SoFi Review: Student Loan Refinancing

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sofi review

Saving thousands of dollars on your student loan debt seems ideal, and that’s just what SoFi promises. Is it legit, though?

SoFi is a modern finance company. They partner with members to offer great service and low rates for student loan refinancing, mortgages and personal loans.

But if it the right student loan refinancing company for you?

Let’s find out, together in our SoFi review.

What is SoFi?

SoFi or Social Finance, Inc. is an online personal finance company that provides student loan refinancing, mortgages and personal loans.

Who is SoFi Best For?

SoFi is quickly becoming one of the largest providers of student loan refinancing and consolidation. SoFi is good for refinancing or consolidating student loans or anyone that has good or excellent credit score.

Visit SoFi to learn all of their options to see what they have for you.

Services Offered

Student Loan Refinance and Student Loan Consolidation

SoFi Features

Auto Payment, Career Support, Cosigner Option

SoFi Student Loan Refinancing Rates

Student Loan Refinance: 2.58% APR – 7.25% APR

  • Student Loan Refinance Variable Rates: 2.58% – 7.07%
  • Student Loan Refinance Fixed Rates: 3.25% – 7.25%

The company currently has a variable rate of 2.58% – 7.07% and fixed rates between 3.25% – 7.25%.

Rates are subject to change. You can get your student loan refinancing custom rate in 3 minutes or less by clicking here.

SoFi Loan Length

Loan Length: 5, 7, 10, 15, 20

You can get a loan through them for a 5, 7, 10, 15, or 20-year term. Speak to one of their representatives to figure out the best loan length that works for you.

SoFi Loan Amounts

The company currently offers student loan refinancing and consolidation for loans between $5,000 and $300,000.

SoFi Eligibility

To qualify for this loan, you will need to have an excellent credit history and be able to prove that you have an adequate income to pay off the loan. Please talk to a representative to discuss other criteria that might apply to you and your application for refinancing your student loans.

SoFi Pros:

  • SoFi strives to provide exceptional customer service and it shows
  • Unemployment protection up to 1 year
  • Can get the lowest rates without a cosigner

 

SoFi Cons:

  • Must have a good or excellent credit score to get approved
  • If you already have a low-interest rate on your student loans, SoFi may not be able to save you money

 

Is SoFi Safe?

SoFi has an A+ rating on the BBB page. They also have 162 customer reviews with an average of 2/5 stars.

More SoFi Info:

BBB File Opened: 09/12/2012

Years in Business: 7

Business Started: 6/17/2011

Business Incorporated: 6/17/2011 in CA

Accredited Since: SoFi is not BBB accredited.

Type of Entity: Corporation

SoFi Headquarters: 1 Letterman Dr Bldg A STE 4700, San Francisco, CA 94129-1494

SoFi Contact Information:

Fax Numbers

  • N/A

Phone Numbers

  • (888) 837-3328

Why Should You Refinance Your Student Loan Debt?

In case you’re wondering why someone would refinance student loan debt, here are the top reasons:

1. It’s simple to check your rate and can save you a lot of money

There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

2. If you have a high interest rate on your student loans

Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

3. If you don’t qualify for public student loan forgiveness

Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

4. Have more questions?

If you want to learn more about student loans before refinancing student loans with SoFi, here are some good student loan resources to consider:

Ready to Get Your Rate at SoFi?
sofi review

 

(Or click here to learn more about SoFi →)

LendKey Review: Is It Safe and Legit?

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LendKey Review

Saving thousands of dollars on your student loan debt seems ideal, and that’s just what LendKey promises. Is it legit, though?

LendKey filled a void that existed in the student loan refinancing industry. They have been around since 2007. They took advantage of the student loan industry by beating small banks and credit unions to the punch with student loan refinancing and private student loans. But if it the right student loan refinancing company for you?

Let’s find out, together in our Lendkey review.

What is LendKey?

LendKey is a platform that connects borrowers with community banks and credit unions that provide private loans for undergraduate and graduate students and refinance loans for college graduates.

Who is LendKey Best For?

Lendkey is a great option for those that have an average credit score and you’re looking for a lot of options in terms of student loans refinancing or consolidation.

Visit LendKey to learn all of their options to see what they have for you.

Services Offered

Student Loan Refinance and Student Loan Consolidation

LendKey Features

Auto Payment, Cosigner Option, Calculator on Website

LendKey Student Loan Refinancing Rates

Student Loan Refinance: 2.51% APR – 8.82% APR

  • Student Loan Refinance Variable Rates: 2.51% – 8.09%
  • Student Loan Refinance Fixed Rates: 3.49% – 8.82%

They have interest rates as low as 2.51% – 8.09% for variable APR and 3.49% – 8.82% for fixed APR.

