SoFi vs CommonBond: The Showdown

Michael Lux Consolidation, Lower Payments, Student Loan Blog, Student Loans 2 Comments

Article updated 7/11/20 to include the latest interest rate and new customer bonus information. Two of the top names in student loan refinancing are SoFi and CommonBond. Both lenders fall firmly into the fin-tech category of lenders. Borrowers should expect a quick and easy process compared to working with a …

loan sign illuminates the consequences of refinancing or consolidation on credit scores

Student Loan Consolidation and Refinancing: Is it Good or Bad for my Credit Score?

Michael Lux Best Of, Consolidation, Lower Payments, Student Loan Blog, Student Loans 49 Comments

Many student loan borrowers can improve their credit score by consolidating or refinancing their student loans. Unfortunately, not all borrowers see an increase. Some borrowers may see their score drop by consolidating or refinancing. Though federal direct consolidation and private student loan refinancing are very different processes, the impact on …

tips for lender calls

10 Tips for Dealing with Your Lender Over the Phone

Michael Lux Best Of, Consolidation, Lower Payments, Student Loan Blog, Student Loans 0 Comments

Phone calls with lenders can be especially stressful.  For many borrowers, student loans are by far their biggest debt.  Student loan companies, including federal student loans servicers like Navient and MyFedLoan have a well deserved reputation for lousy service.  This combination of financial pain and terrible customer service can be …

lower payment strategy

Mailbag: Should I Switch Federal Repayment Plans?

Michael Lux Lower Payments, Mailbag, Strategy, Student Loan Blog, Student Loans 0 Comments

Making the decision on whether or not to refinance your student loans can be very challenging.  On one hand you have the low interest rates offered by the refinance companies, but you are forced to give up federal perks.  One of our readers, Brad, is currently facing this dilemma.  He …

Lower Payments Strategy Puzzle Pieces Fitting Together

Sherpa Tip: Ask for Lower Payments Even If You Don’t Need Them

Michael Lux Lower Payments, Strategy, Student Loan Blog, Student Loans 0 Comments

For those attempting to aggressively eliminate their student loans, asking for lower payments may seem like a step in the wrong direction. However, getting lower payments has a huge advantage… flexibility.  That flexibility can be used to eliminate high interest debt and lead to student loan freedom sooner rather than …