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1 week 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.
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1 week 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.
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3 weeks 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.
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3 weeks ago | 
bankrate.com | Lauren Nowacki |Pippin Wilbers
The Department of Education will resume federal student loan collections in May, garnishing income from borrowers with defaulted student loans. Also, it has reopened income-driven repayment (IDR) plan applications with one noticeable change and said that it would begin fully processing applications in May. Additionally, the Department stated that spousal income would be taken into consideration when calculating monthly payments — even if the couple files their taxes separately.
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4 weeks 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.
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1 month 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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1 month ago | 
bankrate.com | Mark Kantrowitz |Pippin Wilbers
Mark Kantrowitz is a nationally recognized expert on student financial aid and student loans. He often contributes comments on Bankrate’s student loan coverage (such as the recent court decision blocking the SAVE plan). Now, as a member of Bankrate’s Expert Contributor program, he will be penning several articles a month analyzing student loan news and offering savvy advice for borrowers. Here’s a deeper dive into Mark’s background and what he’s learned in three decades of watching this industry.
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1 month ago | 
bankrate.com | Lauren Nowacki |Pippin Wilbers
There are more than 3 million federal student loan borrowers aged 60 and older. The government can garnish Social Security benefits and tax refunds to recoup defaulted-on student loan debt. Older student loan borrowers have options including switching repayment plans, consolidating loans or applying for loan forgiveness. At the age of 65, Lori Stone made her final student loan payment. After paying her student loan debt for 21 years, her loan balance was forgiven.
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1 month ago | 
bankrate.com | Lauren Nowacki |Pippin Wilbers
There are more than 3 million federal student loan borrowers aged 60 and older. The government can garnish Social Security benefits and tax refunds to recoup defaulted-on student loan debt. Older student loan borrowers have options including switching repayment plans, consolidating loans or applying for loan forgiveness. At the age of 65, Lori Stone made her final student loan payment. After paying her student loan debt for 21 years, her loan balance was forgiven.
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1 month ago | 
bankrate.com | TJ Porter |Pippin Wilbers
You will need to provide both personal and business documents to be considered for a fast business loan Providing accurate and complete documents helps avoid delays New businesses may need to submit a business plan If your company needs quick cash, you’ll want to apply for a fast business loan. These loans offer same-day approvals and funding within one to three days. They tend to come from online lenders or other specialized business lenders.
