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 …

Using a Refinance or Consolidation to Simplify Bill Payments is Dumb

Michael Lux Opinion, Student Loan Blog 0 Comments

Both federal student loan consolidation and private student loan refinancing have significant advantages. These two processes can easily save borrowers thousands of dollars when done correctly. However, both federal consolidation and private refinance come with significant risks. The potential dangers are part of the reason that I hate to see …

The Consequences of Student Loan Refinancing and Consolidation on Credit Reports

Michael Lux Strategy, Student Loan Blog 0 Comments

Student loan consolidation and refinancing are excellent tools for borrowers hoping to get their finances in order. Refinancing enables borrowers to get lower interest rates and/or lower monthly student loan payments. Federal consolidation can help borrowers qualify for favorable repayment plans and forgiveness programs. In both a refinance and a …

read the fine print on woman's sign

Hidden Fees and Costs of Student Loan Refinancing

Michael Lux Student Loan Blog 0 Comments

For many borrowers, student loan refinancing is an excellent option. By refinancing, they can get lower interest rates and lower monthly payments. Unfortunately, student loan refinancing — sometimes called private loan consolidation — can have expenses that borrowers may not expect. The possible fees and costs of a student loan …

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 …