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The U.S. Department of Education will offer a contract to a single loan servicer to manage its $1.2 trillion student loan portfolio, which contains over 43 million borrowers. Instead of keeping its current contract with four different services, the ED will award Navient, GreatNet or the Pennsylvania Higher Education Assistance Agency (PHEAA) the contract. What exactly does this mean for borrowers?

Department of Education Seeking Single Loan Servicer

May 23, 2017 10:23 AM

by Susan Dutca

The U.S. Department of Education will offer a contract to a single loan servicer to manage its $1.2 trillion student loan portfolio, which contains over 43 million borrowers. Instead of keeping its

Under the Obama administration, the motto “work hard, play harder” is continually being redefined to “work hard, pay harder”. According to The Wall Street Journal, a new plan is being finalized that will allow millions of low-income Americans to slash their monthly student-debt bills, in turn raising taxpayer costs for the government’s mushrooming student-loan portfolio. This week the Education Department proposed to expand eligibility for the Pay As You Earn program, which sets borrowers’ monthly payments as a small share of their income.

Obama Modern Day Robin Hood? Steal from the Hardworking, Give to the Poor

July 10, 2015

by Scholarships.com Staff

Under the Obama administration, the motto “work hard, play harder” is continually being redefined to “work hard, pay harder”. According to The Wall Street Journal, a new plan is being finalized that

If you're a recent college graduate, chances are you’ll have to start paying off your student loans sooner than you think. And even with the economy in a slump, don’t expect a free pass on not paying your loans. Are you starting to panic? Well, don’t! There’s a ton of advice out there to help students stay on track and courtesy of the U.S. News and World Report, here are seven tips for repaying your student loans.

Seven Tips for Repaying Your Student Loans

May 22, 2015

by Suada Kolovic

If you're a recent college graduate, chances are you’ll have to start paying off your student loans sooner than you think. And even with the economy in a slump, don’t expect a free pass on not paying

With September officially upon us, millions of students across the country are heading back to college. With all the fun and excitement that goes into the fall semester, however, some may not have ironed out one major detail: how they're going to pay for it. For most college students – even those with impressive financial aid packages – loans are a necessary piece in their financial aid puzzle. And with college graduation and loan repayments coming up faster than you think, it's important to understand the warning signs that you may be headed toward defaulting on your student loans. Check out U.S. News and World Report's four warnings to heed below:

Attention Students: 4 Warning Signs You’re Headed for Student Loan Default

September 3, 2014

by Suada Kolovic

With September officially upon us, millions of students across the country are heading back to college. With all the fun and excitement that goes into the fall semester, however, some may not have

With the final month of summer rapidly slipping away, now is the time to buckle down and finalize how you're going to fund your college education. Whether that entails a full-ride scholarship (way to go!), an impressive financial aid package or even necessary loans, it's important to understand your options. Some of you might even be considering President Obama's Pay As You Earn Repayment Plan...if you can figure out what it involves or if it's even an option. If you're confused about this plan, you're in luck: U.S. News and World Report has broken down the big questions you need answered below:

Understanding Obama’s New Student Loan Plan

August 15, 2014

by Suada Kolovic

With the final month of summer rapidly slipping away, now is the time to buckle down and finalize how you're going to fund your college education. Whether that entails a full-ride scholarship (way to

When it comes to paying for a college education, it seems as though students have two options: deal with impossibly high payments while they're in school or crippling debt for years afterwards. Well, Oregon students were provided a third option last year when legislators approved the Pay it Forward plan that would allow students to attend state colleges without paying tuition or taking out student loans but would instead commit a small percentage of their future incomes to repaying the state. It turns out, however, that said plan isn't the saving grace for college students afterall.

Pay It Forward Plan Draws Serious Criticism

July 21, 2014

by Suada Kolovic

When it comes to paying for a college education, it seems as though students have two options: deal with impossibly high payments while they're in school or crippling debt for years afterwards. Well,

If you're a recent high school graduate, chances are you're looking forward to the independence that comes with becoming a college freshman. And while anticipating all the excitement that comes with entering college – meeting new people, establishing a home away from home, etc. – establishing how you're going to pay for it is an entirely different story. Here at Scholarships.com, we encourage students to apply for scholarships early and often but taking out student loans might be inevitable. With that being said, knowing what questions you should ask your student loan servicer might ease the transition so check out the list of helpful questions that financial aid officers, student loan counselors and former lenders recommend you ask:

Asking Your Student Loan Servicer the Right Questions

June 23, 2014

by Suada Kolovic

If you're a recent high school graduate, chances are you're looking forward to the independence that comes with becoming a college freshman. And while anticipating all the excitement that comes with

The financial aid process can be a daunting one but if you're planning on attending college any time soon, you should know that there are tons of federal student aid options available. From Pell Grants to Perkins Loans to FAFSA, the funding is out there but your eligibility to receive aid depends on your level of need and, subsequently, how much aid you are eligible to receive. Translation: For the majority of students, loans are inevitable. But don't fret just yet because President Obama announced an executive order capping loan payments: In an attempt to ease heavy college debt, millions of student loan borrowers will soon be able to cap their payments at 10 percent of their monthly income.

Obama's Student Loan Plan: What's in it for you?

June 10, 2014

by Suada Kolovic

The financial aid process can be a daunting one but if you're planning on attending college any time soon, you should know that there are tons of federal student aid options available. From Pell

Consider Consolidating Your Private Student Loan Debt

May 13, 2014

by Suada Kolovic

If you're a recent college graduate, chances are you'll have to start paying off your student loans sooner than you think. And even with the economy in a slump, don't expect a free pass on not paying