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What to Keep in Mind When Refinancing Your Student Loans

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Refinancing your student loans is an important step that can help you save money over time. If you have a better credit score or if your financial status has improved since the time you took out your initial loan(s), you may be able to get a better interest rate and get your loans repaid faster. This will make it easier for you to take care of other aspects of financial management. Before refinancing your student loans, however, make sure you keep these key details in mind. What’s the Benefit? While there are many different reasons to refinance student loans, you …

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The Smartest Investments You Can Make with Your Student Loan ReFi Savings

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In Student Loan Refinancing OptionsLendKey

Refinancing student loans can allow for lower monthly payments, and consolidating your loans can be instrumental in combining everything into a more easy-to-understand, single bill. When you do this, you may discover that you have a higher cash flow each month due to the lower expense. Cash flow, here, just means how much money you have to spend for the month or period after all essential bills are paid. Most people get pretty excited when their cash flow goes up. Sometimes thoughts immediately turn to the first item that might be nice to own with that money. It is easy …

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Can You Refinance Your Student Loans Multiple Times?

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In General Student Loan Refinancing OptionsLendKey

In 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 …

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Which Refinancing Strategy is Right for You?

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In Student Loan Refinancing OptionsLendKey

In recent years, the demand for student loan refinancing options continues to rise. Student loans are designed to be readily accessible to young borrowers who may not have any credit history or income. As a result, they tend to carry higher interest rates than other types of debt. However, after graduating and finding employment, many borrowers are able to improve their credit and possibly qualify for better rates. This means that you may be able to obtain better terms on these loans while repaying them. The choices are abundant when it comes to refinancing student loans. You could try to …

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Understanding the Pros and Cons of Student Loan Refinancing

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In Student Loan Refinancing OptionsLendKey

If you finished college with substantial student loan debt, you’re not alone. In fact, nearly 45 million Americans currently carry some form of student loan debt, with an average balance hovering around $30,000. One option worth looking into if you want to save money on your student loan payments is refinancing. When you refinance your student loans, you essentially replace your existing loans with a new one. This may help achieve a lower interest rate with a single lender, as opposed to individual loans from multiple lenders. As with any major financial decision, however, student loan refinancing comes with some …

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Should I Get a Cosigner on My Student Loan Refinance?

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In Featured General Student Loan Refinancing OptionsLendKey

If 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 …

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How, Why and When to Release a Cosigner

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In Student Loan Refinancing OptionsLendKey

While it is uncommon for a federal student loan to require a cosigner, cosigners can be invaluable to individuals who seek out private student loans. Many students have very short credit histories. Some may have a blemish or two. As a result, including a cosigner may offer a better chance to get a better interest rate and qualify for a loan that you might not have on your own. However, you don’t have to have a cosigner forever. If you decide to refinance, you are not required to apply with your previous cosigner, which would effectively release them from your …

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Variable vs. Fixed Student Loan Refinance Rates: What You Need to Know

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In Student Loan Refinancing OptionsLendKey

There are many reasons to consider refinancing your student loans. Perhaps interest rates were high when you took out your loans, and you’re ready to take advantage of lower rates. Or maybe your credit score has improved since you took out your student loans, and you’re curious to see how low of an interest rate you could qualify for now. Regardless of your reasons to refinance your student loans, there are some considerations to make before you begin the process. Through understanding the differences between fixed and variable interest rates, as well as their potential pros and cons, you can …

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Deciphering Student Loan Refinance Rates

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In Student Loan Refinancing OptionsLendKey

If you graduated from college sometime in the last decade, chances are that you’re seriously burdened by student loan debt. More than 44 million Americans have student loan debt. In 2017, 53% of adults between the ages of 18-29 with bachelor’s degrees or higher had outstanding student debt. As a result, the national student loan debt surpassed $1.5 trillion in 2018 and continues to rise. For many graduates, paying off this debt can be a long and difficult endeavor. In recent years, pay increases have failed to keep up with inflation for most workers. This problem is compounded for those …

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

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In Student Loan Refinancing OptionsLendKey

After graduation, many students end up with several student loans from different lenders. Whether you have federal loans, private loans, or a mix of the two, multiple payments can be difficult to keep track of. This is why many people make the decision to consolidate their student loans, either through consolidation or through refinancing. Loan consolidation essentially means combining multiple loans into just one loan. Generally, the two primary motivators for consolidation are lowering interest rates and combining payments into one that is easier to track. However, the lower interest rate is usually achieved through a combination of refinancing and …

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Different Reasons to Refinance Student Loans

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In General Student Loan Refinancing OptionsLendKey

Student 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 …

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When To Consider Student Loan Refinancing

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In General Student Loan Refinancing OptionsLendKey

Student 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 …