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Letter to editor about NJCLASS is right on

In the August 28, 2014 edition of the Times of Trenton newspaper, a reader wrote a letter to the editor urging changes to the NJCLASS student loan rules. According to the published letter, the letter writer happens to be an employee of the State of New Jersey. He complains that while NJ state income-tax money… Continue Reading

The secret of the growing NJCLASS loan

“How did my NJCLASS loan balance get so high?” This is a common question that stretches beyond just NJCLASS loans, as it affects most student loans. Many student-loan borrowers wonder how their student loan balance grew to be so high, especially when it’s only been a few short years since the original loan amount was… Continue Reading

NJCLASS loan in default? What to do

Do you have an NJCLASS loan in default?  Here’s what happens and what you can do. NJCLASS loans are set up in a certain way to keep most borrowers from defaulting.  The primary method that NJHESAA seems to use to keep NJCLASS borrowers from defaulting is by requiring cosigners. New Jersey state law governs NJCLASS… Continue Reading

Will Obama’s new student loan program help me with my private loans?

In a word, no.  First of all, the “new program” isn’t really a new program at all – it’s an extension of a program that Obama first signed into law in 2012, known as the “Pay As You Earn” program (or PAYE).  Originally, the 2012 version of PAYE allowed only *new* student-loan borrowers to pay… Continue Reading

Sallie Mae offers free credit score

Looking for a reason to be happy about borrowing money from Sallie Mae?  Sallie Mae, one of the country’s largest private student-loan lenders, recently announced that it will offer new private student loan borrowers their quarterly FICO credit scores for free. If you’re not familiar with the FICO score, it’s a specific credit score that… Continue Reading

Medical debtors’ student loans the subject of new Senate bill

Another bill has been introduced that would allow student loan debt to be discharged in bankruptcy under certain circumstances.  Debtors who were driven into bankruptcy by medical debt or lost income due to the medical problems of a relative would be eligible for student loan debt forgiveness under a new bill that has very little… Continue Reading

Private student loan discharge in bankruptcy proposed in new bill

Senator Tom Harkin has proposed a bill to make private student loans dischargeable in bankruptcy and to automatically enroll people who owe student loans in income-based repayment.  Harkin’s bill, called the Higher Education Affordability Act, contains many other proposals that are less helpful to people who owe student loans now or who will in the future.  As… Continue Reading