"New student loan borrowers are going to have the lowest rate in history, but it couldn't have come at a worse time," Hounanian says. "We're going to have fewer people enrolling in school and more people taking gap years or dropping out" as a result of th...
Student loan interest deduction: While the maximum deduction of up to $2,500 hasn't changed from 2023, the income eligibility limits have. For tax year 2024, joint filers with MAGI up to $165,000 can claim the whole deduction, and joint filers with MAGI up to $195,000 can deduct a ...
Student loan debt:Student loan debt counts towards your debt-to-income ratio for both private and federal loans. The amount you owe and the monthly payments required are included in the calculation. If you have a deferment or income-driven payment plan, the lender may use the standard payment...
Student loan consolidation is an option when you have multiple federal loans outstanding. Consolidation rolls several loans into one larger loan and a single monthly payment. This sometimes involves extending the loan repayment period to further lower monthly payments. Your newstudent loan interest rate...
Of course, there are many other reasons people file for bankruptcy. For example, some may have burdensome student loan debts. Although student loan debt is difficult to discharge in bankruptcy, it's not impossible. A new policy introduced in 2022 has made discharging federal student loans easier...
Will You Benefit From Trump Tax Cuts? Tax breaks were a big issue on the campaign trail, and Congress will be focusing on ways to cut taxes and prevent tax increases that are currently scheduled to take effect in 2026. Kimberly LankfordJan. 8, 2025...
but I ended up paying much more than that. Student loan interest rates aren't particularly good. Thecurrent interest ratefor an undergraduate direct loan is 3.73%. For comparison, I recently refinanced my mortgage with a rate significantly lower than that. Parent PLUS loans h...
Let’s face it, traveling is expensive. Even if you’re sticking to a strict budget, long-term travel costs a lot of money. If you’ve got running costs, like student loan repayments, it can be difficult to go abroad for an extended time without breaking the bank or getting into more...
The auto loan debt in the U.S. as of Q3 of 2021 was at $1.43 Trillion, a record high. Car owners have anaverage balance of $20,987. Fortunately, most car loans have fixed-rate interests, so even if the federal funds rates increase, your monthly payments won't increase if you've ...
The government can ask for your account to be frozen if you have debts that aren’t paid, like a student loan you haven’t paid back or taxes you haven’t paid. If you don’t pay your taxes, the Internal Revenue Service (IRS) can even put a tax levy on you. This won’t go aw...