Students will likely have college debt after graduation, but should they have both credit card and student loan debt? I interviewed Beverly Harzog, author of Confessions of a Credit Junkie, about all things college students and credit cards.
Did legislation really stop college students from getting credit cards?
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If you didn’t get a chance to hear it yet, checkout the interview I did for ID Radio about the 2nd Edition of CliffsNotes Graduation Debt.
Federal student loan borrowers who are already in default will benefit from one of the biggest changes in decades to the federal student loan program: income-based default rehab. The change will take place on July 1. With as little as $5 per month, borrowers will have the option to make nine payments to get out of student loan default in a 10-month period and have the default removed from their credit reports. Once these payments have been made, borrowers can request to be returned to repayment status and have a choice of regular repayment plans.
This is great news for defaulted borrowers who could potentially get their wages garnished, miss out on government job opportunities, lose eligibility for new federal student loans to return for grad school, or lose professional licenses.
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