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Paying off your student loans is hard work. The last thing you want to do is make it harder for yourself by leaving money on the table or paying unnecessary fees.
Of course, most borrowers don’t pay more than they should on purpose. So how can you make sure you’re not getting in your own way?
If you took out loans for college, there's a pretty good chance you used a cosigner. Most recent high school graduates don't have the credit or income history to qualify for a loan that size on their own merit. You probably had a family member—perhaps a parent or grandparent—sign along with you to provide assurances to your lender that someone financially responsible would make the payments if you failed to.
A cosigner can provide the same service now as you apply to refinance your student loans. But before you ask someone to sign on that dotted line, make sure you understand the pros and cons of using a cosigner.
There are countless things you'd probably never like to do again. Two likely contenders:
1. Live through the awkwardness of middle school
2. Study for the bar
Most of us can remember a time when looking at our credit card bill or student loan balance caused us some stress or disappointment—maybe even recently. But could those negative feelings amount to something more?
The short answer is yes. Financial strain is associated with numerous negative health impacts—both physical and mental. The long answer is a bit more complicated.
So you've heard about these payment plans that will reduce your monthly student loan bill and you're wondering if they're an urban legend. Let us assure you: these plans do, in fact, exist.
But there are a few things you should understand before you sign up.
