Parent PLUS loans are federal loans that eligible parents can borrow to help pay for a dependent undergraduate child’s education costs. They often come into the picture after scholarships, grants, work-study, and the student’s own federal loans have al…
Category: Debt Guide
Repaying student loans can be especially complicated for active-duty service members, reservists, National Guard members, and veterans. Military service doesn’t automatically erase student loan debt, but it may help you qualify for federal loan forgive…
Graduation is a big milestone. You’ve put in the work and now you’re ready to move forward. But for many Americans, one question follows: how long do you have to pay student loans? Student loan payments usually begin after you finish school, but how lo…
A consumer loan is credit you use for personal, family, or household purposes rather than business use. It can help pay for planned expenses, large purchases, emergencies, education, or existing debt, and you repay what you borrow with interest. Consum…
If you’re considering a 529 plan for college savings, you might be wondering whether contributions are pre-tax or post-tax. The answer is that 529 contributions are generally post-tax for federal purposes. You don’t get a federal tax deduction fo…
If you work for a nonprofit and you’re carrying student debt, you’ve probably heard someone mention “loan forgiveness” in passing. The idea is real, but the path from “working for a nonprofit” to actually having loan…
A debt service coverage ratio tells you if income can cover debt payments. Owners of small businesses use it to determine whether their companies can afford to pay debts. If you don’t already know how to calculate debt service coverage ratio, the…
Medical debt is different from credit card or loan debt because you don’t take it on by choice, but does medical debt go away, as some people believe? While it may no longer show up on a credit report after seven years, that doesn’t mean the balance di…
Losing a job is overwhelming, especially when you’re unsure what comes next. Layoffs are typically considered a “no-fault” job loss, which means you may qualify for unemployment benefits. Still, the details can get confusing. You might wonder, “D…
If you’re overwhelmed by education debt, you may be asking, “Can I file bankruptcy on student loans?” The answer is yes, it’s possible — but that doesn’t mean they’ll be erased right away. Unlike credit cards or medical bills, student loans…