by Shannon Vasconcelos, former financial aid officer at Tufts University

Important news for student loan borrowers coming out of the Department of Education this weekend!

Secretary of Education Betsy Devos announced the extension of the automatic loan forbearance for federal student loan borrowers through January 31, 2021.  This forbearance was originally granted by the CARES Act and was scheduled to end September 30, 2020. President Trump later extended the forbearance by executive action through December 31, 2020, and Devos’ latest action ensures that struggling borrowers will not need to make payments prior to the new administration taking office in late January.

by Robyn Stewart, former financial aid officer at College of the Holy Cross

Question: If I’ve had credit issues in my past, will I still be able to get a loan to pay for my child’s college education?

College Coach’s college finance experts get asked this question frequently and there is no simple answer. Unfortunately the true answer is that it depends. Credit issues can certainly impact your ability to borrow and to earn a competitive interest rate on an education loan. This doesn’t mean that you should rule out using student loans as part of your paying for college strategy.

Find a Co-Borrower

Many education loans for parents are available with a co-borrower. If you have a friend or family member who is willing to back your loan, you may be able to get a loan even with poor credit.

by Shannon Vasconcelos, former financial aid officer at Tufts University

In a welcome reprieve from the sea of bad news we’ve been drowning in lately, today we have some good news for student loan borrowers.  We now know what federal student loan interest rates will be for the 2020/21 school year, and… drum roll, please… those interest rates have dropped to historic lows!

Amid the health concerns associated with the global pandemic, the coronavirus has brought with it business closures, stock market volatility, and unprecedented economic uncertainty. People are worried about their jobs, their savings, and—yes—their student loans.

Can a Parent PLUS Loan be forgiven?

The short answer is yes.

And no.

Confused yet?

While the social distancing measures necessitated by the COVID-19 outbreak—cancelled events, school closures, and forced remote work—have inconvenienced nearly all of us, for some, coronavirus has meant economic catastrophe. Workers who become ill without access to paid sick leave, small business owners forced to close up shop, and hourly and/or tip-dependent employees dealing with either closed—or simply empty—workplaces can quickly find themselves teetering on the edge of financial solvency.

In recognition of this dilemma faced by many working families—and, specifically, many student loan borrowers—President Trump announced on Friday afternoon that his administration will be temporarily waiving interest charges on federal student loans. 

If you or your child plan to borrow federal student loans for the upcoming school year, we have some important news for you. We now know what student loan interest rates will be for the 2019/20 academic year.

Student loan indebtedness is always a hot topic these days, and there’s been a lot of media coverage recently about various federal loan forgiveness, discharge, and cancellation programs. Every program is a little bit different, and it can be downright confusing to figure out which program, if any, might work for you. We’ve decided it’s time to provide you with a summary of what’s out there.

Recent college graduates must learn to navigate lots of new experiences—new freedoms, new responsibilities, and, yes, new bills. Graduates who borrowed student loans to help finance their undergraduate educations will soon be entering the world of student loan repayment—a domain that can be challenging to traverse, particularly on an entry-level salary. Borrowers wanting to get the lay of the repayment landscape should head on over to the Fortuna Admissions blog to learn about their loan repayment options from College Coach finance consultant, Shannon Vasconcelos.

Did you receive a scholarship from a US college or university? Consider yourself fortunate; everyone loves free money! For many college students and their families, education loans are part of the paying strategy. Loans are not free money. If you are an international student and regular reader of our blog, you already know that there are certain types of financial assistance that you will not be eligible for if you decide to pursue a US degree.

What about loans? Can they be part of your paying strategy if you don’t receive enough in scholarships or haven’t saved enough to cover your education? Given the reality that student loans are a big part of how families are covering college costs today, we wanted to explore the options available to international students.