You can get your student loan refinancing custom rate in 3 minutes or less by clicking here.

LendKey Private Student Loans

Private Student Loans: 4.92% APR – 10.01% APR

  • Private Student Loans Variable Rates: 4.92% – 10.01%
  • Private Student Loans Fixed Rates: 5.36% – 9.69%

You can get your private student loan custom rate in 3 minutes or less by clicking here.

Loan Length

Loan Length: 5, 7, 10, 15, 20

You can get a loan through them for a 5, 7, 10, 15, or 20-year term. Speak to one of their representatives to figure out the best loan length that works for you.

Loan Amounts

The company currently offers student loan refinancing and consolidation for loans over $5,000.

LendKey Eligibility

To qualify for this loan, you will need to be able to prove that you have an adequate income to pay off the loan and an average credit score.

Lendkey Pros:

  • LendKey focuses on customer service
  • The average person saves around $16,657 in student debt refinancing
  • Conveniently offers a 30-day, no-tax or interest return, if customers are not satisfied

 

Lendkey Cons:

  • The minimum credit score for acceptance is around 680, and they require a strong credit history
  • Reviews have said the website is not user-friendly, and the process of uploading documents online is confusing

 

Is LendKey Safe?

LendKey has an A+ rating on the BBB page. They also have 5 customer reviews with an average of 1/5 stars.

More LendKey Info:

BBB File Opened: 10/23/2009

Years in Business: 11

Business Started: 5/2/2007

Business Incorporated: 5/2/2007 in DE

Accredited Since: 9/24/2012

Type of Entity: Corporation

LendKey Headquarters: 104 West 27th Street, 4th Floor, New York, NY 10001-6210

LendKey Contact Information:

Fax Numbers

  • (866) 610-7450

Phone Numbers

  • (888) 549-9050
  • (800) 881-8985

Why Should You Refinance Your Student Loan Debt?

In case you’re wondering why someone would refinance student loan debt, here are the top reasons:

1. It’s simple to check your rate and can save you a lot of money

There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

2. If you have a high interest rate on your student loans

Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

3. If you don’t qualify for public student loan forgiveness

Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

4. Have more questions?

If you want to learn more about student loans before refinancing student loans with LendKey, here are some good student loan resources to consider:

Should I Refinance My Student Loans?

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Should I Refinance My Student Loans

How’s it going since graduation? Got a new job? Have kids yet? Odds are that you still have student loans that you are repaying up to now. You are left thinking: should I refinance my student loans?

Logically, loans and debts get costlier the longer they remain. For you to finally move on and forward, you need to eliminate any outstanding student loan that may be hindering some life goals you have in life. It is good news that refinancing is now possible and is a great way to save money on your student loans. It makes sense —  Why not take a new loan to repay or consolidate all your student loans to make your interest rate and fees lower?

The intensifying competition among various student loan providers makes the current lending market all the more attractive. If you are now wondering if refinancing is for you, we will share helpful student loan tips that you can use to decide. At the end of this article, you will know if you should avoid refinancing or when you should refinance student loans.

Let’s start with when you shouldn’t refinance

While student loan refinancing can help you save money over the long term, it may not make you eligible for certain consumer protections.

You should avoid refinancing if:

You want to qualify for federal forgiveness programs.

Federal loans offer federal forgiveness programs that’ll help you pay off your student loan debt. The list below is a quick view of the types of forgiveness, cancellation, and discharge available for the different types of federal student loans.

Type of Forgiveness, Cancellation, or Discharge Direct Loans Federal Family Education Loan (FFEL) Program Loans Perkins Loans
Public Service Loan Forgiveness

X

X*

X*

Teacher Loan Forgiveness

X

X

Perkins Loan Cancellation (includes Teacher Cancellation)

X

Total and Permanent Disability Discharge

X

X

X

Death Discharge

X

X

X

Bankruptcy Discharge (in rare cases)

X

X

X

Closed School Discharge

X

X

X

False Certification Discharge

X

X

Unpaid Refund Discharge

X

X

*FFEL Program loans and Perkins Loans may become eligible for Public Service Loan Forgiveness if they are consolidated into the Direct Loan Program.

Refinancing your student loans will repay your old federal student loans with a new loan from a private company. This means you won’t be eligible for forgiveness, cancellation or discharge from the Federal Government.

