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August 2013 

The Student Loan Report 

Free Essential Tools for 
Student Loan Borrowers 
 
Professional Training:
University Professionals 
Heather Jarvis

Heather is an attorney and recognized expert in student loans.  She has provided student loan training and education since 2005. 

 

Our next course is
live online on

Continuing Education for Financial  Counselors

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The Association for Financial Counseling and Planning Education (AFCPE) presents:

 

Comprehensive Student Loan Training Series for Financial Counselors

 

click here for full schedule

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The Student Loan Interest Rate Lottery
Borrowing Costs Are Headed Up

On July 24, the Senate passed the Bipartisan Student Loan Certainty Actwhich is expected to get House approval.  The legislation will amend the Higher Education Act to change the interest rates on all new subsidized, unsubsidized, GradPLUS, and Parent PLUS loans (and would apply retroactively to loans made on or after July 1, 2013).

The new interest rates will be a fixed rate set for the academic year during which the loan is made based on the 10-year Treasury rate. While current students would benefit from today's historically low rates, those rates will rise steadily over time, thereby causing students will borrow at higher interest rates.


See Heather's entire analysis  

Build a Bad*ss Credit Score

A Silver Lining Playbook for Student Loan Borrowers 

 

I may not have two dimes to rub together, but my credit score is through the roof!  How'd I do it?  By borrowing young, borrowing a lot, and making zillions of teeny, tiny payments - on time, every time.

Of course, a better plan is to minimize your borrowing and pay back debt quickly to avoid higher interest fees and lower your costs over time - if you can afford that.    
Read more about how your student loans affect your credit score. 
Repay Student Debt:
Consumer Financial Protection Bureau Provides Useful Tool for Borrowers
The CFPB is a great source of information, an advocate for borrowers and consumers, as well as a watchdog of the financial sector. An excellent resource is their relatively new decision-tree tool:  Repay Student Debt.

Speaking of the CFPB, they are now two years old!  And a busy two years it has been - learn more.
Student loan education and consultation for universities, associations, and professional advisors since 2005.