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Repaying Student Loans While Unemployed

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In Personal FinanceLendKey

How to Handle Your Student Loans When You’re Unemployed Many recent college graduates have found themselves in an unforgiving position. Student loan debt is higher than in any past decade, yet wages for many of the jobs that these graduates are applying for are stagnant. To put it another way, college graduates are paying more than ever for their degrees, but getting less for their hard work. The heavy weight of student loan debt becomes magnified when debtors become unemployed. Failing to pay student loans due to unemployment can lead to student loan default, which can have a wide-reaching detrimental …

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How to Start a Small Business When You have Student Loan Debt

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In General Personal FinanceLendKey

Millennials may very well be the “small business” generation. Approximately 30 percent of millennials have already started a small business of their own, compared to 19 percent of baby boomers and 22 percent of generation X. This generation has a can-do attitude and they are strongly attracted to the individualistic nature of small businesses. Unfortunately, millennials are also a generation defined by student loan debt. Approximately 42 percent of millennials have reported that they, or someone in their household, has student loan debt in their name. This makes the millennial generation something of a paradox: these young people are go-getters …

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Credit Freeze – What, How, Why, and Other Things to Consider

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In Personal Finance ResourcesLendKey

Identity theft is one of the biggest concerns in the modern world – especially given the relatively recent high-profile breaches. If you have had your identity stolen, getting it back can be a nightmare. Even if you have not, then the fear of somebody racking up thousands of dollars of debt in your name can be paralyzing. Because of this, some experts are suggesting freezing your credit as an effective way to protect yourself from identity theft. What is freezing your credit? If you freeze your credit, you prevent anyone other than you and your existing creditors from accessing your …

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Your Basic Guide to Credit Freezes

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In Personal FinanceLendKey

Following the Equifax data breach in 2017, many customers started talking about the possibility of a credit freeze: a simple step they were hoping would prevent identity theft. Understanding how to perform a credit freeze, when you might want to perform one, and how to return your information to its normal state will help you navigate these often murky financial waters, better preparing you for future credit catastrophes. What is a Credit Freeze? During a credit freeze, you close off your credit accounts with the three key credit agencies. Thanks to the freeze, no one–specifically creditors–is able to access information …

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Student Loan Repayment Options to Avoid Default

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In Loan Refinancing Personal Finance StudentsLendKey

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 …

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A Guide to Budgeting for Recent Graduates

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In Personal Finance StudentsLendKey

Graduating from college is a major milestone. Finally, you can expect to have no more classes, no more homework or tests, and no more all-nighters (hopefully)! But with this newfound freedom comes a new series of responsibilities. For one, your student loans are looming over the horizon, and you’ll need to start budgeting for monthly payments. Additionally, many other aspects of your life could change anything from your housing situation to your career path. Will you be financially ready to start “adulting” like never before? The key to managing your money after your days as a student is building a …