Author: SLR Editor

Why You Can’t Refinance Your Defaulted Student Loans

Student loans are a point of anxiety for many young adults and rightfully so. It is quite apparent that these borrowers are struggling; the default rate for students three years after leaving school is now an astounding 11.5 percent.If a borrower opts to stop paying their student loans, the loan will eventually enter default. At that point, there are a variety of measures that can be taken by the lender, whether that’s a private lender or the federal government.What It Means to Default on Student LoansDelinquency is a term that refers to missing payments. A borrower is considered delinquent...

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Should You Rehabilitate or Consolidate Your Defaulted Student Loans?

With the rising level of student loan debt carried by American's today, it’s no wonder many people are concerned with the looming risk of default.The national student loan debt has increased rapidly to over $1.4 trillion dollars and the default rate has also been on the rise. More than 25 percent of students who dropped out of post-secondary in 2010 and 2011 are reported to have defaulted on their student loan responsibilities.Defaulting isn’t the end of the world but borrowers should throw everything they have at getting out of default. Your future financial health, including credit score and more,...

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How to Compare Student Loan Refinance & Consolidation Rates to Choose a Private Lender

Are you considering consolidating or refinancing your student loans? Student loan refinancing and consolidation is a very competitive marketplace, so getting to know how a company may be able to help you with your student debt and how to shop around can have a positive impact on your bottom line.To be clear, in this article we are talking about consolidating and refinancing with a private lender – not the federal government (which offers a program that allows borrowers to consolidate multiple federal student loans into one new one).When you refinance multiple federal and/or private student loans you typically also...

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Is It a Good Idea to Consolidate Student Loans With Other Debt?

Millions of Americans are dealing with debt – in the form of credit cards, personal loans, student loans, and more. Although it is often a means to an end, managing various types of debt can be overwhelming for even the savviest consumer.For some borrowers, consolidating debts can be an appealing option. Debt consolidation can take many forms, but in most cases, it means taking out a single, lump-sum loan which is used to pay off several other debts. The hope of consolidation is that it offers some respite from paying multiple creditors each month, and for borrowers with strong...

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Should You Cosign on a Student Loan Refinance?

Student loan debt is a major source of college funding for many students. But after graduation, it can be a challenge to manage multiple loans with varying interest rates, whether federal or private. For this reason, numerous private lenders offer student loan refinancing.By refinancing a student loan, borrowers might be able to choose a better interest rate and repayment plan than they have on their existing federal and private student loans. But they must have strong credit and steady income to be eligible for a refinance loan. When that isn’t the case, they can refinance with a cosigner to...

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