Student Loans and Financial Literacy Resources

by Claudine Vainrub, Principal of EduPlan / Wednesday, 24 January 2018 / Published in College Admissions

The average college graduate has more than $30,000 in debt, according to The Institute of College Access & Success, and it can take decades to repay. Student debt could impact your ability to save for retirement, have disposable income or qualify for other loans, including a mortgage.

No private student loan refinancer is perfect for every borrower. U.S. News recommends the following five top performers based on how they can address certain borrowers’ needs and their overall performance compared with other lenders. In addition, you should research each company on your own.

Top Five Performers:

CommonBond -Best for high-income graduates who want a company with a social cause
SoFi – Best for high-income graduates who want low interest rates and hardship options
LendKey – Best for graduates who want flexible repayment options and benefits
Earnest – Best for merit-based and flexible eligibility
Citizens Bank – Best for borrowers who didn’t graduate and want low interest rates

Repaying student loans can take years, sometimes decades, and you may want to strategize your approach. Consolidating your loans can make it easier to manage the payments, and refinancing could speed up the process by lowering your interest rate and saving you money.

Tips for Paying Back Student Loans:

Pay as much as you can afford
Make extra payments when you can
Pay off the loan with the highest interest rate first
Sign up for autopay
Contact your lender if you have financial difficulty
Claim tax deductions

Click on the link below to learn how student loan consolidation works, advantages and disadvantages, and determine if student loan consolidation is something you should consider.

https://loans.usnews.com/student-loans-consolidation-refinancing