Author: SLR Editor

Can You Hurt Your Credit By Refinancing Your Student Loans?

Juggling multiple student loan payments can be challenging for many graduates. Today, most former students leave college with at least one student loan; on average the typical graduate in the United States carries $27,975 of debt upon crossing the threshold at commencement. The average student loan varies greatly from one state to another, with the average debt surpassing $25,000 in some North Eastern states.A lot can change from the time a student receives a loan to the time they graduate. During college, many student loans come with in-school payment deferments, but once payments kick in many graduates are confronted...

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What Happens If You Default on a Private Student Loan?

As of 2018, the United States is home to $1.4 trillion dollars in student debt, with $11.6 billion of that debt originating from private loans. And while federal loans come with their own set of challenges and risks, all 1.37 million private loan borrowers are often subject to fewer protections and less flexible repayment plans than those offered under federal loan agreements.Less accommodating repayment options and more rigid terms can quickly lead to private student loan defaults, which is a dangerous financial place to be. It’s also one that you should do your best to avoid or address immediately...

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Can You Lower Your Private Student Loan Payments?

For many college grads, private student loans were and continue to be a necessary evil. Unfortunately, the very loans that paved the way for a sound education can wreak havoc on your life, especially if you’re living paycheck to paycheck.Missed payments can decimate credit scores, and high payments can prevent you from buying a house or starting a family. Even worse, unexpected, financially taxing events can quickly make loan payments impossible after taking care of living expenses like food, shelter, and utilities.In particular, if you have private student loans, they typically lack the flexible repayment options that federal student...

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Are You Independent or Dependent on the FAFSA?

The FAFSA is an acronym for the Free Application for Federal Student Aid, and it is a form that college students must fill out in order to receive any form of federal financial aid to pay for college. The process of filling out the form can cause a lot of anxiety and confusion for families.One of the points of confusion can be whether the student is considered a dependent student or an independent student. The difference between dependent and independent students is important because the answer could drastically change how much federal financial aid a student can receive.From the...

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Can You Use Student Loans for Meal Plans?

Students are paying roughly 85 percent on average more per day on food through their college meal plans than they would be if they ate at home, according to some of the latest data from The Hechinger Report. Today's shocking sticker price of meal plans has risen nearly 47 percent over the past decade.The average meal plan works out to roughly $18.75 per day, or approximately $4,500 for a full eight-month academic year. Of course, all schools will have some variation. Many colleges require a meal plan purchase to live on campus, which means colleges are taking a bigger...

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