could make repayment easier. Consolidation and refinancing work differently, though, so be sure to understand each process.
If you want to group all your federal student loans into one big loan, you could get a Direct Consolidation Loan from the Department of Education. Direct Consolidation Loans only allow you to consolidate federal loans, not private loans. Your interest rate equals a weighted average of all consolidated loans, so you don't reduce interest costs with this approach.
Refinancing student loans with a private lender is another alternative, and one that could actually allow you to reduce your interest rate if you qualify for a new loan at a rate below what you're currently paying. Both federal and private loans can be consolidated, although consolidation of federal loans means giving up income-based payment options, the possibility of Public Service Loan Forgiveness, and other borrower protections.
Refinancing can simplify repayment by giving you just one loan to pay, can reduce your monthly payment, and can reduce the total owed — but only refinance private loans unless you're certain you won't use borrower protections of federal loansWhen you've got your loan with a private lender, you have to stick with the payment plan you agreed to when you took out the loan unless you refinance.
Be certain to research each different payment option and consider both what your current monthly payment will be and how much total interest you'd pay over time. Switching to a longer repayment timeline frees up more money today to do other things, but the trade-off is that you pay more interest in the long run.Once you've chosen a payment plan, set up autopay for all of your student loans.
themotleyfool Student loans need to be underwritten in a similar manner to mortgage loans, with an emphasis on ability to repay. Someone getting a degree in a field with little job opportunity should qualify for less than someone getting a degree in a field where there is demand!
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Billionaire pledges to pay off student loan debt for Morehouse College class of 2019Robert F. Smith surprised the nearly 400 graduates of the historically black, all-male college during his commencement address. What a nice thing to do. It would be nice if bill gates would follow his lead This is PHENOMENAL!! Good for those young men. Damn wish someone paid my college off for me
Source: USATODAY - 🏆 100. / 63 Read more »
The Growing Trend Of Retiree Student Loan DebtThe number of seniors with student loan debt continues to grow, and it's a problem that many families will have to face together. why not focus on why higher education costs are rising faster than the rate of inflation This is modern day slavery. Student loans aren't something that retirees want to still think about especially when living off of a fixed income. However, a reverse mortgage can bring a lot of hope to this situation - can give you extra monthly income and help pay off student debt! ReverseMortgage
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The Growing Trend Of Retiree Student Loan DebtThe number of seniors with student loan debt continues to grow, and it's a problem that many families will have to face together.
Source: Forbes - 🏆 394. / 53 Read more »
Before the billionaire’s student-loan gift, this student had to leave Morehouse due to financial pressuresMorehouse grads had their lives changed by one billionaire's pledge to wipe out their loans. His stunning gift came too late for this student: The compulsion to shit on good things that you all apparently suffer from is incredible.
Source: MarketWatch - 🏆 3. / 97 Read more »
Billionaire to graduating college students: My family is going to eliminate your student loansRobert Smith announced that he and his family would set up a grant to pay off the nearly 400 graduating seniors' student loans. The total gift is estimated at $40 million. TrevorImmelman Awesome. Will he also be refunding those who took part time jobs to pay their tuition? And also the parents who scrimped and saved for decades to ensure their kids were not burdened with student loans?
Source: CNBC - 🏆 12. / 72 Read more »
6 Ways You're Asking For Trouble At Work -- And Don't Even Know ItNone of us are perfect. We all have a few bad habits. But, research shows some bad habits can undermine both your performance and reputation at work—making you appear less professional to colleagues, or, even worse, get you in trouble with your boss. Here are six habits to avoid to be your best.
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North Carolina student drowns in lake near schoolA North Carolina high school student has drowned in a lake across the street from his school Sorry to hear it. may this young person body R.I.P and his spirit be reunited with The CREATOR (Universe) 🙏🏾☝🏾 ! You know what they say. Just because a lake is across the street from your school doesn't mean you can't drown in it. Many such cases.
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Who’s Robert F. Smith, the billionaire paying off Morehouse College students’ loans?Robert F. Smith’s gift of paying off the student loans of Morehouse College’s 2019 graduating class stunned the students and faculty. The gift is estimated at $20 million to $40 million. Smith is the nation’s richest African American — ahead of Oprah Winfrey — with a net worth of $5 billion. This is huge, it shouldn’t go under the radar. This guy isn’t looking for outside accolades. He’s an accomplished man. The way he blended his words from this to THAT, was the best announcement I’ve ever listen to. Then the reaction. I cried. That is a beautiful thing Robert F.Smith did for the Morehouse grad 🎓 class of 2019 ,and I hope they all return the favor back to a needie person somewhere forward down the road wtg brother Smith 👍
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Paying off the student loans of an entire class is no easy taskPaying off the student loans of an entire graduating class is no small feat and not just because of the money involved. lol is this jeff bezos? If President Trump is really as rich as he claims to be he should do this exact same thing but on a grander scale he should do this exact same thing one example of this in each state a 50 states
Source: washingtonpost - 🏆 95. / 72 Read more »
Billionaire’s gift to pay off Morehouse Class of 2019 student loans ‘won’t undo systematic inequalities’Smith's gift to Morehouse students highlights how acute the nation’s $1.5 trillion student loan problem has become, particularly for students of color
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