Glossy mailers promising low rates and cleverly crafted ads on your favorite podcast might leave you wondering: Should you refinance your student loans? With over $1.6 trillion in student loan debt in America as of March 2019, student loan refinance companies have an incentive to entice you. And a lower payment sounds alluring. But is refinancing the right move for you? DIG INTO YOUR FINANCES Before you make a big change to your money management, such as refinancing your student loans , fully understand your overall financial picture, says Barbara Thomas, executive vice president at SouthEast Bank. This will ensure you're coming from an informed place so you can make the best decision for your situation. The more solid your footing — you're paying all bills on time, putting away savings and still have cash left at the end of the month — the more likely it is you could qualify for a refinance and handle any financial changes it brings, Thomas says. "Make sure you've done all … [Read more...] about Millennial Money: Is student loan refinancing right for you?
Refinance your student loan
Susan Tompor Detroit Free Press Published 7:00 AM EDT Aug 9, 2019 Asabe Danpollo, 24, has one of those dream jobs that more young professionals are yearning to get. As part of the perks of working at PwC, her company promises to pay $100 a month toward her student loan debt. The offer covers up to six years — potentially knocking off up to $7,200 in principal. The total value is more since another $2,800 or so in interest could be eliminated, too. "Most of my debt comes from my master's program," said Danpollo, who earned an undergraduate degree in accounting from Michigan State University in 2016 and later a master's degree in strategic management in Ireland from University College Dublin. Danpollo, who comes from a family of seven children, said she put herself through college. She kept a lid on her undergraduate costs by working at the MSU library for a year and being awarded scholarships as part of the Michigan State women's rowing team. She … [Read more...] about The right job can help you pay down your student loans
By Linda Bell Published May 22, 2019 Personal Finance FOXBusiness Facebook Twitter Comments Print video Billionaire pledges to wipe out student loan debt of graduating Morehouse students; royal family is hiring Morning Business Outlook: Billionaire Robert Smith announces he will pay off the student loan debt of graduating Morehouse College students; Queen Elizabeth is hiring a social media manager. Americans are having trouble paying off their student loan debt. The Urban Institute reports that 250,000 federal direct loan borrowers see their loans go into default every quarter. The Federal Reserve Bank of New York says student loan debt rose by $79 billion last year alone. While refinancing may help relieve some individuals of that financial burden, a survey from Student Loan Planner found that 85 percent of student loan borrowers are afraid of refinancing. Andrew Pentis, student loan expert at Student Loan Hero shared five tips to help … [Read more...] about Five tips on refinancing your student loans
Ryan Lane, NerdWallet Published 3:32 pm CDT, Wednesday, March 27, 2019 This article was first published on NerdWallet.com. Little is free when it comes to student loans. But some private lenders offer complimentary benefits like career coaching and academic help. While federal student loans don’t have those features, they do offer programs like income-driven repayment and loan forgiveness. Private student loans lack these benefits, and you’ll lose access to them if you refinance federal loans with a private lender. Max out federal loans first — and shop for private loans based on price, not perks. If you find private student loans or refinanced student loans with similar rates, consider these five freebies to help break the tie. 1. Career coaching Who offers it: SoFi. SoFi began offering career coaching as part of its unemployment protection program in 2013. Now, all SoFi members have free access to coaching and career-building tools via a … [Read more...] about 5 Freebies With Your Student Loans
provided by Published 9:00 am CST, Friday, March 1, 2019 MoneyTips By Amy Beardsley When it comes to student debt, more than half of borrowers are struggling to make their payments. Refinancing your student loan is an excellent option to lower your monthly bill or to pay less interest over the life of your loan. Even though refinancing could make student loan debt more manageable, the latest survey by Student Loan Planner found that 85% of borrowers are afraid to refinance their student loans. Why do borrowers fear refinancing when it could save them thousands of dollars? According to the survey, half of borrowers didn't know you can refinance more than once and 65% of respondents haven't refinanced their student loan at all. Two-thirds of respondents can't name more than two refinancing companies, while almost half (40%) of borrowers who did refinance shopped at only one place. Why Are Student Loan Borrowers Not Refinancing? The most important reason for refinancing … [Read more...] about Student Loan Survey: Borrowers Are Afraid To Refinance