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6 Everyday Expenses That Can Sneak Up on You

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In General Managing Money Student Loan Refinancing OptionsLendKey

Do you ever feel like you’re watching your budget and have everything figured out, only to be hit with a surprise auto repair or medical bill? Whether you’re dealing with seasonal expenses, lifestyle creep, or emergencies, unexpected costs can often set you back for months. Which everyday expenses are most likely to catch you unprepared, and what can you do to fit these costs into your budget? 1. Subscription Services While subscription services and memberships can provide an inexpensive source of entertainment, too many $10 or $20 monthly subscriptions can add up, especially nowadays. From gym memberships to music streaming …

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What is Student Loan Forbearance?

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In Student Loan Refinancing OptionsLendKey

Student loan forbearance is a loan repayment option made available to borrowers having difficulty making their regularly scheduled loan payments. Forbearance generally allows for the borrower to reduce the payment amount due or to suspend payments on a loan until a future date. Forbearance is typically requested when a borrower is facing financial difficulty. Most commonly, this is a result of a loss of employment, a decrease in income, or illness or disability that prevents the borrower from working. Important Points About Forbearance: 1. When a loan goes into forbearance, any accrued and unpaid interest may be capitalized and added …

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How to Avoid Capitalized Student Loan Interest

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In General Getting a Student Loan Student Loan Refinancing OptionsLendKey

Interest is one of the most commonly misunderstood aspects of student loan repayment- and the concept of capitalized interest can be especially confusing. But you could potentially save yourself thousands of dollars over the repayment period of your student loans by knowing what capitalized interest is and how to avoid it. What is Capitalized Interest? Capitalized interest refers to a process where the unpaid or outstanding interest on your student loan is added to your total loan balance and as a result, you pay interest on that new amount. For example, while you’re in school, your lender may not require …

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How This Mom Shaved 17 Years Off of Her Student Loans by Refinancing

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In Featured Student Loan Refinancing OptionsLendKey

Jean Provance’s refrigerator is decorated with the usual- magnets from her travels, family photos, and other memorabilia. But it also has a stack of Post-it notes stuck to it. The note at the top of the stack is labeled “70” and each subsequent note counts down to “0”. This, Jean explains, is her “student loan countdown”. Each month, she celebrates making her payment by peeling off the top note, revealing the next. Right now, her loan repayment will take 17 years less than it would have with her previous lender. Jean had a friendly, warm voice when she kindly shared her …

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Refinancing Your Student Loans Without a Degree

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In Student Loan Refinancing OptionsLendKey

Student loan refinancing can be beneficial, or even life-changing, for many people. However, you might be wondering if refinancing is even possible for those who never graduated college. Maybe some unexpected life events caused you to take a break from school. Perhaps you stumbled upon a fulfilling career that doesn’t require a degree. Or, maybe you decided that college just wasn’t for you. Whether you’re planning to return to school or not, you may still have student loans to pay off. You’ll have to keep up with those regular payments and money can sometimes become tight. The good news is …

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What to Keep in Mind When Refinancing Your Student Loans

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In Student Loan Refinancing OptionsLendKey

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 …