Considering a student loan? Here are the top shopping tips

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Student loan payments are set to resume on October 1. Students are now carefully considering their options when considering a student loan. Wells Fargo Head of Advice & Planning Michael Liersch and Linda Nicholas, NYU's School of Professional Studies Student Financial Services Director, join Yahoo Finance Live to provide their top tips when shopping for student loans. It's all part of the weekly series 'Student Loans: Smarter Strategies.' Nicholas provided some insight into student loan debt and advised students to use the tools available to compare colleges. She said, 'What's the long-term return on investment? And that's what folks are asking. And when you're comparing colleges I think this is where the conversation begins, not just looking at the sticker price of a college.' Liersch revealed his thoughts on student loan debt and what students should be looking for when shopping for a loan. Liersch said, 'There's a lot of reasons to get an education and invest in yourself ... one is you could change your career, or you could even have that career in the first place. The second is that you really give yourself that foundation to get a graduate degree if you don't have one yet.'

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Student loans: How graduates, families should be thinking about debtWith student loan payments set to resume starting October 1, the average U.S. borrower is expected to be making an average payment of $500 per month. Soon-to-be graduates are now carefully considering their career paths and job options in order to better prioritize paying off their student loan debt. Wells Fargo Head of Advice & Planning Michael Liersch and Linda Nicholas, NYU's School of Professional Studies Student Financial Services Director, sit down with Yahoo Finance Live to discuss borrowers' longer-term financial sustainability of paying off student loans and whether this type of debt is worth taking on. 'Sometimes there's this 'golden ticket' effect that people have,' Liersch explains. 'Where they think they're going to invest in themselves and then after they invest in themselves, they're going to somehow have this outsized earning potential. And I think we need to reframe that here in the United States of America.' 'Oftentimes, we see that schools with a higher tuition sticker price offer more in terms of scholarships and financial aid than a lower or moderately priced institution,' Nicholas says on the financial aid packages colleges can offer. 'So, I think it's easy to pit different schools against one another, but I think that... if [students are] interested in a program [and] if they see a program as a successful, well-known, reputable program, apply and then compare the financial aid offer.' Click here to watch more of Yahoo Finance's special coverage 'Student Loans: Smarter Strategies.'
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Student loans: How to avoid 'predatory' lendingWith student loan payments set to restart in October, many borrowers are starting to hear from 'predatory' lending companies. So what is predatory lending and how can you avoid it? Student Defense Vice President and Chief Counsel Dan Zibel and Boies Schiller Flexner Partner Adam Shaw join Yahoo Finance Live to break down everything you need to know about 'predatory' lending as part of the weekly series 'Student Loans: Smarter Strategies.' Zibel noted that 'if it sounds too good to be true, it usually is too good to be true.' The Student Defense Vice President also discussed the push by the Biden administration to assist students who have been defrauded by institutions. Zibel explained, 'There is a process in the law known as borrower defense ... where borrowers who took out Federal student loans can apply to get their loans forgiven from the Federal government.' Shaw broke down the recent Navient lawsuit, which resulted in a $198 million settlement for borrowers who filed for bankruptcy. Shaw said, 'Everybody thought that student loans of all stripes persist through bankruptcy, but in fact certain private student loans do not persist through bankruptcy.'
Source: YahooFinanceCA - 🏆 47. / 63 Read more »