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Student Loan Refinancing Myths & Misconceptions

Posted by Myke on Oct 16, 2017 7:00:00 PM

A majority of college graduates today struggle with managing life and affording their student loan payments. Yet many fail to consider student loan refinancing as a way to reduce college loan interest, lower their monthly payment or get out of student loan debt sooner. The reason? Belief in four common myths about student loan refinancing.

Ask your son or daughter why they haven’t considered refinancing their college loans. If they respond with one of these myths, you can help set them on the right path:

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Handle Your Student Loan Refinance Like a Boss

Posted by Myke on Oct 13, 2017 12:00:00 PM

Refinancing your student loan can lower your monthly payment and potentially save you thousands of dollars on interest. While the process isn’t difficult, refinancing college loans does require some research on your part in order to get the most benefit. Here’s what you need to do:

Preparation is Key

Your credit score is a major factor that lenders consider when you apply to refinance your student loans. Since earning your degree, you have probably been earning a salary and consistently making payments on your loans and credit cards. These can contribute to a good credit score. You should check your credit report to make sure it accurately reflects your creditworthiness and that all the reported information is correct. Here’s how:

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Is Your College Grad Struggling With Student Loan Repayment?

Posted by Myke on Oct 12, 2017 3:00:00 PM

If your son or daughter has graduated college, you probably are hearing about the plans they have for their next stage, like buying a home, getting married or doing some traveling. But you may also pick up on some anxiety they have over paying back their student loans.

Life with student loan debt can be stressful. Graduates must come to terms with the fact that college loan payments will be with them for years. And those payments may interfere with their plans to save money and afford their dreams like moving out on their own.

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What’s in It for You When You Refinance Your Student Loan?

Posted by Myke on Oct 10, 2017 5:00:00 PM

What’s your next step and what’s holding you back? If you are like most who have graduated college and started a new career, you probably have dreams of getting your own place, traveling or maybe getting married. And it’s also likely that student loan debt is interfering with those plans.

If you want to save thousands of dollars in interest payments on your college loans and reduce your monthly payout so you have more cash every month, student loan refinancing is the answer.

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Can You Refinance Parent PLUS Student Loans?

Posted by Myke on Oct 4, 2017 5:08:10 PM

When prospective college students don’t qualify for enough federal funding, a supportive parent may step in to cover the financing gap. The Department of Education’s Direct PLUS Loan program allows parents to take out a federal student loan on their child’s behalf to cover any remaining education expenses.

While this is a popular solution to soaring education costs – more than 3 million parents are currently repaying PLUS loans – it also leaves parents with a major portion of their kids’ student loan debt. And, Parent PLUS loans come with a much higher interest rate than other federal student loans.

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Pay Off Student Loans and Save Money in Two Easy Steps

Posted by Myke on Oct 3, 2017 4:18:32 PM

If you are like most college graduates with student loans, you probably have two goals that seem to cancel each other out: pay off your student loans and save money.

Ready to get both those goals in gear and breathe a whole lot easier? Here’s how:

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FREE eBook: Guide to Living with Debt

Posted by Myke on Feb 12, 2014 3:36:00 PM

 

"Let’s face it: living debt-free today is practically impossible. Whether you’ve got a car loan, student loans, several credit cards or a mortgage, most of us have some debt."

Debt isn't necessarily a dirty four-letter word though. But, here's the important thing to remember: Some amount of personal debt is good because it helps you establish a credit rating and teaches you how to manage your money. Debt's only a problem when the payments become overwhelming; you miss payments, or you find yourself borrowing money to make ends meet.

This eBook looks at all the different kinds of debt you can carry, the good and the bad, some guidelines to follow when you need to borrow money, and what to do if you find yourself in a pinch.
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