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Messages - TheCollegeInvestor

586
For Parents / Re: Saving for Kid's College
July 20, 2015, 09:08:24 pm
I think it all depends on your own goals. If saving for your children's college is really important to you, a 529 is the best way to save for college. If you have other goals, such as  buying a house or will need a car soon, saving and investing in a taxable account makes sense.

Remember, it never has to be an either/or issue - balance works well too. Split the difference into both a 529 and taxable account if you have competing priorities and can't choose.
587
Sorry, but once you've graduated, you aren't eligible for any type of loan cancellation for school closure.

The fact that it closed after you attended, regardless of the reason, doesn't change the fact you have to repay your loans.

The only time you're possibly eligible is if your school closes and you can't transfer any of your coursework or move schools. It's very very rare.

As for the company, I've never heard of them. Anything they are offering to do, you can do for yourself for free at StudentLoans.gov.
588
It's still a proposal open for public comment. There hasn't been anything official beyond that. If it does happen, though, it will take place retroactively to all loans after July 1, 2015.
589
There are a few student loan repayment programs that can dismiss your student loan debt after making payments of 20 or 25 years - Income-Based Repayment (IBR) and Pay-As-You-Earn (PAYE).

As for the new legislation, President Obama recently proposed changing the way all income-based plans work, merging them all into PAYE and changing the forgiveness amounts as well. Here's a full breakdown of how that looks.
590
Ask a Question / Re: Drowning in Debt - Next Steps?
July 19, 2015, 01:39:01 pm
The best place to start is to make sure that you're on the best repayment plan for your income. If you've never touched your repayment plan, you get defaulted in the Standard 10 year plan. If that's too expensive, you could look into an income based plan, such as IBR or PAYE.

You didn't say what your job was, but if it is in public service at all, you should look at Public Service Loan Forgiveness. Your husband won't have any forgiveness plans available in his field, but you might.

Hopefully by changing your repayment plan you can set yourself up for success.
591
For Parents / Re: Saving for Kid's College
July 16, 2015, 10:23:35 pm
I think it's extremely important to save for yourself first. Your child can always get a loan, scholarships, and more to help pay for school. But there is no loan that you can get for retirement.

Now, one thing I do suggest is that you look at putting any gifts he/she may receive growing up into a 529 plan versus just a savings account. That way the money can grow tax free and be used for education later.
592
Student loan forgiveness is one of the most popular topics on The College Investor. But we know it's confusing - so feel free to ask any questions you may have!

If you don't know where to start, make sure you check out these key articles on student loan forgiveness:

Top Student Loan Forgiveness Programs: This is the list of the top Federal student loan forgiveness programs. These are the best ones out there, so make sure you check if you qualify.

Secret Student Loan Forgiveness Programs: This is the list of student loan forgiveness programs that are part of the income-based repayment plans IBR and PAYE.

Student Loan Forgiveness Programs by State: This is a list of student loan repayment and assistance programs that are offered by individual states and organizations.