#slrepay

[learnedsociety-blog]

MindSumo connects college students and companies. Solve challenges to prove your skills, win cash prizes, and land jobs.

Okay, so we just discovered this company/site called Mindsumo that's giving college students cash for solving daily challenges created by major companies like PWC, LOWES, CIGNA, etc. 

Some challenges are fairly simple like, "Describe the mindset of an entrepreneur." Others are a little more in depth like "Propose a tool to capture information during a brainstorming session."

This is a really interesting business because students are able to pose real solutions/ideas to companies while earning money, and gain other valuable features like the ability to post your resume & connect with employers.

For solving a puzzle/challenge, students can receive $150 and there's no limit to the amount of puzzles that you can solve. Also, you can receive money for referring people to the site.

Tbh, this is pretty dope. If you are a student and you end up signing up, let us know how it goes! (We can't sign up because we're college grads and no longer have an .edu address.)

[learnedsociety-blog]

How you do your taxes can affect your eligibility for these money-saving benefits.

Current College Students: You may be eligible for The American Opportunity Credit as it allows you to credit up to $2,500 in qualified education expenses that you paid over the tax year. 

Grad Students or College Grads: You may be eligible for the Lifetime Learning Credit. Essentially this credit allows you to claim up to $2000 of education related expenses (including some student loans)! 

Note: You can't claim both credits during one filing.

[learnedsociety-blog]

Refinancing or consolidating your student loans can help to lower your monthly payments. However, make sure that the terms of your new refinance or consolidation deal actually benefits you in the long run. 

Personally, we've seen people refinance their loans and get a lower monthly payment, but their overall loan interest rate increases dramatically.

[learnedsociety-blog]

A recent Washington Post article discussing the student debt plight of Wayne Tibak demonstrates the fundamental strengths and weaknesses of income-driven repayment plans. An Income-Based Repayment reduced Wayne's monthly payments on his federal stude...

A quick article that helps to break down the requirements for student loan repayments.

[learnedsociety-blog]

Here's the good, bad and the ugly on the relationship between student loans your credit score. What surprised us about this article was the fact that the elimination of student loans, doesn't necessarily boost your credit score. 

[learnedsociety-blog]

Student loan forgiveness plans are huge assets to borrowers, but they come with dangers that borrowers need to know about before signing up.

These aren't really dangers, but rather a reminder that you have to follow all the stipulations when looking for federal student loan forgiveness.

[learnedsociety-blog]

Consolidation works well for many borrowers with defaulted loans.

This article covers loan consolidation, which is where several defaulted loans are combined into one loan to help you get out of default.

The good news is after you consolidate your defaulted loans you are no longer listed as currently in default on your credit records, and no longer subject to tax intercepts, garnishments, or other collection efforts.

The bad news is if you consolidate your federal loans into one private loan you lose your rights under the federal loan programs once you choose to consolidate with a private lender.

[learnedsociety-blog]

There are two main post-default student loan repayment programs: loan rehabilitation and consolidation.

This article discusses Loan Rehabilitation, which is where you must make 10 monthly payments to get out of the status.

The good news is that if you can manage to make these payments, after your loans get out of default you'll be eligible for future deferments and forbearances.

The bad new is that you have to come up the money to make 10 monthly payments. Also that only applies to federal loans.

[learnedsociety-blog]

One of the best ways to pay for college is to get someone else to foot the bill. And as luck would have it, there are quite a few companies that will help.

For the future and current college students out there!

[learnedsociety-blog]

So there are federal student loan payment options that can help you get smaller student loan payments based on your income called "income based repayment plans" (or IBR). 

If you're curious about how much one of these plans might save you, use this calculator to find out. Keep in mind that the IBR program is only available to those with federal loans.