Access to better customer service:Unlike federal student loans, which are serviced by loan servicers contracted by the government, refinanced loans are typically serviced by private lenders who often provide enhanced customer service. This can result in a smoother experience when it comes to managing...
Because lenders will almost definitely pull your credit score, which can have a negative effect on it. However, according to FICO, for student and auto loans and mortgages (where rate shopping is common), credit inquiries done in a short period of time (usually up to 14–30 day...
First of all, what does it mean to default on your student loans? For most federal student loans, you will default if you don’t make a payment in more than 270 days. Officially entering default usually doesn’t actually happen until 360 days, though, as lenders have 90 days to file ...
Opting to refinance a student loan can be helpful, but it won't always be the best solution. In some cases, you may end up losing more than you gain. For example, federal student loans come with protections like income-based repayment plans, loan forgiveness programs, and hardship options ...
If there is inflation, it means that a dollar today buys more than a dollar will in the future. So what does this have to do with student loans? Inflation is Good for Many Borrowers Suppose you are repaying your federal loans on the 10-year repayment plan. Each month you pay $324 to...
it may be possible to refinance some of your loans and leave enough with your federal loan servicer to take advantage of both opportunities. before you proceed, however, carefully consider all your options to settle on the right path for you. i can't refinance my student loans...
It's easy to compare interest rates from different loan servicers and lenders using an online tool like Credible.You can get prequalified for student loan refinancing rates without affecting your credit score.That can help with finding the right borrowing option to refinance student loans....
Many borrowers are concerned that the re-election of Donald Trump will limit their financial options for student loans and have financially devastating consequences. While it is fair to say that the election results were a setback for borrowers, it’s important to note that many borrower protection...
Understanding Student Loans Before discussing the implications of paying off student loans, it’s important to have a clear understanding of what they are and how they work. Student loans are financial tools designed to help individuals fund their education. Whether it’s a federal loan, provided...
Borrowers who default on loans not only hurt their credit but also risk lawsuits and wage garnishments. Here's what you need to know about loan default and how you can avoid it. Read: Best Mortgage Lenders What Does It Mean to Default on a Loan? A loan default is when you break you...