While the process of applying to refinance your student loans isn't particularly time-consuming, you'd probably rather not spend the half hour collecting documents and filling out paperwork if you think your application will be denied.
One of the best ways to increase your chance of successfully refinancing your student loans is to apply with a cosigner.
With Americans now owing over $1.4 billion in student loans, some states have stepped up to help their residents pay back those loans a bit more quickly — especially if they can do so while providing much-needed skills to other state residents.
To incentivize health professionals to work in areas of high need, Massachusetts offers loan repayment assistance to borrowers in the medical field.
If you're a Georgia resident, then you probably know that Georgia has put a lot of money toward higher education by funding tuition programs like the HOPE Scholarship and the Zell Miller Scholarship for college students.
The good news for those who have already graduated is that the State also funds a number of loan repayment programs.
Arkansas residents owe more than $10.8 billion in debt, with the average Arkansas college borrower carrying a balance of a little less than $27,000 — slightly less than the national average. Hundreds of thousands of Arkansas residents are actively working to manage their student loans.
For some, the state provides financial assistance that makes paying off their loans a faster option.
The option to defer federal student loans may feel like a safety net — even if you've never done it, you like the idea that you could if you needed to. Maybe that notion has even stopped you from refinancing to a lower interest rate with a private lender. That means you mean be paying more than you need to for a benefit that you may or may not use.
So can you defer private student loans if you decide to refinance? The short answer: No, you can't defer private student loans in the traditional sense. But the long answer is much more nuanced. Many private lenders offer some form of assistance if you experience an economic hardship.
Figuring out how to fill out your tax return each year is enough to send anyone running for the exit. But this year your student interest loan deduction doesn't need to be a source of anxiety or frustration for two reasons:
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