While post-graduation should be a time for growth and new beginnings, many graduates need help to move forward with the burden of student loans. However, refinancing student loans may provide some relief, as a recent survey from ELFI shows the impacts of refinancing on borrowers and their financial health.* The Weight of Student Debt  Almost 60% of borrowers find themselves financially stuck due to student debt. Prioritizing payments has led to borrowers sacrificing milestones.    Findings show that 57.05% of borrowers delay purchasing a home, and 34.23% put off starting a famil ..read more

It’s happened. You’ve found the person you want to spend the rest of your life with and can’t wait to marry. There’s just one hitch: your partner has thousands in outstanding student loans.    Although marrying someone with student loan debt doesn’t mean the marriage is doomed, it could increase stress about money. According to the American Institute of Certified Public Accountants (AICPA), 73% of couples that live together said financial decisions were a source of tension in their relationship, and student loans can play a role in that problem.    But it’s not all doom and ..read more

Student loan consolidation and refinancing serve similar purposes: Each can make tracking and managing student loan payments more manageable. And sometimes, you can benefit from a lower rate or lower monthly payments when you employ these strategies.    Despite being similar, some important differences exist between student loan consolidation and student loan refinancing. Here’s what to know if you consider moving forward with either approach.   What is the Difference Between Student Loan Consolidation and Refinancing?  The difference between student loan consolidation vs ..read more

After three years without student loan payments, federal loan borrowers will start making payments this month. With the rising cost of basic essentials, some people may struggle to make ends meet.  According to the U.S. Bureau of Labor Statistics, consumer expenditures are up 9% from 2021, as everything from housing to groceries is more expensive. If you’re having a tough time juggling your expenses and debt repayment, figuring out how to prioritize debt is critical.  How to Prioritize Debt Repayment Now that the federal student loan pause has ended, when do student loan payments res ..read more

If your life circumstances have changed, you might consider changing your student loan repayment plan to suit your situation better. This is especially true if you’re struggling financially or you’ve had a recent financial windfall. Fortunately, changing your payments may be possible, though there are differences between federal and private loans.    Besides the type of student loans you have, your circumstances may also impact your ability to modify your student loan payments or terms. Here’s what to know. How To Change Your Student Loan Repayment Plan With federal student loans, yo ..read more

Can I transfer my student loan to another lender? It’s a common question among borrowers. Whether you’re unhappy with your loan servicer or want to refinance to lower your rate, transferring loans to another lender is potentially a relatively straightforward process. But it doesn’t always make sense to do so; whether it’s a good idea depends on several factors, including the types of loans you have and your goals.  3 Reasons For Changing Your Lender There may be several reasons why you may want to switch lenders. Some of the most common causes include:  You’re unhappy with your lend ..read more

The U.S. Supreme Court struck down the Biden administration’s initial student loan forgiveness plan in June 2023, but the administration has launched a new plan designed to give struggling borrowers some relief.    The Saving on a Valuable Education (SAVE) plan provides several benefits, including increased income protection, no unpaid interest growth, reduced monthly payments, and the potential to qualify for loan forgiveness faster. SAVE has replaced the U.S. Department of Education’s (DOE’s) existing Revised Pay as You Earn (REPAYE) income-driven repayment plan.   If you’re s ..read more

Student loan consolidation and refinancing serve similar purposes: Each can make tracking and managing student loan payments more manageable. And sometimes, you can benefit from a lower rate or lower monthly payments when you employ these strategies.    Despite being similar, some important differences exist between student loan consolidation and student loan refinancing. Here’s what to know if you consider moving forward with either approach. What is the Difference Between Student Loan Consolidation and Refinancing?  The difference between student loan consolidation vs. refinan ..read more

Most students enter college when they’re 18 or 19 years old. Student loan repayment may seem a long way off at that age, but you may be surprised at how quickly the payments become due — and how long you’ll be in repayment.    When will my student loan be paid off? That’s a common question, especially as student loan statistics show the average balance per borrower reached $39,032 in 2022. Typical repayment periods can range from five to 25 years, but how long it will take to repay your loans depends on your loan type, student loan interest rate, payment plan and whether you use an a ..read more

With the Supreme Court’s ruling against President Biden’s student loan forgiveness plan, millions of Americans can expect to restart payments on their federal student loans.    Here’s the court’s ruling, its effects, and how students can move forward once repayment begins.  The Supreme Court’s Decision   On June 30th, 2023, in a 6-3 ruling, the Supreme Court ruled that the Biden Administration had no authority to implement its student debt relief plan.    The legality of Biden’s plan had been previously questioned since its announcement. On Friday,  a ma ..read more