In addition to the types of forgiveness, cancellation, and discharge shown above, you may also be eligible for discharge of your federal student loans based on borrower defense to repayment if you took out the loans to attend a school that misled you, or engaged in other misconduct in violation of certain state laws, and if the school’s act or omission directly related to your federal student loans or to the educational services that you paid for with the loans.

If you think you are eligible for federal forgiveness programs, contact your loan servicer. If you have a Perkins Loan, you should contact the school that made the loan or the loan servicer the school has designated.

You want a repayment plan based on your income

An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. You can qualify for four income-driven repayment plans:

  • Revised Pay As You Earn Repayment Plan (REPAYE Plan)
  • Pay As You Earn Repayment Plan (PAYE Plan)
  • Income-Based Repayment Plan (IBR Plan)
  • Income-Contingent Repayment Plan (ICR Plan)

If you’d like to repay your federal student loans under an income-driven plan, you need to fill out an application here.

If you refinance your loans through a private company you will no longer be eligible for income repayment plans.

You have bad credit

Getting approved for refinancing usually means that you have good or decent credit. Many people can find a co-signer to avoid a bad credit situation. Even if you do have bad credit, if you have been making an effort to pay off your student loans regularly, you still may qualify.

When should you refinance?

You should refinance your student loans if you meet the following:

As soon as you have a stable income (and good credit)

As soon as you have a stable income and the ability to repay student loans you are likely eligible to refinance your student loans and save money.

It would be best if your credit score is high. That is because products for refinancing student loans are just like other types of loans: loan providers approve and provide amounts based on credit history. Thus, when you have plans to refinance a student loan, you should bolster your credit months before your effort. If there are inaccuracies in the report, you should immediately seek corrections. Your good credit standing would qualify you for more competitive rates and lower fees.

If you have loans with high interest rates

Two types of loans could be tapped: federal and private student loans. Logically, federal loans come with lower rates but the requirements could be stricter. You may also consider refinancing loans with longer terms, which come with lower rates. Many competitive private loan providers also offer more attractive rates and costs.

You have multiple, expensive loans

If you have multiple loans over $10,000 then it makes sense to look into refinancing options. Many lenders can help you consolidate multiple loans into one manageable monthly payment.

After grace periods

Many federal student loans offer a grace period for the first six months after you leave school. You don’t have to make monthly payments on your loans during this period.

This is very helpful in allowing you time to find employment in order to be able to repay the student loans. After the grace period is over, it is wise to look into refinancing options.

Am I ready to refinance?

Refinance Student Loans with Credible

  • Compare prequalified refinancing rates from up to 10 lenders
  • Credible users save an average of $18,000
  • Fill out a simple 2-minute form to compare rates
  • Checking your rates won’t affect your credit score

Refinance with Credible

Once you have determined that refinancing is right for you, keep the following tips in mind.

Check and prepare all documentary requirements before applying for a refinance loan

It usually takes time for any borrower to verify eligibility requirements. Take note that different lenders have varying standards and requirements that should be met to make any loan applicant qualify for refinance loans. It would be best if you would not encounter any hassle when asked to submit documents as part of the refinance loan process.

Understand your rights as well as responsibilities before applying for and obtaining a refinance loan

You must fully understand all the rights and responsibilities that are usually imposed when taking a new loan before signing any loan contract. Again, take note that student loan repayment could be reduced by getting lower interest rates, prolonging the repayment term, or both. Review available options before making a decision.

Compare discounts and incentive offers from different loan providers

You would be surprised at how numerous lenders offer considerable markdowns for early payment, automatic or direct draft payment plans, and of course on-time payment. Imagine how much discount you could secure if such incentives and conditions are combined. Reducing rates by up to 1% or more would mean a lot to you.

Where to refinance

The lenders in the table below are our picks for the best banks to refinance student loans and consolidate student loans and start saving more money in 2019! These lenders don’t charge origination fees or closing fees and provide the best rates.

LenderVariable APRGet startedDetails
studentloansadvice1.81% to 5.74%VISIT LENDER
at SoFi

SoFi Details

  • Loan Types: Variable and Fixed
  • Terms: 5, 7, 10, 15, 20
  • Eligible Degrees: Undergrad and Graduate
  • Eligible Loans: Private and Federal
lendkey2.01% to 8.88%VISIT LENDER
at LendKey

LendKey Details

  • Loan Types: Variable and Fixed
  • Terms: 5, 7, 10, 15, 20
  • Eligible Degrees: Undergrad and Graduate
  • Eligible Loans: Private and Federal
earnest
1.81% to 6.49%VISIT LENDER
at Earnest

Earnest Details

  • Loan Types: Variable and Fixed
  • Terms: 5 – 10
  • Eligible Degrees: Undergrad and Graduate
  • Eligible Loans: Private and Federal

Final word

Through these student loan refinancing tips, you could surely find and obtain an ideal refinance loan so you could finally pay off and clear all your outstanding student loans. The best part? You can check your new lower rates instantly at LendKey, click here to learn more.

