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9 Things You Didn’t Know About Student Loans

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In StudentsLendKey

Around 71% of Americans have student loan debt when they graduate from college–and paying it off isn’t easy. The standard repayment plan is set up so that students can pay off their loans around 10 years after graduation. Unfortunately, not every student is able to reach that goal. Some may take twenty years or longer to reach their student loan repayment goals–and that means a long time spent with debt hanging over their heads. Whether you’re thinking about taking out student loans in order to help pay for college or you’re looking for more information about paying your existing loans, these …

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Student Loan Forgiveness – What You Need to Know

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In StudentsLendKey

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 StudentsLendKey

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 …

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Student Loan Repayment Options to Avoid Default

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In Loan Refinancing Personal Finance StudentsLendKey

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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A Guide to Budgeting for Recent Graduates

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In Personal Finance StudentsLendKey

Graduating college is a major milestone. Finally, you can expect to have no more classes, no more homework or tests, and no more all-nighters (hopefully)! But with this newfound freedom comes a new series of responsibilities. For one, your student loans are looming over the horizon, and you’ll need to start budgeting for monthly payments. Additionally, many other aspects of your life could change: anything from your housing situation to your career path. Will you be financially ready to start “adulting” like never before? The key to managing your money after your days as a student is building a budget …