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When it comes to privately refinancing federal student loans (e.g., any lending organization other than the government), the overarching strategy is to obtain an interest rate that is lower than the rate of your current loan(s).As a result, refinancing at a lower rate is often a financially positive one because reducing the rate on your federal student loans could: Before we get overly excited and say that privately refinancing your federal student loans is a "no-brainer," it's extremely important to understand what you are keeping and losing should you choose to stick with those government loans or privately refinance them.Seven in 10 college seniors who graduated in 2012 had student loan debt. Private loans are not backed by the federal government and are more risky and expensive than federal loans.
With so much at stake, how can borrowers best manage their student loan debt?
But higher education is expensive and scholarship and grant aid has failed to keep pace with rising tuitions.