Author: SLR Editor

Life Insurance and Other Safety Nets for Private Student Loan Cosigners

When parents or guardians cosign on a private student loan for their children, they are undoubtedly helping them out, but there are also risks to be aware of.While federal student loans don’t require a cosigner, having one on a private student loan can help students get approved and help them receive lower interest rate. Unfortunately, many cosigners don’t fully understand the risks of cosigning at the time the loan is taken out.Parents need to not only be aware of the terms of the loan, but also have a plan in the event they are required to pay the loan...

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How to Pay for College if You Don’t Qualify for Financial Aid From the Federal Government

Most students apply for federal financial aid, but there are cases when some won’t qualify because of the schools they are attending, their citizenship statuses, or something else. These students may not be able to qualify for federal student loans, grants, and scholarships – making it harder to pay for college.Even if you don’t believe you are eligible for federal financial aid, you should still complete the Free Application for Student Aid (FAFSA) to make sure. Actually, all students should fill out the FAFSA every year regardless of what they think they’ll qualify for and if they have been...

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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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