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Everything You Need to Know About Student Loan Scams

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In Featured Student Loan Refinancing OptionsLendKey

As the cost of attending college has increased, so has the amount of debt that students take on to finance their education. In fact, it’s starting to reach astronomical levels. According to the Federal Reserve, the amount of outstanding student loan debt reached $1.56 trillion as of the third quarter of 2018. This staggering amount of debt leaves prospective and current students, as well as recent college graduates, financially insecure and vulnerable. Unfortunately, some people are trying to take advantage of that vulnerability by running student loan scams. Typically done over the phone or online, scammers prey on people’s desire …

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What’s the Difference Between Federal and Private Student Loan Consolidation?

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In Student Loan Refinancing OptionsLendKey

As student loan debt continues to grow, so do the number of students and graduates seeking ways to make their debts more manageable. The average cost of tuition alone for one year at a four-year in-state university is over $10,000, up from $3,100 in the late 1980s. Though each student’s circumstances are unique, some students may have to take out more than one loan to afford a college education with that price tag. Though some people are in search of debt relief options, such as loan forgiveness, not everyone is eligible for that kind of assistance. Student loan consolidation is …

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Repaying Student Loans While Unemployed

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In Student Loan Refinancing OptionsLendKey

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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Refinance Student Loans Through a Credit Union and Better Manage Debt

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In Student Loan Refinancing OptionsLendKey

Student loans are one of the heaviest debt burdens carried by many millennials–not to mention the generations that come after them. Attending college is a high-cost endeavor, and while that cost will help many individuals reach their full job potential and earn a higher income than they could have otherwise, it also means that they’re carrying a heavy debt load. Consider: 70% of college students graduate carrying a significant student loan debt load The average Class of 2016 graduate carried more than $37,000 in student loan debt–a number that continues to rise for future classes 11.5% of student loan borrowers have to default on those …

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How To Get Student Loan Forgiveness

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In Student Loan Refinancing OptionsLendKey

A 2017 Federal Reverse report found that 42 percent of Americans who went to college ended up taking on some kind of debt, such as student loans, in order to pay for their education. For many of these Americans — many of whom owe $28,400 or more — not much would be better than to have all of that debt forgiven. The good news is that many people can get student loan debt forgiven. There are a number of federal programs and other methods for student loan forgiveness. Depending on which method you pursue, you might either end up having …

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5 Reasons to Refinance Your Parent PLUS Student Loan

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In Student Loan Refinancing OptionsLendKey

Many parents choose to take out Parent PLUS Loans to help their child or children afford the cost of college. While they may not be able to pay the full expense of college up front, they still want to help their children avoid the weight of debt that goes along with taking out student loans. In many cases, however, you may find that you eventually want to refinance your Parent PLUS Loans–and there are several reasons why this could be one of the best financial decisions you make. What Is a Parent PLUS Loan? A Parent PLUS Loan is a loan …