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Pros / Cons on Federal and Private Student Loan Consolidation

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In Student Loan Refinancing OptionsLendKey

Trying to figure out a way to consolidate student loans? Here are some fundamentals to consider when comparing options. 1.  There are basically two ways to consolidate: Federal Direct Loan Consolidation: This program is supported by the federal student loan program, and specifically for federal student loans.  Private student loans are not allowed to be added to a federal student loan consolidation. Private Student Loan Consolidation: Private student loan consolidations are issued by credit unions, banks and other financial institutions. They are able to include both private and federal student loans together. 2. Either option can offer benefits that borrowers …

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Should You Pay Off Your Student Loans Now Or Later?

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In Student Loan Refinancing OptionsLendKey

Student loan debt is one of the most challenging types of debt to have. It’s an I.O.U. against your future earnings – and as such, most financial gurus tell you that you should try to pay off your student loans as fast as possible. And for many people, that’s sage advice. However, there are other things that you should do to better your financial future before you put your full focus on paying off your loans.   Things To Do Before Paying Off Your Loans Before you start throwing all of your extra income at paying off your student loans, …

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Student Loan Refinancing and Consolidation with Credit Unions

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In Student Loan Refinancing OptionsLendKey

Imagine enjoying post-grad life even more when you reduce your student loan burden and simplify your finances. That can become a reality when you refinance or consolidate your student loan. Where do you start looking? Credit unions can be an excellent option since they can save you more money than large national banks, have cosigner releases available, and consistently have better customer service. But let’s first define refinancing and consolidation since the terms are often used interchangeably. What’s the difference between refinancing and consolidation? Student Loan Consolidation Student loan consolidation is a way of combining multiple loans into a single …

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What to Know about Student Loan Forgiveness

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In Student Loan Refinancing OptionsLendKey

For many college attendees, taking out student loans was unavoidable. Tuition costs are high, and student loans make it possible for those who cannot afford these costs to get the education they need. Although most people who take out student loans plan to repay them, unforeseen circumstances can sometimes make repayment impossible. In such cases, you may wonder about the possibility of student loan forgiveness. What is Student Loan Forgiveness? Student loan forgiveness occurs when the lender agrees to eliminate your debt without repayment. Student loans can also be eliminated through discharge, which is a different procedure. While loan forgiveness …

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What Should You Do If You Can’t Afford Your Student Loan Payment?

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In Student Loan Refinancing OptionsLendKey

If you find yourself unable to effectively manage your student loan payments, don’t panic. First of all, you are not alone. Millions of people struggle with their student loan debt, and the good news is that many lenders have stepped up to provide practical, affordable, sensible solutions to the problem. Can I switch into a more manageable student loan? The answer is yes, and there are more options than ever before for doing this – which is technically called a refinance. The key is to find a lender who can offer a new loan that will pay off your existing …

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Revocation of Licenses for Student Loan Default Stirs Controversy

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In Student Loan Refinancing OptionsLendKey

Imagine that as a result of falling behind on your student loan payments, the state where you live revokes your driver’s license and you find yourself walking or taking the bus to get to work. If that sounds harsh, consider that some states also have the legal authority to cancel professional licenses for borrowers who fail to repay related loans. That could make it illegal to work in fields ranging from healthcare and finance to construction and real estate. What is the basis of this startling student loan controversy? Lawmakers in both Montana and Iowa are currently working to repeal …

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Variable Vs. Fixed Rate Student Loan Refinancing

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In Student Loan Refinancing OptionsLendKey

  When student loan borrowers are looking to refinance student loans, they typically come across two options: a fixed rate student loan and a variable rate student loan. Variable rate student loans are the most common when refinancing or consolidating your loans, but fixed rate loans are available. However, variable rate student loans can sound scary up front, even though their interest rates are typically lower than a fixed rate loan. Let’s break down what the differences are between variable rate student loans and fixed rate student loans, and when each makes sense for a borrower.   What is Fixed Rate Student …

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Should I Refinance My Student Loans?

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In Student Loan Refinancing OptionsLendKey

Student loan refinancing has gained popularity over the last several years as students have looked for alternative ways to lower their payments and escape student loan debt faster. Just like refinancing a mortgage, student loan refinancing is the process in which you take out a new loan to pay off your old loans. The goal, of course, is that the new student loan has a lower interest rate, lower payments, or a combination of the two that make it more attractive than your old loans. Given the state of today’s interest rates, student loan refinancing could help a lot of borrowers. When …

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The Differences Between Student Loan Consolidation And Refinancing

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In Student Loan Refinancing OptionsLendKey

You’re probably heard both terms: student loan consolidation and student loan refinancing. A lot of people use them interchangeably, which adds to the confusion. However, student loan consolidation and student loan refinancing are two different tactics that borrowers can take to help them with their student loan payments, and they each apply in different situations. In some cases, student loan consolidation makes sense. In other cases, student loan refinancing makes sense. To figure out if either are right for you, here’s a breakdown of what they each are. Student Loan Consolidation Student loan consolidation is what you hear about the …

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Can I Consolidate Private and Federal Student Loans?

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In Student Loan Refinancing OptionsLendKey

One of the biggest myths when it comes to student loans is whether you can consolidate your Federal and private student loans. Think about it: you just graduated from college with about five different student loans. Three of them are Federal student loans and two of them are private. What do you do? Should you combine them? Should you leave everything alone? Well, since 2014, you can actually refinance and consolidate both your Federal and private student loans into a single loan with many private lenders. However, there are times when combining all of your loans (both Federal and private) …

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Why Refinance Your Student Loans With a Credit Union?

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In Student Loan Refinancing OptionsLendKey

Are you looking to refinance student loans? Are you searching for a low interest rate? Have you thought about a local credit union rather than a large bank conglomerate? Credit unions are sometimes viewed as local banks with limited services. With the expansion of online access, mobile apps, satellite locations, and expanded ATM access, access to a local credit union is far wider than walking into a single brick and mortar location. Now is the time to take advantage of credit union student loans. Credit Unions Are Not-For-Profit Members of the Community. The key advantage of belonging to a credit …