With so many borrowing options available, choosing the right student loan for your needs requires a fair amount of research and consideration. Your decision-making doesn’t end there, however. Whether you opt for a federal or private student loan, you’ll also need to choose from a number of possible repayment plans. Your goal should be to pay off your student loans in full and in a timely, responsible manner. Of course, everybody’s needs are different and there is no one-size-fits-all approach to student loan repayment. By understanding the most common repayment options, you can ultimately decide on the best strategy to …
Can You Refinance Your Student Loans Multiple Times?
LendKeyIn recent years, student loan interest rates have varied, and currently, they’re at a relative low. This makes refinancing a more attractive option than ever, especially for those who have multiple loans with different interest rates. But, the prospect of refinancing your loans can seem intimidating, especially if you’ve already gone through the process once before. What happens if interest rates continue to drop? Is there a limit to the number of times you can refinance your loans? Learn more about how to make this important decision and what to expect from the refinancing process. Refinancing Your Student Loans There …
Should I Get a Cosigner on My Student Loan Refinance?
LendKeyIf you’re carrying student loan debt, you’re clearly not alone. In fact, the average American with student loan debt graduates with more than $37,000 of debt. If you feel like you’re paying too much in monthly student loan payments, you may be considering refinancing your loan(s). Specifically, refinancing your student loans allows you to replace your existing student loans with a new loan, often at a lower interest rate and with more favorable terms. By refinancing, you may be able to lower your monthly payment and/or save money over the repayment period of your new loan. One thing to consider …
Different Reasons to Refinance Student Loans
LendKeyStudent loan debt reached another all-time high in 2019 and many are looking into options to repay their debt. Student loan refinancing is one of the options that has become increasingly popular in recent years. But what is student loan refinancing? When you refinance your student loans, you pay off your existing student loan or loans with a brand new one. This allows you to seek better interest rates and terms that fit your financial situation. So, should you refinance your student loans? While refinancing isn’t the right choice for everybody, it has its benefits. Let’s take a look at …
When To Consider Student Loan Refinancing
LendKeyStudent loan refinancing involves taking out a brand new student loan and using that new loan to pay off your existing loans. Some of its benefits can include the opportunity to release cosigners on your existing loans and obtain a lower interest rate. But how do you know when the right time is to refinance your student loans? Here are just a few of the situations in which you might consider refinancing your student loans: 1. Your Credit Score Has Improved Since College Most federal student loans don’t take credit scores into account, and students or cosigners who use private …
Student Loan Alternatives for Parents
LendKeyStudent Loan Alternatives for Parents Student loans for parents often come in two forms: private student loans taken out by parents on behalf of a student, or Parent PLUS Loans, a federal student loan that is available to some parents. However, no matter which kinds of parent-student loans you are considering to use to help pay for your child’s education, they are still all loans. Both private student loans and Parent PLUS Loans require a credit check, so if your credit score does not pass or you’re simply not in a good position to take on debt, your application could …
How to Save for College — Types of College Savings Accounts
LendKeyIf you’re a parent who is trying to save money for your child’s college education, then you’ve probably heard about college savings accounts. A college savings account is an account that you can deposit money into to be drawn on later when it’s time to pay for tuition, textbooks, housing, or any of the other eligible expenses that come with higher education. However, even a brief look at college savings accounts will tell you that there are many different types out there, each with their own unique twist. Let’s take a look at the types of college savings accounts available …