Below you'll find a list of all posts that have been categorized as “Strategy”
Being a cosigner on a student loan can be a huge burden. If the primary borrower falls behind on the loan, cosigners must make payments. Even if things go according to plan, cosigners may find it more difficult to qualify for additional lines of credit or a mortgage. Fortunately for …
Many student loan resources are geared toward borrowers who are struggling. Repayment for those with a steady income and a good job presents its own unique set of challenges. Even though a high salary makes paying down student loans much easier, there are still plenty of opportunities for savings and …
For most couples, finances are shared. Income from either spouse is for the family, and debt for either spouse is treated as a shared obligation. Because of this shared effort to pay off the loan, cosigning in a refinanced or consolidated loan sounds like a no brainer. Cosigning means combining …
When discussing student loan borrowing and affordability, the question that students should ask is, how much can I afford to borrow? Unfortunately, many students find themselves in a position where they have to ask a more difficult question: how much do I need to make to afford my student loan …
About ten years ago, during the worst of the Great Recession, I finished college. I had no job, no connections to get me a job, and six figures of student loan debt. It was terrifying. I spent hours every day crafting cover letters and tweaking my resume. Most employers simply …
With mortgage rates near record lows, many student loan borrowers are thinking about using a mortgage refinance to attack their student debt. The process is called a “cash-out” mortgage. Instead of refinancing the amount currently owed on a house, in a cash-out refinance, homeowners borrower more than what they owe. …
Financial experts often advocate aggressive repayment of student loans. By quickly repaying student loans, borrowers can save a fortune on interest. The aggressive route can help borrowers get ahead by thousands of dollars. Because of the immense value of accelerated repayment, this site has sought to help empower borrowers to …
Editor’s Note: This article was originally published on August 10, 2020. It has been updated to include new guidance provided by the Department of Education. The Coronavirus pandemic has caused the federal government to take unprecedented steps to help borrowers manage their debt. In March, the CARES Act became law, …
When it comes to paying for school, it can be tough to decide whether it is better to pay for college expenses out of a savings account or to borrow additional student loans. Some people are very reasonably debt-averse, but exhausting a savings account comes with significant risks as well. …
Government workers considering a refinance of their student loans need to be especially careful. The allure of lower monthly payments and a better interest rate can be tempting. However, borrowers should understand that while there are circumstances where a refinance might make sense, a mistake refinancing can be financially catastrophic. …
