{"id":9816,"date":"2023-08-07T16:19:58","date_gmt":"2023-08-07T16:19:58","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/savings\/top-five-college-debt-and-savings-resources\/"},"modified":"2023-08-07T16:19:59","modified_gmt":"2023-08-07T16:19:59","slug":"top-five-college-debt-and-savings-resources","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9816","title":{"rendered":"Top Five College Debt and Savings Resources"},"content":{"rendered":"
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Everyone can agree, college is expensive. There\u2019s no sugarcoating that; however, there are many resources and tools available that can help reduce the price tag. Whether it’s for you or your kids, paying for education, while usually a great investment in yourself, is a costly undertaking and that can saddle you with steep payments and student loan debt for years to come.\u00a0<\/span><\/span><\/p>\n

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There are two approaches to mitigating the burden of higher education costs: Saving\u00a0now and taking out less in student loans or if you have to take out loans, paying them back more efficiently when the time comes.\u00a0Here are 5 tools to help you prepare for these future expenses or help you manage existing debt.\u00a0<\/span><\/p>\n

1. Loan Refinancing\u00a0<\/strong><\/span><\/p>\n

Loan Refinancing <\/em><\/strong>is when you replace your current loan with\u00a0another one that has more favorable terms, such as lower interest rates or the ability to pay at a faster rate.<\/span><\/p>\n

When you refinance your loan, you are working with a lender to swap out an old loan for a new and better one. Whether you have federal or private loans, you can use this option to pay\u00a0reduced monthly payments, lower interest rates, and even shorter repayment terms. Also, if you don’t like the loan terms you can refinance it every so often.<\/span><\/p>\n

You need to have a solid credit score and a consistent stream of income to qualify for this method. If you find this is the best choice for you, NerdWallet and Credible have teamed up to curate a list of lenders that will provide the best refinancing options.<\/span><\/p>\n

2. Loan Consolidation<\/strong><\/span>\u00a0is when you combine all of your debts into one, and pay a single monthly payment.<\/span><\/p>\n

Loan consolidation can sound like a hassle and an intimidating resource; after all, you\u2019re taking multiple loans and combining them into one large loan.\u00a0That’s not necessarily accurate.\u00a0When you consolidate your loans, you are actually making it easier to save money and even pay back your debt at a faster rate. Similar to loan refinancing, you can pay your debt down with the following methods:<\/span><\/p>\n