She has won several national and state awards for uncovering employee discrimination at a government agency, and how the financial crisis impacted Florida banking and immigration. Select Region. United States. United Kingdom. Dori Zinn, Rachel Witkowski. Contributor, Editor. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
Was this article helpful? Share your feedback. Send feedback to the editorial team. Rate this Article. Thank You for your feedback! Something went wrong. Please try again later. Best Of. Student Loan Basics. More from. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. If you have federal student loans, there are a couple of different ways to track down your balance.
The staff there can look up your past loan information, including what you originally borrowed and who the loan servicer was. With that information, you can contact the servicer to get your current loan balance. Compare Rates Now. Once you know how much you owe and who your loan servicers are, you can come up with a repayment plan that works for you.
Use the slider to see how increasing your payments can change the payoff date. Does refinancing make sense for you? Compare offers from top refinancing lenders to determine your actual savings. Just enter your APR, credit score, monthly payment, and remaining balance estimates are fine to see how your loan stacks up.
During the presidential election, some Democratic candidates—among them Sen. Elizabeth Warren D-Mass. They said it could be done by a president's executive order rather than through legislation. The American Rescue Plan passed by Congress and signed by President Biden in March includes a provision that student loan forgiveness issued between Jan. Moody's Investor Service predicts wiping out student debt would yield a stimulus to economic activity that is comparable to tax cuts in the near term, according to reporting by CNBC.
However, analysts warn of the risk of moral hazard caused by implying that the cost of your decisions will be borne by someone else. This could lead to even higher student debt burdens, as borrowers assume forgiveness will be ongoing.
Here are some answers to commonly asked questions about student loan debt in the U. It also reflects just how much college costs have increased. The U. Teachers in low-income schools and public service employees may be eligible for forgiveness of a portion of their debt. People who are disabled may be eligible for discharge of the debt. The Federal Student Aid office indicates that those who think they may qualify for loan forgiveness should contact the student loan servicer for their loans.
That is the company that handles the loan payments. As noted above, a federal emergency relief measure suspended student loan repayments from March , and the deadline has now been moved to Jan. This is a suspension of repayment, not a cancellation or even a reduction of the debt. Most students who attend college are hoping to earn a degree that will dramatically increase their earning power after graduation.
Still, for many adults, much of those earnings will have to go toward paying back student loans. This is a heavy burden to carry, especially before someone has earned their first professional paycheck. Federal Reserve. Federal Reserve Bank of New York. Accessed Sept. College Board. Saving for College. Department of Education, download "Portfolio by Age.
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