Refinancing student loans can be a great strategy for saving money when you’re done with school, but you can also take steps before even applying for loans that will pay off over the longterm.
However, getting accepted to an MBA program is challenging. So much so that by the time graduate students are admitted to a program, many of them want to secure the first funding options available without pausing to thoroughly assess all the options.
Under-thinking your education financing strategy can have negative consequences, according to Rice University Associate Director of Financial Aid Salomon Medina. “I usually ask students to treat their student loan planning like part of their coursework,” says Medina. “Take your time, pay attention to the details, weigh your options and make thoughtful decisions from day one – or you could be paying for mistakes later on down the road.
Treating graduate student loans like an afterthought isn’t the only potential pitfall for incoming MBA students. In his 4 years counseling prospects and students at Rice University’s Jesse H. Jones Graduate School of Business, Medina has seen more than a few mishaps that can cost borrowers both time and money. Here, he shares five important actions you can take to avoid the most common mistakes, and get the best graduate student loans available.
With the average student loan debt burden on the rise, it’s little wonder that loans often hold people back from pursuing their entrepreneurial goals. At SoFi, we’ve heard these stories time and again – friends, classmates and SoFi members who dream of starting their own businesses, but who feel trapped in a traditional job because they need to make that loan payment each month.
Anecdotes like these are supported by the data: the startup rate is about half of what it was three decades ago. In addition to a smaller number of new businesses, people under 35 make up a smaller proportion of entrepreneurs. The burden of debt has certainly played no small part in these trends.
Paying for a wedding these days is no joke. With the average cost weighing in at more than $31,000 (a five-year high) it’s little wonder that a growing number of couples are looking for ways to save on the big day. But at the same time, you (ideally) only get to do this once, so you want to do it right.
If you’re in this camp, check out these five easy swaps that keep your budget under control – without compromising your vision for the special day.
Debt can often have a negative connotation, but there are plenty of good reasons to have it – for example, using student loans to increase your earning potential, funding an entrepreneurial venture with a small business loan or going to the “Bank of Mom & Dad” to pay for a move across the country for a great job.
But even when you have debt for good reasons, actually being in debt can feel pretty bad – especially if high interest rate credit cards are monopolizing your monthly paycheck and costing you a fortune over the long run.
So how do you use debt to your advantage without letting it get you down? The key is to be proactive about paying it off. Luckily, there are plenty of great resources and proven techniques to help you plan your payoff strategy. Here are three to consider:
A year ago, SoFi member Elena Foukes Lucas was the lowest-level analyst at a Fortune 200 company. Today she’s a co-founder and CEO of a renewable energy startup. Elena’s adventurous path to a more fulfilling life and career, including her experience with SoFi Career Services, is an inspiring story for anyone who’s pondered the pros and cons of starting a business while repaying student loan debt.
Read the full post about Elena’s experience over on Women 2.0.