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Student Loan Repayment Options to Avoid Default

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What to do When You Can’t Afford Your Student Loan Payment The consequences of not paying student loans are harsh. Unlike other types of loans, if you are unable to make payments, student loans are generally not dischargeable with bankruptcy.1 Defaulting on a student loan can result in anything from being sued for the amount of the loan, to the loss of social security benefits. Your tax refunds can be intercepted and you may end up surrendering your income to repay the debt, not to mention the consequences defaulting will have on your credit.1 However, not all hope is lost …

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What is Student Loan Refinancing?

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What Is Student Loan Refinancing? Typically when you take out loans, it’s because you want to pay for something expensive. Whatever this item or service is, it costs so much that you can’t afford to pay for it with the cash you have on hand. So you take out a loan, which provides you with a sum of money that you can use to pay your expenses now, with payments that let you mitigate the financial impact over time. Expensive items that require loans are usually things like a home, a new car, or four years of college education. However, …

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A Discussion with Jenna Bialik

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In Student Loan Refinancing OptionsLendKey

For countless aspiring students, securing a student loan to pay for college tuition is necessary to bridge the gap when scholarships, grants and other sources of funding are not enough or not an option. Thankfully, there are a variety of different payment and refinancing routes to choose from. With so many courses of action to pursue – from private lenders to government-backed loans – it’s important to know your choices. More than 44 million Americans, 70 percent of all college students, have student loans, totaling approximately $1.4 trillion. With so many people in need of funding, it can be tough …

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Is it a Better Option to Refinance My Home or my Student Loans to Pay off Student Loan Debt?

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In Student Loan Refinancing OptionsLendKey

Across 44 million people in the US, they hold a total of $1.3 trillion dollars in student loan debt. Borrowers everywhere are seeking answers to determine the best way to tackle student loan repayment. For graduates who also happen to be homeowners the questions is; is it in your best interest to refinance your home to pay off your student loans, or is student loan refinancing the better option. The answer, of course, is it depends. Home loan refinance programs essentially allow borrowers to trade one debt for another (student loan debt for mortgage debt) while student loan refinancing allows …

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

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After graduation, many students look to consolidate their student loans. Loan consolidation essentially means combining multiple loans into just one loan. Generally, the two primary motivators for consolidation are lowering interest rates, and ultimately lowering payments (and in an ideal situation, achieving both). Typically, loan consolidation can occur in one of two ways: either federally through the U.S. Department of Education’s Direct Loan Consolidation Program, or through a private lender.  Both options have their own set of pros and cons, and can suit you according to the type of financial situation you are in. Federal Loan Most people are eligible …

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Credit Unions Becoming a More Popular Choice for Refinancing Student Loans

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In Student Loan Refinancing OptionsLendKey

Today’s reality is that student loan debt is a big part of the average college graduate’s life. Seven out of 10 graduates accrue some form of student loan debt and carry an average balance of more than $35,000. One way to lessen the burden of debt is to consolidate or refinance your student loans. There are a number of choices students can pursue when consolidating or refinancing student loans. Recently, credit unions have become a popular option for those hoping to bring their monthly student loan payments to a more manageable level. Credit union refinancing is a fairly new option …

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Consolidate and Travel the World

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In Student Loan Refinancing OptionsLendKey

Great Vacations Are Possible A student loan can seem like an anchor, and while it’s incredibly tempting to run from your loans, it’s way better to run AND pay off your loans. Long vacations in the sun can be achieved through creative budgeting, refinancing your debt, working abroad, choosing economical locations, or volunteering your time to reduce the cost of travelling. Can You Afford to Leave the Country? Leaving the country can be expensive, even working while abroad often involves a large initial cost, whether it’s a plane ticket or shelter on the way to your destination. It’s important to …

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Refinancing student loans can help improve your budget

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Refinanced Loans Make for Better Budgets Whether you’re just starting to look for a career after college, or you’ve spent years working a dream job, rethinking the way you’re paying off student loans can make a big difference to your budget. Refinancing student loans can help you manage your budget and make it easier to move forward with bigger, better goals after college. The money you could save at the end of the month is just one of the amazing benefits of refinancing student loans. Money in the Bank More money is always great. Saving money is important, and consolidating …

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5 Long-term Benefits of Private Student Loan Consolidation

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In Student Loan Refinancing OptionsLendKey

In the short term, consolidating your student loans privately has obvious benefits — consolidation can help reduce monthly costs and make debt less burdensome. Consider also these five long-term benefits of private student loan consolidation: Save money. Lowering your interest rate with a private student loan consolidation, can lessen your financial strain now. Plus, you are more likely to have funds available for your next big purchase such as buying a home or paying for a wedding. For instance, a loan consolidation could cut your monthly payments in half — someone with a student loan debt of $10,000 and a …

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6 Questions to Ask Before You Refinance Your Student Loans

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In Student Loan Refinancing OptionsLendKey

Choosing to refinance your student loans can save you money and lower the monthly payments. Still, before signing on for a student loan refinance, there are several questions to ask while exploring your options. 1. How will your interest rate be calculated? Loan providers charge you for the money they are lending using either fixed or variable interest rates. When your loan rate is fixed, you will know the percentage interest charged on the principal for the entire life of the loan. The variable rate can fluctuate. When you refinance your student loans you can often get a lower rate …

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I got my MBA – Now How Do I Pay Off My Business School Loans?

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In Student Loan Refinancing OptionsLendKey

The Master of Business Administration is a desirable degree for a whole slew of reasons. It’s versatile, prestigious and one of the best diplomas you can acquire if you want to assure a sizeable income. But it comes with a sizeable cost as well, and business school expenses are often larger than they first appear. An MBA can cost students around $100,000 to $200,000 for a top tier school like the University of Pennsylvania, New York University or Columbia University. That doesn’t even include a bachelor’s degree, which can leave students $30,000 or more in the hole before they even …

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I’m a Nurse: How Do I Pay Off My Nursing Student Loans?

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Nursing is one of the most popular areas of study in the US, and also one of the fastest growing occupations. There are almost four million active nurses in the United States, and it remains one of the careers with the highest rate of employment. But, like many potential careers, nursing school can come with a hefty price tag. Thankfully, there are plenty of options to mitigate that cost. Read ahead for nursing-specific loan advice, as well as general tips to properly treat your student debt problem. The Cost To be a Licensed Practical Nurse, costs hover around $5,000 to …