refinance mortgage pay off student loans

Using a Cash-Out Mortgage Refinance to Pay Down Student Loans

Michael Lux Strategy, Student Loan Blog 0 Comments

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. …

Refinance Lender Transparency Review: Who is Offering the Best Covid-19 Advice?

Michael Lux Opinion, Student Loan Blog 0 Comments

Editor’s Note: The initial lender reviews for this article took place on August 3rd, 2020. If a refinance company takes steps to provide better guidance to borrowers, its grade will be updated accordingly. Businesses love to brag about how they do the right thing and put consumers first. Sadly, this …

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 …

Get a Lower Interest Rate on a Firstmark Services Student Loan

Michael Lux How to Guides, Strategy, Student Loan Blog 0 Comments

Student loan borrowers who have to work with Firstmark Services usually don’t have a choice. Many lenders pay Firstmark to handle the day to day management of student loans, including answering borrower questions and collecting payments. For the over half a million consumers that are forced to work with Firstmark, …

Multiple Student Loan Refinance: the Costs, the Lenders and How to Avoid a Mistake

Michael Lux Strategy, Student Loan Blog 0 Comments

Refinancing a refinance student loan might sound redundant, but it is an excellent way for borrowers to eliminate debt more efficiently. Not all borrowers should try to refinance their student loans a second time, but in many circumstances, the permitted extra refi can save a bundle and provide some financial …

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 …

Is it a Mistake to Refinance Student Loans During the Coronavirus Pandemic?

Michael Lux News, Strategy, Student Loan Blog 2 Comments

Covid-19 has had a profound impact on many aspects of our lives. Managing student loans is no exception. The fast-changing economic conditions have had a significant influence on the student loan refinance process. Due to these changes, many borrowers may want to delay refinancing their student loans, as it could …