If you need more help with refinancing loans, you can check out our refinancing guide as we make the process of refinancing student loans could quite easy.

If you are still wondering “Should I Refinance My Student Loans?” then leave your question below and we’ll get back to you.

How to Get Out of Student Loan Debt (7 Legal Ways)

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how to get out of student loan debt

Have crippling student loan debt? Here are ways you can legally stop paying student loans. It may be worth your time to see if you qualify.

More than 40 million Americans have student loan debt. Of those borrowers, 5.6 million owe more than $50,000. That kind of crushing five-figure debt can take a real financial and mental toll.

You probably heard about student loans being discharged and now you are looking all around the internet if there are any legitimate student loan forgiveness programs available out there so you can stop paying student loans.

Is it too good to be true?

While looking for the real ways to get them discharged and quit paying student loans you also have to watch out for student loan forgiveness scams. There are a lot of them claiming they can get your debt forgiven, which is usually not the case.

There are also the legitimate ones that can guide you through the whole application process that helps you take advantage of any federal programs that might be available for you. So before you stop paying so you can avoid student loans sold to a collection agency you should learn about your forgiveness options.

Student loan forgiveness options have been around for some time now when President Obama reformed part of the Direct Loan program in 2010 by signing the Health Care and Education Reconciliation Act of 2010.

Student Loan Forgiveness programs have been set into place in order to help aid former students in paying for their education following graduation (sadly, these programs are only applicable to students with federal student loans, not private student loans).

Getting loan forgiveness is a lengthy process that only applies under certain circumstances.

How To Stop Paying Your Student Loans

Besides making more money, you may feel like your options are limited. Here are three legitimate programs that could help you get your loans forgiven:

1. Enroll in income-driven repayment

Most federal student loans are eligible for at least one income-driven repayment plan. If your income is low enough, your payment could be as low as $0 per month.

An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. You can enroll in four income-driven repayment plans:

  • Revised Pay As You Earn Repayment Plan (REPAYE Plan)
  • Pay As You Earn Repayment Plan (PAYE Plan)
  • Income-Based Repayment Plan (IBR Plan)
  • Income-Contingent Repayment Plan (ICR Plan)

If you’d like to repay your federal student loans under an income-driven plan, you need to fill out an application.

2. Pursue a career in public service

If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program.

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

To qualify for PSLF, you must

  • Work for a government agency or for certain types of nonprofit organizations
  • Work full-time for that agency or organization
  • Have Direct Loans (or consolidate other federal students loans to qualify)
  • Repay your loans on an income-driven repayment plan
  • Make 120 qualifying payments

Think you are eligible? You can use the PSLF Help Tool to assist you in starting the Employment Certification Form that you will eventually print, complete, and submit.

3. Apply for disability discharge

Total and Permanent Disability Discharge is available to federal student loan borrowers who are disabled and unable to engage in any substantial gainful activity (employment) because of physical or mental impairment.

The discharge would provide you with relief on your student loans by removing the debt completely that is under your name. You must be able to prove to the Department of Education (DoE) that you are in fact permanently disabled.

Few options to prove your disability

  • If you have received a notice of award for SSDI or SSA you can submit this to the DoE to review. The notice must state that you are permanently disabled, as well as having your next review between 5-7 years. If your next review is less than 5 years, you will not qualify for a disability discharge.
  • Your physician can submit a certified form stating that you are totally and permanently disabled. The physician would need to state what is your disability, how long it is expected to last, and whether he or she believes you are unable to engage in gainful activity due to your disability.
  • If you are a veteran, the Veterans Affairs office can provide documentation to you that you are unemployable due to a service-related injury.

Your disability must have lasted, or is expected to last at least 60 months, or is expected to result in death.

4. Ask your employer

If you are not eligible for federal programs, you may get lucky if your employer can help with those payments. According to a report from Debt.com, about 4% of employers help their employees with their student loan payments. That number is going to increase next year.

All that it takes? Simply asking your employer if they offer assistant with student loan repayment.

The worst they can say is no.

5. Serve your country

If you are a veteran and served your country then you may be eligible for student loan forgiveness. Each branch has its own set of requirements and rules so it’s worth checking out.

If you didn’t serve, you can also benefit by volunteering your time with AmeriCorps or Peace Corps which can also grant loan forgiveness.

