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The company was founded in 2012 by Australian entrepreneur Stephen Dash. Credible originated as a platform for refinancing student loans.Its online consumer loan marketplace has subsequently expanded to include loan origination, credit cards, personal loans, and mortgages.
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With student loan forgiveness still uncertain, borrowers can expect more changes -- and perhaps some potholes -- on the road to paying down student loan debt. As part of the Biden administration's...
Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government and many lenders. When it comes to your student loan ...
Student loans may be discharged through bankruptcy, but this is difficult. [2] Research shows that access to student loans increases credit-constrained students' degree completion, later-life earnings, and student loan repayment while having no impact on overall debt. [3]
Defaulting on a loan happens when repayments are not made for a certain period of time as defined in the loan's terms of agreement, typically a promissory note. For federal student loans, default requires non-payment for a period of 270 days. For private student loans, default generally occurs after 120 days of non-payment. [1]
You can also change loan servicers when you refinance your student loans. Refinancing turns all your federal loans to private, giving you new loan terms and a new interest rate.
In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]