospects, higher salaries and more opportunities in the future. But for a range of reasons, including college costs and life circumstances, some students have to drop out. After leaving school, you’re still required to make payments on your student loan debt. Refinancing can help many people manage their student debt, but refinancing student loans without a degree can be difficult. Here are your options for refinancing student loan and coming up with a repayment strategy if you didn’t complete your degree. Can you refinance student loans without a degree? For many people, refinancing and consolidating student loans makes their debt more manageable. They may qualify for a lower interest rate, different repayment terms or even a lower monthly payment. That can free up money in their budgets for other financial priorities. If you didn’t complete your degree, finding a lender who will refinance your loans with...


Dec 2, 2019

Six Ways to Still Save for Retirement, Even When in Debt

Whether you recently took out a mortgage, you’re saddled with student loan debt, or you’ve overextended your credit cards, you may be one of the millions of Americans working to pay off their debt obligations. However, just because you’re paying off debt doesn’t mean you shouldn’t be thinking about your future. Saving for retirement now (even if it’s just a little) means you can reap the benefits of compound interest , allowing your investments to grow exponentially over time. It’s a strategy that pays off — a 25-year-old who contributes just $250 per month toward his or her retirement ($3,000 per year) with a return of nine percent would have more than $1 million by retirement age. Below, you’ll find a handful of strategies for saving for retirement, even if you’re in debt. 1. Consider Refinancing Your Student Loans Whether on your own or with a qualified cosigner, refinancing your student loans can free up some extra cash. The annual federal student rate interest amount is...


Nov 26, 2019

ISAs Could Open Up New Educational Opportunities for Millions of Underrepresented Americans

ISAs allow students to pay no tuition upfront, in exchange for a percentage of their future income after graduation. This fall, 19.9 million people are expected to attend college or university in pursuit of a degree. It is expected that around one million students will default on their student loans as well. In the past, higher education was seen as a ticket toward higher salaries and better jobs, but today, with student debt balances appreciating, people are starting to think twice about pursuing further education. As the price of tuition increases — the price of college is appreciating almost eight times faster than wages — students are increasingly relying on debt to finance their education. One method to address this problem that has already gained traction in the form of a bipartisan bill — is Income Share Agreements (ISAs) . Income Share Agreements Income Share Agreements , for which bipartisan legislation is being considered, allow students to pay no tuition upfront, in...

Ruben Harris

Nov 13, 2019