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Millennials Are Seeking Prenups—and It Might Just Be Worth Considering

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How to Make Student Loan Refinancing a Cinch

For borrowers who are eligible, the decision to refinance student loans is typically a no-brainer. Not only does refinancing allow you to choose between lower monthly payments and a shorter payment term, but it also lets you consolidate your monthly bill and – most importantly – save a significant amount of money over the life of the loan.

But even if you’re excited about the idea of sticking it to your student loans, you may be concerned about how much work will be involved in the refinancing process. Which is understandable, given that most important financial transactions involve a mountain of paperwork and multiple calls to an unhelpful customer service center.

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4 Big Mistakes People Make When Choosing Their Student Loan Repayment Terms

If you’re looking to take out a student loan to pay for an undergrad or grad degree, you’re about to join the club of Americans also carrying large amounts of student loan debt—$1.4 trillion total across the U.S., in fact. While taking out the loan may be the right move to pay for school, that decision is also paired with another one that could have impacts down the line on your long-term financial goals: your student loan repayment terms.

Student loan repayment terms can factor heavily into how long it takes to back your student debt, so you’ll want to make the right call out the outset. To make sure you can pay off that debt faster later, steer clear of these four common mistakes when choosing your loan terms:

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When to consider refinancing student loans

Here’s When to Consider Refinancing Your Student Loans

When was the last time you took a close look at your student debt? If you’re like most borrowers, particularly those with six figures of student loan debt from graduate school or MBA programs, you probably shudder at the thought. Chances are, you set up a loan repayment plan after graduation and figured you’d revisit it “later”—say, when you’re making more money, when your career is more secure, when you have more time.

This approach is understandable, since after receiving your undergraduate or graduate degree your focus is on other things (like building a career that will help you pay off your loan balance). But if you let that nebulous “later” date turn into “never,” the repercussions can be costly. At some point, refinancing your student loans could save you a significant amount of money. You just need to figure out if you’ve reached that point.

So how do you know when it’s time for a student loan debt check-in? Here are four factors that should prompt a second look:

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How Student Loans Could Impact Your Taxes

With Tax Day (April 18th this year) just around the corner, it’s time to get serious about your taxes. If you paid tuition or student loan interest in the previous tax year, you may qualify for a student loan interest deduction or education tax credit—which could mean a lower tax bill or a higher tax refund. Here’s a simple breakdown of the tax credits and deductions you might be eligible for.

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