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As America continues its long recovery from the financial collapse of 2008, we’ve become increasingly comfortable taking on debt. National consumer debt will near $12.4 trillion before the year is out, compared $11.7 just six years ago.
Apparently the folks at the Federal Communications Commission (FCC) aren’t big fans of debt collection robocalls, either.
A reader asks, "Will filing for bankruptcy prevent me from getting into college or receiving student aid?"
You can call them Boomerang Kids. You can call it Failure to Launch Syndrome. Whatever you call it, the fact is this – young adults are coming back home more than ever before. The question for you is can you afford it?
A creditor may tell you that your debt has been forgiven, but that doesn't mean you don't have to pay.
The Department of Justice has announced details of a settlement with a student loan servicer that will pay service members $60 million in refunds for interest and fee overcharges.
My fiancé has a student loan from almost 10 years ago totaling about $13,000. He has never made any payments on the loan but receives letters from the Department of Education all the time asking for payment in full. I don't want my credit to be messed up because of this but we are not sure where to start. They have never threatened to garnish his wages, but they call all the time. He is under the impression that it is off his credit because it has been over seven years. Also, he thinks that if he starts to make payments then they will report him to the credit bureaus. Can you either dispel or confirm these situations? – Pat
I am glad you wrote today, because your future husband’s assumptions are incorrect.
The government is steadfast in their determination to collect. The government will withhold tax refunds and garnish wages to repay monies owed. It is only a matter of time. After you marry, this may affect your joint tax refunds. It will most likely remain on his credit report for up to seven years after it is fully paid.
He should immediately contact the Department of Education or the servicer handling his student loan. Luckily, there are new programs available to help student loan borrowers, so he may qualify to have a portion of the debt forgiven.
I applaud your open communication with your future spouse. Too often, this type of issue only surfaces after the wedding, causing unnecessary problems. I encourage you to continue this level good communication throughout your marriage. In fact, we have a free eBook that you and your future hubby may enjoy reading that discusses the topic of love and money in detail.
Congratulations on your upcoming wedding!
Need help understanding your student loans? Unsure what programs are available to help you pay back your debt and get your finances in order? MMI now offers student loan counseling. Our trained counselors can help you understand your options and create a plan to get your student loan debt under control. Visit our Student Loan Counseling page for more details.
Paying for college is no small task, especially when you are misinformed about options available. Below I address some common misconceptions about financing college and give the reality of the situation.
Everyone dreams of success and everyone defines success differently, but one thing we can all agree on- things aren't so simple anymore. But it's not all bad- things are starting to look up.
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