A student loan is a form of loan that is being offered to a student in order to help with the payment of the costs of professional education. Generally a student loan carries a relatively low interest rate, almost always lower than other loans, and are usually issued by the government.
Once you have received a student loan you may think about the option of refinancing later on down the line. By refinancing your student loan the foremost goal is to cut your monthly student loan payments. You can reduce your monthly payments in a few ways, either by receiving a lower interest rate than what you began with or by extending the period of your loan. Both options are generally quite rewarding but if you can get a lower interest rate this is usually the preferable way to go as you will also be reducing your long-term student loan debt.
The Advantages of College Loan Refinance
A college loan can be a truly wonderful thing, as it allows students to accomplish the post-secondary education that they are interested in, something which they may not have been able to do otherwise. Many people discover that they want to go to college but […]
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Today’s college graduates have to face financial reality more quickly than just a few decades ago. You are given only six months grace from your graduation date until you have to start repaying your student loans. Don’t have a job yet? Too bad, kid. Welcome to the real world. In the 1970’s, college students figured out that by declaring personal bankruptcy, student loans could be forgiven or pushed back a few years. Unfortunately for future generations of American college graduates, in 1998 the law was changed to make student loans non-dischargeable.
Make Student Loans What?
“Non-dischargeable” is our vocabulary word of the day, class. Translating it into American English, this means that if you declare personal bankruptcy, student loans still need to be paid. You cannot get out of it, unless you suddenly drop dead, but that kinda defeats the purpose of getting a college degree in the first place. The Federal Student Aid Ombudsman (FSAO) says there are only three extremely hard to fulfill criteria for exemption of this non-dischargeable rule. You must fulfill all three. They are:
If the loan repayments force you to a “lower than minimum standard of […]
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