TL;DR news on Student loans at February 19, 2023

Students who owe $50,000 or more can easily wind up paying five figures in interest. At this point, your wages may be garnished or funds from your tax refund or Social Security check could be taken and applied toward your loans. She said her mother used her father's life insurance policy to pay for the three kids' college tuition, in addition to loans they took out. "Having it paused, I've been able to pay off all the interest that accumulated on both my undergraduate and grad loans," Branscum said. Use parent PLUS loans If your parents are willing to take out a loan to pay for your education, they might consider a parent PLUS loan.