According to an article in Reuters, the U.S. House of Representatives approved legislation last week that would cut major banks and student loan giant Sallie Mae out of a large slice of the $92 billion university student loan business if passed by the Senate.  Under the bill H.R. 3221 –the Student Aid and Fiscal [...]

Most debtors remember that a credit counseling course is required before filing bankruptcy; but many forget or don’t realize that they must also take a personal financial management course within 45 days after filing bankruptcy.  Whether you’re filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, all debtors are required to take this course.  If [...]

The Texas Tomorrow Fund (now known as the Texas Guaranteed Tuition Plan) which allowed parents to prepay for tuition at locked-in rates is facing bankruptcy.  The now-closed fund, also promised that if a child dies or received a full scholarship, parents could cancel the contact and receive a payout based on current tuition and fees [...]

We’ve all heard the saying that the best offense is good defense.  The same goes with student loans.  The best offense is to be defensive in applying for student loans.  Historically, students and parents borrowed money for a majority of college expenses. However, over the last two years, more parents and students are become more [...]

Seven years of overspending its budget may cause Detroit Public Schools to file for bankruptcy.
It’s a good thing that Michigan sent a state-appointed financial manger to get Detroit Public School’s financial situation in order, because once Robert Bobb got there he started referring to their budget as the worst he’d ever seen.  He said, “They [...]