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6 Things to Do With Your Student Loan Refinance Savings

Life After Refi: 6 Things to Do With Your Student Loan Refinance Savings

Student loan refinancing is most likely the first major financial decision you’ve made as a young professional—and it was a smart one. For starters, you’ve achieved an immediate psychological win, and you can breathe easier knowing you’ve taken a strong step toward eliminating your student loan burden. Plus, by scoring a lower interest rate and more manageable monthly payments, you now have wiggle room to chalk up some other financial gains.

Here’s how to get cracking on achieving major money milestones now that you’ve refinanced your student loans:

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5 ways to recover from financial infidelity

Financial Infidelity: 5 Steps to Getting Your Relationship Back on Track

“My partner doesn’t really need to know I splurged on these shoes, so I’ll intercept the credit card bill from the mail before he sees it.”

My bonus was a bit more than I anticipated, so it won’t hurt if I don’t tell my wife and have some fun with the extra money.”

A one-time money secret may seem like a minor relationship infraction, especially if the amount in question is a small one. But as I know from conversations with my clients, one fib can lead to another, snowballing into long-term deceits, such as secret credit cards or hidden bank accounts. Little flakes of dishonesty can severely ice over a relationship, especially when debt accumulates or credit scores fall.

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5 Millennial Money Habits (& How They’re Changing the World)

Are you in your 20s or 30s? Do you cringe when people call you a Millennial and make sweeping proclamations about your generation as if you were from some new planet? The stereotypes have become so prevalent that one person took matters into his own hands with a hilarious Chrome extension that replaces the “m-word” with the term “snake people” (feel free to use it on this article).

It may be tough to live with all the attention, but bear with the rest of us.  After all, people born in the 1980s and ‘90s,count for more than a quarter of America’s population and are shaping the world for everyone in new ways. Other folks are naturally going to be curious about the preferences and habits of this new generation of young adults.

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Paying for College: Should Parents Take Out Loans or Tap Retirement Savings?

With higher education expenses galloping far ahead of inflation, parents at all income levels are finding it difficult to help out with their kids’ college education. If you’re one of many parents whose savings is coming up short, even with a 529 Savings Plan, a Coverdell, or other education-specific plan in place, you may be considering other options to cover the expense gap, including taking out a loan or dipping into retirement accounts.

Before going either route, be sure to fully explore the options available to your family, including potential grants, financial aid, work study programs and employer-provided education assistance programs. And if it’s too late to apply or your child won’t qualify for financial aid, your family may still qualify for one of the tax credits or deductions currently available. While these education-related tax credits won’t necessarily help every family due to limitations and income level phase-outs, they are worth exploring if you’re new to the education funding process.

If you want to explore using retirement savings or private loans to help close the funding gap, here is an overview of the available options in those areas.

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