View Post

Student Loan Repayment Options to Avoid Default

In Loan Refinancing Personal Finance Students

What to do When You Can’t Afford Your Student Loan Payment The consequences of not paying student loans are harsh. Unlike other types of loans, if you are unable to make payments, student loans are generally not dischargeable with bankruptcy.1 Defaulting on a student loan can result in anything from being sued for the amount of the loan, to the loss of social security benefits. Your tax refunds can be intercepted and you may end up surrendering your income to repay the debt, not to mention the consequences defaulting will have on your credit.1 However, not all hope is lost …

View Post

How Student Loan Refinancing Works

In Loan Refinancing Students

How Does Student Loan Refinancing Work? When you take out a student loan, whether it’s from the Department of Education or a private lender, you agree to a certain set of terms and conditions. These terms include some important things, such as a payment schedule and the interest rate that will apply to your loan. When you’re in college and you’re taking out your loans, you don’t usually have much of a say in the terms that will apply to you — interest rates for federal student loans are determined by the government and private lenders will adjust their terms …

View Post

Federal vs. Private Student Loan Refinancing: What You Need to Know

In Loan Refinancing

After graduation, many students look to consolidate their student loans. Loan consolidation essentially means combining multiple loans into just one loan. Generally, the two primary motivators for consolidation are lowering interest rates, and ultimately lowering payments (and in an ideal situation, achieving both).   Typically, loan consolidation can occur in one of two ways: either federally through the U.S. Department of Education’s Direct Loan Consolidation Program, or through a private lender.  Both options have their own set of pros and cons, and can suit you according to the type of financial situation you are in.   Federal Loan   Most …

View Post

Deciphering Student Loan Refinance Rates

In Loan Refinancing Personal Finance Resources Students

If you graduated from college sometime in the last decade, then chances are that you’re seriously burdened by student loan debt. Among all millennials, regardless of educational background, 42 percent have some student debt. For those who went to college, that shakes out to 66 percent of public university graduates and 75 percent among those who graduated from a private institution. All told, that comes out to over $1 trillion in student loan debt in the United States. For former students like you, paying down this debt is no easy task. In recent years, pay increases have failed to keep …

View Post

Credit Unions Becoming a More Popular Choice for Refinancing Student Loans

In Featured General Loan Refinancing

Today’s reality is that student loan debt is a big part of the average college graduate’s life. Seven out of 10 graduates accrue some form of student loan debt and carry an average balance of more than $35,000. One way to lessen the burden of debt is to consolidate or refinance your student loans. There are a number of choices students can pursue when consolidating or refinancing student loans. Recently, credit unions have become a popular option for those hoping to bring their monthly student loan payments to a more manageable level. Credit union refinancing is a fairly new option …