6. School closure

The closed school discharge program is available if you attended a school that closed while you were enrolled or if you withdrew 120 days before the school’s closure.  (Note that the period changed from 90 days to 120 days as of July 1, 2014).

Only loans received at least in part on or after January 1, 1986, may be discharged. FFEL and Direct Stafford loans, PLUS, and Perkins loans are eligible. Consolidation loans are trickier. A consolidation loan usually consists of a number of underlying loans.

If any of these underlying loans could be canceled, you can apply for a closed school cancellation for these loans only. If granted, you will receive a credit for the amount of the underlying loans related to the closed school.

7. Borrowers defense to repayment (BDR)

The Obama administration introduced the Borrower Defense to Repayment (BDR) rule as a way to provide debt relief to students defrauded by their school.

The legislation was prompted by the closing of Corinthian Colleges, which left approximately 16,000 students with debt and no degree. Although borrowers have been able to seek loan forgiveness from fraudulent colleges since 1995, BDR makes the application process much easier.

For-Profit Schools went through several investigations between 2010 and 2016. What the investigations revealed that in some cases the colleges had over 50% dropout rate, they were overcharging students, using illegal recruitment tactics, misleading students about their accreditation and especially job placement.

Some colleges were even encouraging students to forge documents to get approved for loans they should never have gotten. At this point, these schools have cost the taxpayer around $24 billion dollars.

In the six months prior to leaving office, the Obama administration forgave nearly 28,000 loans.

Final word

With the options available there is a high chance that you could get out of student loan debt or more formally get your student loan debt forgiven, it just a matter of taking the time and knowing your options.

Earnest Review: Student Loan Refinancing

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earnest review

Saving thousands of dollars on your student loan debt seems ideal, and that’s just what Earnest promises. Is it legit, though?

Earnest is a technology-enabled fintech lender, headquartered in San Francisco that offers personal loans and student loan refinancing.

But if it the right student loan refinancing company for you?

Let’s find out, together in our Earnest review.

Refinance your student loan with Earnest and earn a $200 bonus when you sign your loan!

Get Your Rate

Earnest Reviews

Earnest promises they can lower your rate, then allow you to customize and manage your payments online. They offer flexible payments and private & federal loans are eligible with radical flexibility. Users save on average $30,939.

Heard enough? Head over to Earnest and check your rate in 3 minutes to see how much you can save.

Who is Earnest Best For?

Earnest is best suited for those who are just coming out of school who have little to no credit history. They have a lot of options for students and other individuals that are looking for a small loan and they have very unique flexibility.

For example, you can set your own monthly payments and change between fixed and variable rates without any fees. Earnest has lower than average rates in the industry (click to view comparison rates).

Visit Earnest to learn all of their options to see what they have for you.

Services Offered

Student Loan Refinance and Student Loan Consolidation

Earnest Features

Auto Payment, Career Support, Cosigner Option

1. Lower rates through better data

They use data other lenders don’t—like your savings patterns, investments, and career trajectory—to give you the rate you deserve.

2. Customization to your budget & timeline

Precision Pricing saves money for student loan clients by using your budget to determine a unique rate and term—down to the month.

3. Seamless from start to finish

Apply online, then manage your account payment preferences with our intuitive dashboard.

4. Expert in-house service

They have an in-house Client Happiness team is available via call, text, or email for student loan clients.

Refinance your student loan with Earnest and earn a $200 bonus when you sign your loan!

Get Your Rate

Earnest Student Loan Refinancing Rates

Get one simple payment that fits your budget. Variable rates start at 2.47% APR with Auto Pay.

You can get your student loan refinancing rate in 2 minutes by clicking here.

Earnest Loan Length

Loan Length: 5, 7, 10, 15, 20

You can get a loan through them for a 5, 7, 10, 15, or 20-year term. Speak to one of their representatives to figure out the best loan length that works for you.

Earnest Loan Amounts

The company currently offers student loan refinancing and consolidation for loans over $5,000.

Earnest Eligibility

To qualify for this loan, you will need to have an excellent credit history and be able to prove that you have an adequate income to pay off the loan. Please talk to a representative to discuss other criteria that might apply to you and your application for refinancing your student loans.

Earnest Pros:

  • Easy to get approved. Great for people just coming out of school who have little to no credit history
  • Offers unique flexibility, people can set their own monthly payments and change between fixed and variable rates without any fees
  • Earnest has lower than average rates in the industry

 

Earnest Cons:

  • The company is limited in its locations
  • Applicants must be employed or have a written job offer in order to be eligible for student loan refinancing
  • Earnest was only established in 2013

 

Why Should You Refinance Your Student Loan Debt ?

