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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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In Student Loan Refinancing OptionsLendKey

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 …

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I’m a Lawyer: How Do I Pay Off My Law School Loans?

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In Student Loan Refinancing OptionsLendKey

Lawyers are typically high-earners, and law school debt is often treated with less attention than it deserves. For many people, the idea of a wealthy lawyer struggling financially fails to elicit much sympathy. So why are so many lawyers struggling with student loan debt? Getting that JD is more expensive than most laypeople realize, and even successful lawyers can have trouble paying their loans back after graduation, especially in an industry that often goes hand in hand with expensive suits and pricey client dinners. What options do lawyers have to eliminate their debt and put that income to good use? …

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Why Do Some Students and Recent Graduates Avoid Refinancing Their Student Loans

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In Student Loan Refinancing OptionsLendKey

It’s fairly common advice given to students and recent graduates: If you’re paying off debt, refinancing your loans is one of the smartest things you can do. There are many benefits to refinancing your loans including getting a lowered rate, releasing you cosigners, and be able to consolidate your loans. Your new loan could have smaller monthly payments over a longer period of time, or the payments will be the same but you’ll pay less interest. If you continue making your original monthly payments after refinancing, you’ll also pay off your loan faster. You can use the extra cash from …

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How To Compare Student Loan Refinancing Rates

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In Student Loan Refinancing OptionsLendKey

When you refinance your student loans, you’re taking out a brand new loan – complete with new terms and a new interest rate – to pay off your existing debt. Doing so can be a terrific way to take control of your student debt and improve your overall financial health, but only if you do it right. With countless refinancing options to choose from, you’ll need to carefully weigh your options to ensure you’re making the right choice for you. Here are three key aspects to consider: 1. The term of your loan. Refinancing will likely change the term of …

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3 Tips for Paying Off Your Student Loans While Living Abroad

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In Student Loan Refinancing OptionsLendKey

Thinking of living abroad after graduation? If so, you’re in great company. Tons of students choose to move overseas after college – and with good reason. By living abroad, you get the opportunity to meet interesting people with incredible stories, learn a new language, and gain a fresh perspective on the world. And although it can be a life-changing experience, it’s still something you need to thoroughly prepare for in advance – especially when it comes to your student loans. With that said, here are three tips for paying off your debt while living abroad: 1. Get organized. Getting organized …

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Jobs that can qualify for Public Service Loan Forgiveness

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In Student Loan Refinancing OptionsLendKey

Wondering about what kind’s of jobs will qualify for federal student loan forgiveness in exchange for public service? Here are the guidelines from the US Department of Education: What are public service jobs that would qualify for Public Service Loan Forgiveness? The job must be full time employment in a “Public Service Organization” to qualify for Public Service Loan Forgiveness. Employers that qualify as Public Service Organizations include: Government organizations including federal, state, local or tribal organization, agency or entity; a public child or family service agency; or a tribal college or university. A not-for-profit, tax-exempt, organization under section 501(c)(3) …

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Happy Holidays: Your Student Loan Grace Period is Over!

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In Student Loan Refinancing OptionsLendKey

Countless students across the country can’t get too excited about the holidays this year, because it marks the end of their student loan grace period. If you graduated this past spring, your grace period – that magical time when you aren’t required to make any payments on your loans – should be ending right about now. That means it’s time to start making payments on your debt – which is an average of more than $35,000 for the class of 2015. Beginning to make payments on such a huge amount of debt can feel incredibly overwhelming – especially when you’re …

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4 Tips for Making the Holidays Part of Your Student Loan Plan

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In Student Loan Refinancing OptionsLendKey

‘Tis the season to eat, drink, be merry – and pay off your student loans? This December, instead of focusing completely on buying presents, feasting with your loved ones, and popping champagne, it’s a smart idea to steal just a few moments away from the festivities to assess your student loan debt and ensure you’re on track to a secure financial future in 2016 and beyond. 1. Take a look at your finances. This December, it’s important to honestly assess your finances to make sure you’re making smart decisions. For example, are you spending most of your money on restaurants, …

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3 Signs It’s Time To Refinance Your Student Loans

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In Student Loan Refinancing OptionsLendKey

The average college graduate today accepts their diploma only to find themselves more than $35,000 in debt from their student loans. That comes to a grand total of roughly $56 billion in student loan debt for a single year’s graduating class. To put that into perspective, just ten years ago the total debt for the class of 1995 was less than $10 billion. Clearly, students today are juggling more debt than ever before – with many of them repaying their loans with unnecessarily high interest rates, paying thousands more over the life of the loan than is necessary. With that …

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Will Refinancing Hurt My Credit?

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In Student Loan Refinancing OptionsLendKey

There’s no denying that building and maintaining a strong credit history and score will benefit you in many ways. With a good credit score, you can take out credit cards, a mortgage, and an auto loan at low interest rates. As such, most people shy away from any actions that may harm their score. However, there are times when you’ll want to make financial changes, such as refinancing, that will result in a short-lived “ding” to your credit, but will be beneficial to your financial health and credit standing in the long run. For example, refinancing a student loan may …