Mark Kantrowitz

Chicago

Contributor at Freelance

Leading national expert on student financial aid, FAFSA, college scholarships and student loans.

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Articles

How To Protect Your Paycheck From Federal Student Loan Garnishment

2 weeks ago | bankrate.com | Mark Kantrowitz |Pippin Wilbers

The federal government has strong collection powers for defaulted federal student loans, such as Administrative Wage Garnishment. Borrowers have rights to appeal wage garnishment and protection against employer retaliation. Borrowers should update their contact information and explore options for getting out of default by contacting the Default Resolution Group.
Should The Treasury Service Federal Student Loans?

2 weeks ago | bankrate.com | Mark Kantrowitz |Pippin Wilbers

The U.S. Department of the Treasury is a better match than the Small Business Administration (SBA) for collecting federal student loans, but not ideal. The U.S. Treasury’s pilot collection program for defaulted federal student loans underperformed private collection agencies due to leniency. Using the wage withholding system for student loan payments to reduce defaults and collection costs is feasible but complex.
As Federal Agencies Slash Staff, Here's How Student Loan Borrowers Can Protect Themselves

4 weeks ago | bankrate.com | Mark Kantrowitz |Pippin Wilbers

Borrowers face long delays and limited support as federal agencies slash staff. Self-advocacy and documentation are more important than ever. Use available tools like StudentAid.gov, student loan servicer websites, and state consumer protection offices to get help.
Which Payments and Periods Count Towards PSLF and Buyback?

1 month ago | thecollegeinvestor.com | Mark Kantrowitz |Robert Farrington

There is a lot of confusion around what payments and periods count for PSLF and PSLF buyback. The PSLF Buyback program offers a chance to retroactively count certain ineligible months by making a lump-sum payment. Only borrowers who are close to reaching forgiveness and meet strict criteria are eligible to use the buyback option.
New House Bill Would Slash Student Loan Programs, Limit Forgiveness

1 month ago | bankrate.com | Mark Kantrowitz |Pippin Wilbers

A proposed House bill aims to drastically reshape federal student aid by eliminating Subsidized Stafford and Grad PLUS loans. New, lower annual and aggregate loan limits will restrict federal borrowing by undergraduate, graduate and professional students. A dozen repayment plans will be replaced with just two for new borrowers. Risk-sharing will make colleges responsible for part of the cost of student loan defaults and discharges.
Why Upping College Completion Could Help Solve Student Debt Crisis

1 month ago | bankrate.com | Mark Kantrowitz |Pippin Wilbers

Involuntary collections resumed May 5, 2025 for borrowers who have defaulted on their federal student loans. College dropouts are nearly four times more likely to default than those who graduate. Among students who started Bachelor’s degree programs, college dropouts are 95 times more likely to default and represent nearly all of the defaults within this group. By comparison, borrowers whose student loan debt is in sync with their income are significantly less likely to face default.
New Federal Student Loan Rates Are Down: Should You Refinance?

1 month ago | bankrate.com | Mark Kantrowitz |Pippin Wilbers

The interest rates on new federal student loans are set to decrease by 0.141 percentage points for the upcoming academic year. This adjustment will yield new interest rates of 6.392 percent on undergraduate Stafford loans, 7.942 percent on graduate Stafford loans and 8.942 percent on Grad PLUS and Parent PLUS loans.
Financial Literacy Tips To Know Before You Borrow Student Loans

2 months ago | bankrate.com | Mark Kantrowitz |Pippin Wilbers

Less than a third of borrowers in one study could answer three questions about student loans correctly, meaning they might not fully anticipate the risks of borrowing. Aim to graduate with student loan debt that is less than your annual income. Save money by signing up for autopay and choosing the repayment plan with the highest monthly payment you can afford. Most college students have little or no prior experience managing debt.
Will Ed Department Shutdown Impact Federal Student Loans?

2 months ago | bankrate.com | Mark Kantrowitz |Pippin Wilbers

What is an Expert Contributor? At Bankrate, we believe in providing our audience with trustworthy and actionable personal finance coverage. Our exclusive Expert Contributor Program includes industry experts who directly share their knowledge and perspectives, empowering you to make informed financial decisions.
Expert Reveals Top Student Loan Myths And Misunderstandings

2 months ago | bankrate.com | Mark Kantrowitz |Pippin Wilbers

Popular assumptions about credit and repayment are often wrong. Interest rate changes do not affect loan payments as much as you might think. Student loan consolidation and refinancing your student loans aren’t always financially beneficial. Most students need a cosigner to qualify for private student loans. Many misconceptions about student loans can lead borrowers to make costly mistakes. Here are some of the most common myths.

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