In case you’re wondering why someone would refinance student loan debt, here are the top reasons:

1. It’s simple to check your rate and can save you a lot of money

There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

2. If you have a high interest rate on your student loans

Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

3. If you don’t qualify for public student loan forgiveness

Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

4. Have more questions?

If you want to learn more about student loans before refinancing student loans with Earnest, here are some good student loan resources to consider:

Ready to Get Your Rate?

Refinance your student loan with Earnest and earn a $200 bonus when you sign your loan!

Get Your Rate

 

(Or click here to learn more about Earnest →)

Best Private Student Loans for 2021

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best private student loans reddit

Looking for the best private student loans? Reddit

Funding your education using student loans can be pretty useful. Here is an insightful guide on all you need to know about the best private student loans of 2021.

You have deftly tackled the nerve-wracking pressure of getting into the college or university of your dreams. You have the scores, a host of co-curricular activities to show your mettle, and the only thing left to do is secure a student loan to fund your education.

Quite a significant number of students are in your shoes right now. In fact, studies reveal that a whopping 71% students course through college with the help of student loans every year on an average. Not that startling, if you think about the high cost of education at the leading higher education institutions all across the world.

Since you are at the threshold of applying for one, it is best to proceed with all the knowledge that you can get your hands on regarding student loans. Presented here is a quick overview of the crucial facts and factors pertaining to student loans along with 6 best private student loan options you can explore.

The Difference Between Federal and Private Student Loans

Did you know the likes of Barack Obama and plenty of Hollywood actors (including Jane Lynch and Finesse Mitchell) all had to use student loans, whether federal or private? They couldn’t even escape the high cost of college, which is usually over $30,000 in the United States for a 4-year public college.

Before we apply for student loans, here are the basics of federal and private student loans.

Federal and Private Student Loans – Know the Difference:

Federal Student Loans

A federal loan stands for a loan that you borrow from the government. You are basically using the taxpayers’ money to get your college or university degree, hence repaying federal loans come with a different level of responsibility altogether.

However, since interest rates are comparatively lower in federal loans and one does not require having a great credit score, most students take a lax approach when the time comes for repayment. You will also find options for paying as per your level of income or alternative repayment options if you apply for federal loans.

Private Student Loans

In case you opt for a private student loan, a credit union, bank or online lender provides you with the money that you need to pay your way through getting a higher education degree. They can have varying rates of interest (that is usually dependent on the loan provider and the type of interest you choose) and have comparatively rigid repayment options.

However, since the rules regarding what you do with the loan money are quite lax in case of private loans, you can come up with ingenious tricks to pay it off way before it starts accumulating interest.

Top 6 Best Private Student Loan Options

Prior to approaching a lender for a private student loan, you must know that you will need to have to meet a number of criteria for your loan to be approved.

Carefully consider if you have a good credit score (or having a creditworthy co-signer will also do the trick) and have read their terms and conditions before you apply.

Here are the six best private student loans that will help you pay off the high tuition fees for college or university.

In a hurry? You can easily find the best private student loans with Credible. Credible is an online marketplace that provides borrowers with competitive, personalized loan offers from multiple, vetted lenders in real-time.

But if you want to do your research — here are the best private student loans we’ve found.

 1. Best Overall: LendKey

best private student loans reddit

LendKey offers repayments terms ranging from five to 20 years.  They have numerous excellent 5-star reviews on TrustPilot and the process is easy to complete.

Borrowers can include parents of students, parents of graduates and degree holders as well as current undergrad and graduate students. To be eligible, U.S. citizens and permanent residents must have proof of citizenship or residence permit as well as proof of income. Potential borrowers can check their eligibility online and then receive offers from LendKey’s networks of community lenders.

The minimum loan amount starts at $7,500 and goes up to $250,000, with rates as low as 3.85% or 4.86% depending on if you go with a variable or fixed APR.

Don’t meet the requirements or want to qualify for a lower interest rate?

LendKey allows for borrowers to add a cosigner to the loan to help borrowers meet eligibility and get the interest rate that works best for them. This isn’t the only benefit to considering a LendKey loan, they also offer unemployment protection. If you lose your job or have just finished school, loan payments are placed on temporary hold.

lendkey

Visit LendKey

Or, click here to learn more about Private Student Loans with LendKey.

2. Funding U

fundingu

Funding U, also known as Funding University, has been around since 2016. This is a company that offers student loans to students without credit or a co-signer at eligible four-year colleges.

