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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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In Student Loan Refinancing OptionsLendKey

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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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 …

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LendKey: Enabling Dreams – Student Loan Payoff

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In Student Loan Refinancing OptionsLendKey

Have you ever fantasized about a stranger walking up to you in public while you were minding your own businesses, maybe having lunch at Starbucks, and handing you one of those giant checks like lottery winners get? If you have student loan debt, the answer is probably yes. Well, fantasies do sometimes come true, and Liz Herlihy’s fantasy came true in pretty much that exact manner. Like many of us, Liz had student loan debt, a lot of it. And like many of us, she was worried about how she would ever get it all paid off. Dreams Deferred If …

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Student Loan Forgiveness – What You Need to Know

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In Student Loan Refinancing OptionsLendKey

In our current times, few things are as polarizing as higher education. One the one hand, it is immensely valuable and necessary to build and advance in a successful career. On the other hand, the cost of a bachelor’s or master’s degree can cripple your finances. According to the Pew Research Center, almost half of all adults under the age of 30 have at least some student loan debt. Among 18 to 24 year-olds, that number rises to two thirds. While the average borrower owes about $17,000, a significant chunk actually has to pay back $43,000 or more. Add the …

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Five Ways to Pay Off Your Student Loans Faster

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In Student Loan Refinancing OptionsLendKey

Student loans are among the easiest forms of debt to let pile up and can plague a borrower for a lifetime, potentially undercutting long-term financial goals if they aren’t handled correctly. Even though the balance on your loans can feel overwhelming, however, there are some great options for getting out from under the shroud of student loans much sooner than you thought possible. Here are five of the best ways to take control of your debt and pay off your student loans long before the end of your repayment term. The golden rule: extra payments. There’s a good possibility that …