If you have student loans, you may be looking for any help you can get to pay them off. As bad as the situation is, you need to be careful of offers for help that call for money upfront or monthly fees. This is the modus operandi of companies that scam borrowers by promising debt relief that they cannot -- and will not -- deliver.
A bill is making its way through the Illinois General Assembly that could change the way student loans work in the state. The current system is not working, lawmakers say, because students walk out of college with unwieldy debt burdens and uncertain job prospects. Cumulatively, Americans owe more in student loans than they do in credit card debt. Forbes magazine reported in August 2013 that outstanding student loans had passed the $1 trillion mark, crossing into crisis territory.
In our May 8 post, we talked about the cost of a college education and the country's student loan debt crisis. Going into debt for an education has always been a gamble against future earnings. The problem now is that wages are stagnant, but tuition is not.