Funding U doesn’t fund you based on your credit score, but your grades in school and projected earnings after graduation. If you are a junior or senior in college, you can qualify for a Funding U loan. However, if you are a freshman or sophomore, the approval process is more strict.

It’s a smart option for students because:

  • You don’t need a co-signer or credit history to get a loan.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • DACA students with a work-eligible Social Security number can qualify.

If you wanted to apply you can see what rate you’ll get and it’s a soft credit check. The loan term is 10 years and loan amounts up to $10,000 and the range of interest rates is in line with other private student lenders.

funding u

Visit Funding U

Or, click here to learn more about Private Student Loans with Funding U.

3. Citizens Bank

citizen bank private student loanLooking to make financing your education easy and affordable? You can apply for a private student loan from Citizens Bank today if you have a good or excellent credit score.

  • Loan repayment terms of 5, 10 or 15 years
  • 25% reduction in interest rates if you go for auto-repaying options while still in college or university
  • 25% reduction in interest rates for existing Citizens bank account holders
  • Fixed APR of 4.72% – 11.90%
  • Variable APR of 3.36& – 11.87%
  • No application, prepayment, disbursement or origination fees required
  • Good or excellent credit scores needed

Visit Citizens

Or, click here to learn more about Private Student Loans with Citizens.

4. College Ave

college ave private student loans

At College Ave Student loans you can apply in just 3 minutes and get an instant decision. College Ave offers 4 flexible repayment options to help you make paying your student loans off easier.
Special features include:  Repayment Options, US Based Customer Service, Easy Mobile Application.
  • Loan term length of 8, 10, 12 or 15 years
  • No application, origination or prepayment fees required
  • 25% reduction in the interest rate for auto-repaying methods while in college or university
  • Fixed APR of 4.72% – 12.94%
  • Variable APR of 3.96% – 12.94%
  • Good or excellent credit score needed (get a co-signer if you have a bad or no credit score)

Visit College Ave

Or, click here to learn more about Private Student Loans with College Ave Student Loans.

5. Sallie Mae

sallie mae private student loans

Sallie Mae offers a variety of student loans for college and more. Apply for the Sallie Mae private student loan that fits your needs today and you’ll be in great hands.

  • Covers up to 100% of education costs (including college-approved expenses)
  • Offers interest rate reductions (subject to terms and conditions)
  • 15-minute response time after applying
  • No origination, prepayment or application fees
  • Fixed APR of 4.74% – 11.35%
  • Variable APR of 3.37% – 10.75%
  • Good or excellent credit score required (you can opt for a co-signer in case you do not have a credit score)

Visit Sallie Mae

Or, click here to learn more about Private Student Loans with Sallie Mae.

6. SunTrust

Update: SunTrust is no longer offering private student loans.

SunTrust offers several private student loan options to fill the gap when federal loans, scholarships & grants aren’t enough to cover education expenses.

  • Re-financing options of existing private student loans to the new student loan module
  • Loan terms to choose from 7, 10 or 15 years
  • Fixed APR of 4.30% – 11.05%
  • Variable APR of 3.62% – 10.67%
  • 50% reduction in interest rate if you choose the auto-payment option when in college or university
  • No application or origination fee required
  • Loan repaying cluster options (principal and interest, partial interest, interest-only, deferred payment) available when in college or university
  • Good or excellent credit score needed (opt for a co-signer if you do not have a credit score)

7. Discover

discover private student loans

Learn about student loans for college from #6 on our top picks for private student loan options. Discover Student Loans can help you find the best private student loan to fit your needs.

  • Covers up to 100% of your education costs (including college-approved estimations of tuition and additional resources)
  • Offers an interest-only repayment discount
  • Includes 1% cash reward as an acknowledgment for good grades
  • A simplified application process that provides the promptest feedback
  • Fixed APR of 4.74% – 12.99%
  • Variable APR of 3.37% – 11.87%
  • No origination or prepayment fees needed
  • A good or excellent credit score is needed (you can get a creditworthy co-signer in case you have a bad or no credit score to show)

Visit Discover

Or, click here to learn more about Private Student Loans with Discover.

Are There More Private Student Loan Options?

This list is not a comprehensive one by any means. There are definitely many more student loan options available to you — both private and federal — that we encourage you to research and consider as well.

The loans listed here are some of the best in regards to benefits and future opportunities, such as the interest rate reduction for meeting various requirements.

