Guest post from Sabrina Manville, Co-founder and COO of Edmit

When talking about student debt, many people cite the average student loan burden of bachelor’s degree graduates these days, which is around $30,000. But this number omits an important reality: the fact that many parents are taking on more of the financial burden to pay for their children’s college. And increasingly, this burden is in the form of additional debt. 

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.

With the pandemic disrupting in-person classes and raising the question of whether or not students will be on campus this fall, some families are investigating distance learning. Join us to learn more about who might flourish in distance learning and what to look for in the options available. We’ll also go through what parents need to know about borrowing money to pay for college, and a College Coach educator will share his personal experience with a post-graduate year of study between high school and college.

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!

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. 

Previously on Getting In: A College Coach Conversation, we talked about how and when to arrange college financing; on the latest episode, we’re tackling the bigger question of how much is too much to borrow. For those about to start researching and visiting colleges, we have tips on how to start developing a preliminary college list. Finally, if you’re interested in the University of California system, you’ll want to be up-to-date on the system’s A through G course requirements for high school students—we’ve got everything you need to know.

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.

On last week’s episode of Getting In: A College Coach Conversation, guest host Ian Fisher discusses three very different phases of the college admission process: writing supplemental essays, receiving admission decisions, and repaying loans.