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Student Loans

A game plan for grads struggling with new loan payments

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Student-LoansAn improved economy and lower unemployment should reduce the number of recent college graduates who default on the federal student loans they are supposed to start repaying when their six-month grace periods expire – as soon as November for May graduates.

Inevitably, though, some will fall behind even though there is no good reason to do so. Their credit scores will be crippled and they will risk the government garnishing their wages and seizing their tax refunds.

In my latest for Reuters, how new graduates can handle their new loan payments and protect their credit.

At MoneyWatch, the five things you should know about disaster insurance, and the IRS retirement plan contribution limits for 2016.

Thursday’s need-to-know money news

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imagesToday’s top story: The FAFSA changes students and their parents need to know about. Also in the news: Why you shouldn’t increase your spending when you have extra money, podcasts that will teach you about investing, and what your children should know about money at different stages of development.

The FAFSA Changes You Need to Know About
What students and parents need to know.

Don’t Increase Your Spending When You Have Extra Money
Don’t set yourself up.

9 Podcasts That Will Teach You About Investing
Learn about different approaches and strategies.

What your child should know about money by grade school, middle school and high school
Teaching the basics

Wednesday’s need-to-know money news

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8.6.13.CheckupToday’s top story: How student loans can hurt your mortgage approval chances. Also in the news: How to keep your health care costs in check, why identity thieves love millennials, and easy retirement plans for the self-employed.

Can Student Loans Hurt Your Mortgage Approval?
Pay attention to your debt-to-income ratio.

7 Ways to Keep Your Health Care Costs in Check
How to rein in your medical spending.

ID thieves love millennials.
A social media created monster.

​4 easy retirement plans for the self-employed
Don’t miss out on the tax benefits.

MasterCard tries out ‘selfie pay’ for online purchases
Civilization was fun while it lasted.

College refinancing options open up for parent PLUS loans

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22856641_SAParents who borrowed to put their kids through college now have several options to refinance their federal PLUS loans, including, in some cases, the ability to transfer their debt to those children.

The situation is a sharp turnaround from the period after the financial crisis, when private lenders fled the student loan market and few borrowers were able to refinance their debt to take advantage of lower rates.

Lending began to thaw in 2012 when a few start-ups, credit unions and banks began offering refinancing to student borrowers, said Andy Josuweit, chief executive officer of education loan information site Student Loan Hero.

In my latest for Reuters, a look at which lenders have added PLUS refinancing.

And in my latest for CBS Moneywatch, a look at “card cracking” scams that are taking over social media.

Friday’s need-to-know money news

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scamToday’s top story: How you may be exposing yourself to fraud. Also in the news: Why responsible people can have bad credit scores, tricks advertisers use to make you spend money, and the money nightmares keeping us awake at night.

16 Ways You May Be Exposing Yourself to Fraud
Stop being your own worst enemy.

3 Reasons Responsible People Have Bad Credit Scores
It takes more than just responsibility.

7 Tricks Advertisers Use to Make You Spend Money
Resist!

These Money Scares Are Keeping Americans Up at Night
Are any of these yours?

30% of people would sell an organ to erase student debt: Survey
Are you one of them?

Thursday’s need-to-know money news

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debt collectorsToday’s top story: How a single missed student loan payment can damage your credit. Also in the news: Finding a financial advisor who won’t rip you off, how tax liens can affect a spouse’s credit, and seven fall budget moves you need to make before the holidays begin.

Most Students Don’t Get How Bad It Is to Miss Loan Payments
A single missed payment could take a severe bite out of your credit score.

How to Hire a Financial Advisor Who Won’t Rip You Off
Due diligence is key.

Life Insurance Agents and Commissions: What You Should Know
Beware the sales pitch.

How Tax Liens Affect a Spouse’s Credit
Community property states mean trouble for both credit scores.

7 Fall Budget Moves You Need to Make Now
Get busy before the holidays.