If you’re juggling multiple student loans, you’ve probably thought about how much easier it would be if you only had one payment to make each month. That’s possible through consolidation, which many lenders offer. It can make paying off student loan debt faster and more convenient. But do you qualify? We can help you find out.
Working hard is good – but sometimes working smart is better. This saying applies to many situations, including eliminating your student loans. If you want to pay off your loans faster, you need to be strategic. It’s difficult to put a dent in your debt by just making minimum payments on high-interest loans. We’ve put together 10 tips to help you lower your interest rate, find extra cash, and make progress on reducing your balances quicker.
There is good news in 2017 for Americans feeling overwhelmed by high-interest student loans. A variety of factors have transformed the student lending industry in recent years, giving college grads more options than ever to take control of their student debt. Whether it’s lowering monthly payments, consolidating multiple loans, releasing a co-signer, or paying it off faster – borrowers are making their debt more manageable by refinancing under better terms.
Interest is the price you pay for borrowing money. It sounds simple enough, but student loan interest rates can be complicated. The National Student Loan Union has put together everything you need to know about student loan interest rates. Read on to find out what the fine print means, how interest rates are determined, and how to score the lowest rate when refinancing college debt.
Refinancing student loans can be a great strategy to make monthly payments more manageable and cut overall interest costs. In recent years, the number of lenders offering refinancing has increased, creating a competitive environment with lots of innovation and new options. But picking a lender can be daunting. Which student loan refinance company is the best? What should you consider besides the interest rate? Which lender should you trust with your money?
Most people with student loans owe at least some of that money to the federal government. Government-backed loans are usually the first step for borrowers, and with good reason. They are widely accessible, have fixed interest rates, and carry many benefits. But there are some significant drawbacks, too. Among the biggest is that there is no way to renegotiate the interest rate through the federal government if economic conditions change.
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