New to BFS? Please click here to get started. See you in the comments soon!

Student Loan Advice

The following guest post is from long-time reader Rebecca in response to my friend Isabelle’s new budget.  I thought anyone with student loans may be interested.  🙂  Thanks Rebecca! Our Student Loans I wanted to provide some unsolicited input for Isabelle regarding her student loans.  I don’t know what interest rate Loan #2 is at, or who her student loans are with, but I do have quite a bit of experience with student loans in general.  My husband and I actually have quite a bit of them, but luckily they are at a combined fixed rate of less than 2%, so they are not a priority for us to pay down.  Anyway, back to Isabelle. Advice I am going to assume at least one of her loans is with Sallie Mae, since they have a large share of the market.  If she does not have Sallie Mae, most student loan servicers probably offer similar options.  Sallie Mae has quite a few options to help individuals who are currently struggling with their payments.  Some of these require proof of income, and others don’t.  In either case, I would suspect she would qualify.  In her account, there should be a link for … Read more

The Student Loan Death Trap

Guest Post by MoneyforCollegeProject, which is a website devoted to teaching you about college financial aid, student loan debt, and the best methods for graduating from college with an understanding of personal finance. Go to college whatever the cost! Sounds like good advice, doesn’t it? Obviously the benefit of your college degree will pay off huge dividends for you in the long-term, right? Not exactly. Attending college without a regard for the cost of your investment is a big mistake. This is the mindset that student loan lenders want you to have, and this is how they have made so much money in the past couple of decades. As of June 2011, student loan debt has overtaken credit card debt in total volume. This means that while people are cutting back on their consumer expenses and spending less on their credit cards, student loans are still flying off the shelves! Graduating college debt free is an admirable goal. If you keep that as your goal, your focus will be on reducing costs, rather than taking out student loans without a care for the total cost. With that goal in mind, here are some legitimate ways to find free money to … Read more