Susan Tompor Detroit Free Press Published 7:00 AM EDT Jul 10, 2019 Get a robocall lately from Jonathon or someone else saying that your student loans have been flagged for a student loan forgiveness program? "If you owe more than $10,000 and are not currently enrolled in school, you could qualify for a reduced monthly payment and a large portion of your balance to be forgiven," one caller said. "To redeem your spot in the program, it's important that you call me quickly." Nicole Cross, 43, heard a similar pitch last year that promised student loan debt relief. But instead of saving any money, she lost $750 in fees and saw no relief when it came to owing more than $70,000 in student loans. Cross, who lives in St. Clair Shores, said she has one bit of advice for people who are stressed out about their student loan debt and end up talking with someone offering student loan forgiveness. "The minute they say $250," she said, "hang up the … [Read more...] about Student loan forgiveness scam promises to cancel debt
70 000 in student debt
Updated 9:28 am PDT, Tuesday, May 7, 2019 FILE - In this Feb. 12, 2019 file photo, a pedestrian passes beneath City Hall in Philadelphia during a winter storm. Paying off debt requires taking the right actions now to avoid problems down the road. FILE - In this Feb. 12, 2019 file photo, a pedestrian passes beneath City Hall in Philadelphia during a winter storm. Paying off debt requires taking the right actions now to avoid problems down the road. Photo: Matt Rourke, AP Photo: Matt Rourke, AP Image 1 of / 1 Caption Close Image 1 of 1 FILE - In this Feb. 12, 2019 file photo, a pedestrian passes beneath City Hall in Philadelphia during a winter storm. Paying off debt requires taking the right actions now to avoid problems down the road. FILE - In this Feb. 12, 2019 file photo, a … [Read more...] about Millennial Money: Break free of debt without paying a price
Susan Tompor Detroit Free Press Published 8:16 AM EDT Apr 18, 2019 The Bradleys are heading to Disney World. Sure, they already have $3,850 in high-rate credit card debt. The mother of the family has another $8,000 in student loan debt. And they're paying two mortgage bills each month, one on the family home and another for a rental home that's co-owned with another family member. The rental home is just breaking even. No profit there. Two kids, ages 10 and 5, and the family doesn't have a dollar saved in an emergency fund, either. The couple in their early 30s did come up with $500 for a down payment for a planned trip with the kids to Walt Disney World — a trip that's estimated to cost $8,000. So Mickey and Minnie get ready, here we come. Thankfully, their out-of-whack financial scenario was part of the 2019 Michigan Personal Finance Challenge State Finals event. It's not a real family but we're certainly looking … [Read more...] about Got a bunch of debt? Is a trip to Disney a want or a need?
A close friend recently told me: "If I'd waited two years, my education would have cost half as much." Not because she would have chosen a different graduate program or qualified for more scholarships. But because the value of the local currency dropped. She's an American expat who works in Cape Town, South Africa, and is paid in rand. The exchange rate was 7 rand to 1 U.S. dollar when she took out federal student loans to pay for a master's program, but it later fell to 14 rand to the dollar. So, now that she's repaying those loans, her money is worth half as much. An estimated 9 million Americans live abroad, not counting military service members, according to the State Department. If you dream of being one of them, debt obligations back home don't have to stop you, but they can make things more complicated. Currency fluctuations are just one obstacle you'll have to navigate. Wire transfers, time differences and limited access to financial services in the U.S. can also make it a pain … [Read more...] about Millennial Money: Paying debt back home vexes expats
Susan Tompor Detroit Free Press Published 7:18 AM EST Feb 20, 2019 Although the Valentine's Day candy is on its way to being marked down by 75 percent or more, romance — and the scams that go with it — goes on year round. Sure, you might have felt ripped off by a significant other who showed up with a $2.99 box of waxy chocolates. But trust us, you'd feel worse if you ended up trapped by one of these rom-scams that tap into loneliness to the tune of $2,600 — the median reported loss according to the Federal Trade Commission. Last year, people reported losing $143 million to romance-related scams — a higher dollar amount than any other type of scam reported to the FTC. Those age 70 and older reported a median loss of $10,000. Some individuals even report losing $100,000 or more. Victims aren't just losing their life savings. Some are taking on new debt in the name of love — taking out home equity loans, opening up new credit … [Read more...] about How one man lost $31,000 in romance scam