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

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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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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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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 …

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What is Student Loan Refinancing?

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When you face an important expense that is too high to pay out of pocket, you may decide to take out a loan. Taking out a loan provides you with a sum of money that you need now to pay for your expenses. Your loan comes with monthly payments and an interest rate, which is the amount (expressed as a percentage) charged by your lender, for lending you the money. While higher education may come with a substantial price tag, loans can be expensive as well. As the cost to attend college keeps rising, so does the need for students …

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Everything You Need to Know About Student Loan Scams

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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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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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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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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 …