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January 13, 2025
By
The Admiral Staff
With the end of a six-month grace period approaching for recent graduates, authorities are warning of a surge in student loan scams. Scammers often pose as legitimate companies with names like “Student Aid Center,” promising quick loan forgiveness for upfront fees—a tactic federal agencies caution against. To avoid these scams, borrowers should never pay upfront fees, be wary of promises of instant forgiveness, and apply directly for federal repayment or forgiveness programs through the Education Department’s Student Aid office. Options like income-driven
October 14, 2024
By
The Admiral Staff
The COVID-19 pandemic has created immense uncertainty for college-bound high school seniors and their families. Traditional timelines for college planning have been disrupted, with questions surrounding campus openings, financial stability of institutions, and the overall college experience. Schools are grappling with budget shortfalls and considering various scenarios, while parents are weighing financial implications and exploring options like gap years or online classes. Experts advise open communication about finances and caution against borrowing heavily to pay for college, highlighting concerns about student loan repayment and the potential
September 20, 2024
By
The Admiral Staff
As student loan forbearance ends, individuals may find assistance from unexpected sources. Employers can offer tax-free student loan payments up to $5,250 annually. Families can utilize 529 savings plans to pay off student loans, with up to $10,000 available per person. The government offers student loan forgiveness programs, particularly for those in specific careers or enrolled in income-driven repayment plans. Finally, military service can qualify individuals for student loan repayment programs.
June 27, 2024
By
The Admiral Staff
The article details the increasing difficulty of affording higher education, with the average four-year in-state tuition reaching $108,584. Consequently, nearly 60% of undergraduates take out loans, totaling $1.617 trillion nationally. It explains how student loans work, differentiating between federal and private options, highlighting that federal loans offer more favorable terms and protections. The guide outlines the application process (including completing the FAFSA), repayment plans, potential loan forgiveness programs
March 17, 2024
By
The Admiral Staff
This article details a young woman’s journey to paying off nearly half of her student loan debt while earning $15 an hour. She emphasizes that budgeting is key to taking control of your finances. The process involves tracking spending, setting financial goals, analyzing expenses, building a budget (using tools like YNAB, spreadsheets, or pen and paper), assigning a purpose to every dollar, staying vigilant with spending, and being realistic with adjustments. The author stresses that budgeting isn’t rigid and encourages incorporating
