Over the past few years, more people have become aware that it’s possible to refinance federal student loans. Ironically, it took multiple failed attempts at student loan refinance legislation – and the resulting media coverage – to help get the word out. As of today, there is no way to refinance federal loans with the government. But you can refinance both federal and private student loans with certain private lenders.
So should you? The answer depends on a number of factors. We’ve gathered the most frequently asked questions about federal student loan refinancing to help you make an educated decision. Add your question to the comments section and we’ll answer it here.
Paying off student loans is all about momentum and resourcefulness. Staying current on your payments—or ideally getting ahead of them a bit—can give you the motivation you need to tackle and clear your student loan debt quickly.
When it comes to student loan repayment, there are two great ways to build momentum: prepaying (or paying more than the monthly minimum) and reducing interest rates (through student loan refinancing). Here are five tips to help you leverage these strategies to build momentum and make it work in your favor – so you can make student debt a distant memory sooner rather than later.
Are you wondering how much money you can save if you refinance student loans? How many years you have to keep saving to retire comfortably? Should you rent or buy?
Sure, you could take pen to paper or punch some numbers into a calculator in order to figure out how long it would take you to do these things. But for most of us, time is a precious commodity that we’d rather not waste on such manual tasks.
Thankfully, there are a lot of great online financial calculators available to help with these important financial decisions. Here is a quick summary of five tools that can power your personal finance prowess.
Whether you’re a fee-based financial planner, investment advisor or other financial professional, chances are you’ve seen a uptick in clients dealing with student loans.
From the parents who take on debt to fund their kids’ education, to the lawyers, doctors, nurses and other professionals shouldering high interest rate grad school loans, an increasing number of clients are looking for guidance on how to balance a large debt load with rapidly evolving financial goals. How much should they allocate toward loan repayment versus retirement savings and investments? Should they put off buying a home until their loans are paid off? Will prepaying loans adversely affect their credit?
For some of these clients, student loan refinancing can be a great solution – and can free up money for other financial objectives. But it’s not for everyone. That’s why we put together the Financial Planner’s Guide to Student Loan Refinancing – to help FPs have this conversation with their clients.
The “should I go to grad school?” question is a lot different today than it was just a few years ago.
Between 2000 and 2012, graduate programs were the fastest growing segment of the higher education market, with the annual production of master’s degrees increasing 63% during that timeframe, according to federal data. In particular, enrollments spiked after the 2008 global financial crisis, when many people returned to school to bolster prospects in a depressed job market.