Student loan refinancing is a hot topic in the news these days. Legislators are making proposals to bring refinancing in at the Department of Education, and a day doesn't go by without some big headline about soaring student debt levels. But is refinancing a good idea for everyone? That is a definitive no.
So when does it make sense to do? Here are 5 reasons you may want to consider refinancing your student loans.
You need to have borrowed to establish a credit history
You cannot borrow before age 18
Your'e heading to college and need good credit to pay for tuition and other expenses
Which comes first, borrowing or good credit?
Having good credit is just as important to help ensure your stability and help you successfully do things such as rent an apartment, buy or lease a car, and even get a good job. Maintaining good credit is very important to your future and will afford you many opportunities that would otherwise be impossible. It can show stability, consistency, responsibility, and maturity – all of which are positive traits that can help you succeed in life. Below, are some helpful tips on building and managing a good credit profile.
Excuses, excuses. Preparing for college is a time-consuming task. Evidenced by the many online and other forms of checklists that have been published for this very purpose. I have prepared a different list. A list of excuses heard in my household that I thought might be helpful to share so you will be armed and ready for battle.
RISLA dramatically reduced its already low rates for the coming academic year, for example the standard
10-year student loan rate will now be 3.89% (3.64% if the borrowers elect to make automatic payments using ACH).
Ahh, the internet – the best friend, and worst enemy, of every job-seeker. A world of information at your fingertips, and an unparalleled number of fraudsters and schemers lurking just beneath the surface.