Millennials share everything on social media, but when it comes to their spouses, they are doing a poor job of discussing their finances, which is creating stress and strain in their relationships.
This is just one of the findings from Fidelity Investments' Couples & Money study, which found that, while the majority of survey respondents said they are communicating about finances, one-third don't even know how much the other half of the couple makes, while one-seventh aren't even sure if their spouse is employed.
Life is busy, and millennial newlyweds have to juggle their careers, their marriage and debt. That may be one of the ...
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Student Loans – A Real Life Retrospective – Huffington Post
I came across this article originally published by the Huffington Post and have re-posted it in its entirety as it is an honest assessment by a real victim of student loan debt.
“In 2018, Americans owe more than $1.4 trillion in student loan debt. The average American under 35 owes about $67,000 of any type of debt.
And yet, discussion of the financial impact of some of life’s most important decisions is noticeably missing from a social media landscape that rewards effortlessness and ease. If YouTubers or Instagram influencers fall among the 80 percent of Americans who have some sort of debt, they are exceptionally skilled at editing it ...
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Is the Student Loan Crisis A Civil Rights Issue?
Kudos to Wade Henderson, Founding Board Member, Center for Responsible Lending, for this insightful view of the student loan crisis...as published in the Los Angeles Sentinel.
"From attacks on voting rights to police killings of unarmed civilians and growing inequities in earnings and wealth, the civil rights gains of the past six decades are facing threat after threat. But one front in the fight for full equality—meaningful access to higher education—is particularly urgent. With 65 percent of jobs soon requiring more than a high school diploma, the need is greater than ever, especially for African Americans and other communities of ...
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Fed Chairman Questions Discharge of Student Loans in Bankruptcy
Market Watch reported today that the new chairman of the Federal Reserve questioned why struggling borrowers can’t discharge their student loans in bankruptcy.
“Alone among all kinds of debt, we don’t allow student loan debt to be discharged in bankruptcy,” Jerome Powell told members of the Senate Banking Committee Thursday. “I’d be at a loss to explain why that should be the case.”
Powell’s comments came in response to a question from Senator Brian Schatz, a Democrat from Hawaii, about whether high levels of student debt create a drag on the economy. More than 40 million Americans hold nearly $1.4 trillion in outstanding student ...
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Massachusetts Opens Door For Possible State Regulation of Student Loan Servicers
An action commenced in Massachusetts could have implications for the U.S. Department of Education’s efforts to shield student loan contractors from state oversight. A Superior Court Judge on Thursday refused to dismiss a lawsuit filed in August by Massachusetts Attorney General Maura Healey against Pennsylvania Higher Education Assistance Agency, a company that manages student loans and grants on behalf of the government.
Healey has accused FedLoan Servicing, of haphazardly handling two federal programs that encourage college graduates to enter fields serving the public good with the promise of loan forgiveness or financial aid.
The ...
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Education Department Reviewing Discharge of Student Loans in Bankruptcy? – Not So Fast
After a 20 year hiatus, Student loan borrowers may finally have their day in Bankruptcy Court.
The Education Department said this week it will review when borrowers can discharge student loans - an indication it could become easier to expunge those loans in Chapter 7 or Chapter 13 bankruptcy.
The Department said it is seeking public comment on how to evaluate undue hardship claims asserted by student loan borrowers to determine whether there is any need to modify how those claims in bankruptcy are evaluated.
As of now, it is almost impossible to discharge student loans in bankruptcy. The rule of thumb in New York has always been the ...
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Are Guarantees of Student Loans Changing The Retirement Landscape?
If you think student loan debt is a problem for the younger generation, think again. According to the Consumer Financial Protection Bureau (CFPB), about 2.8 million people age 60 and older have outstanding student loans – four times the number in 2005. Most of the current student-loan debts of people 60-plus were incurred paying for college for a child or grandchild, and in the past decade, for the 60 to 64 age group, student-loan debt has increased eight-fold – to $38 billion!
“Americans in their 60s are now the fastest-growing age group facing student loan debt,” says Andrew Anable, a financial planner at Safeguard Investment Advisory ...
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Trading Social Security Benefits for Student Loan Forgiveness? – An “E” For Effort
There's a debt crisis in America right now, and it centers on the cost of education. Roughly 45 million people owe a total of more than $1.4 trillion in student loan debt, working out to an average of about $30,000 per borrower. Starting from such a huge hole, it's hard for today's millennials to chart a reasonable course forward for their finances, and the impact throughout the U.S. economy has been apparent for years.
One lawmaker is seeking to address that crisis, introducing a revolutionary new program that would allow young people to trade Social Security benefits for student loan forgiveness. Unfortunately, the program comes at a ...
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Income Based Repayment of Student Loans Still Better Than Doing Nothing At All
There's a dangerous trend I've seen repeatedly with individuals in income-based repayment (IBR) plans for their student loans, and it's clear to me there's a critical piece of information missing from our general understanding of how these programs work.
Income-based repayment (IBR) plans are offered on federal subsidized and un-subsidized student loans in an attempt to make high student loan debt more manageable to pay off. They extend the repayment term from the standard 10 years to either 20 or 25 years, and cap monthly payments at 10% or 15% of discretionary income depending on the program. However, two other features of these plans ...
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Student Debt May Have a Makeover
While on the campaign trail in an October 2016 appearance at a Columbus Ohio event, Donald Trump made an announcement about college loan debt. “Students should not be asked to pay more on the debt than they can afford … and the debt should not be an albatross around their necks for the rest of their lives.”.
If Trump follows up with making student loans more affordable, it would provide an improvement to the student debt problem that is putting many graduates into financial hardship, with some registering for debt settlement and others filing for bankruptcy.
Let’s take a look and see how this will work:
Change of Chiefs
Trump wants ...
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