Your Best Option for Private Student Loans

You can benefit from using our top pick, LendKey, to help you pick the best private student loan with the lowest rates:

best private student loans reddit

Visit LendKey

When choosing a loan, remember to consider variable versus fixed rates and also the repayment plans offered. You might not have the resources to repay a loan immediately after you graduate and enter the workforce. In that case, deferment options and grace periods are highly beneficial.

Whether it is a public, non-profit private, or for-profit private higher education institution, you can ease a considerable portion of the financial burden if you choose to go for private student loans. It is a common case for almost every student aspiring for higher education. Consider all the factors carefully before you apply for one, read our student loans 101 guide, and make sure that you are wise with spending the money.

With oodles of confidence, a fiery passion for academics, and all-around know-how of the workings of the world, you will surely be able to repay your student debt once you start earning a living after graduation. Good luck in securing a suitable private student loan to give wings to your scholastic aspirations!

Other resources to help pay down your student loans

If you are looking for ways to pay off your student loans here are some helpful resources:

Any questions on any of these best private student loans for 2021? Sound off below!

Pay Your Loans Fast with The Best Student Loan Repayment Plans

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Student Loan Repayment Plans

This post will provide you with ways to help with dealing with massive student loan debt by choosing the right student loan repayment plans.

Everyone knows that they should be paying down student loan debt as fast as possible.

If it were only that easy. While there are some ways to get free money and ways to stop paying your loans, you need to buckle down and figure out your options.

Some of the most common questions I get from my readers about student loans are, “Do I qualify for a discounted payment plan or loan forgiveness?” And, “Am I on the right payment plan?”

Student loans are a massive economic burden for millennials that graduate from college every day. According to one study by Pew Research Center, 1 in 4 American adults have student loan debt. Those who have bachelor’s degrees owe a median of $25,000 dollars. Many college graduates and parents are worried about paying off student loan debt, especially if other payments are taken into consideration. However, there is room for hope for many in the form of student loan forgiveness programs.

These are specialized programs that are offered by government agencies to help reduce the burden of student loan debt college graduates face each year. The eligibility requirements for student loan forgiveness vary depending on the program. Another benefit to forgiveness programs is that most programs will suspend the deadline for you to pay your loan while they review your application. In this article, we will show you how to apply for student loans, whether someone qualifies for student loans, and what to watch out for when applying.

How to Apply & Eligibility

Student Loan forgiveness programs are often accessed at the federal level. You can contact a loan servicer that can help you with eligibility and billing for student loan forgiveness programs. From here, you can talk to your loan servicer on what options you have when applying for forgiveness programs.

Certain programs will only offer forgiveness for certain types of loans for example, teacher loan forgiveness programs only offer student loan forgiveness if your loans are either direct loans or federal family education loans (FFEL). Some, but not all, types of forgiveness programs will offer you loan forgiveness for Perkins Loans so please read the program description carefully.

What Types of Student Loan Forgiveness Programs are Out There?

There are a variety of student loan programs offered by both federal and state governments. Most of these programs are based on occupations such as work for government, teaching, or military for example. Others include forgiveness programs based on income such as the Federal Income-Based Repayment program or the Pay as You Earn Program.

These loan forgiveness programs are especially helpful when you have bills that total up to more than 10% of your discretionary income. Other student loan programs are sponsored by state governments such as the Maryland SmartBuy Home Buyer Assistance & Forgiveness Program or the Janet L. Hoffman Loan Assistance Repayment Program.

Standard Payment Plans

If you took out:

Or almost any other loan out there, you were probably automatically enrolled in a standard payment plan as soon as your grace period ended.

These loans are paid back over 10 years and will typically be the option that offers you to get out of debt the fastest but have the highest payment.

This may not always be your best option though.

How You Can Lower Your Student Loan Payments

Income-driven plans, or plans that make it easier for federal student loan borrowers to pay back loans if your debt is high compared to your income, were designed for those facing financial hardship upon graduation (which pretty much describes nearly all graduates these days).

Instead of simply calculating the payment period over three years, the government will calculate your payment based on a percentage of your income.

With an income-driven plan, it could take a while longer to pay down your debt (if you only pay the minimum monthly payment), but it can significantly lower your monthly payment if you have a high balance.

Plus, on some payment plans, when the interest owed exceeds the monthly payment, the government with cover the shortfall for three years or more.

Income-Driven Plans

You might be thinking, “I can afford to pay the standard payment. Why should I consider an income-driven plan?”

Good question!

Everybody knows that you should pay down the loan with the highest interest rate first.

What you may not know is that using an income-driven repayment plan can still have benefits even if you can afford the standard payment plan, since an income-driven plan lowers your monthly payment across all of your loans.

“Won’t I pay the same amount of interest either way?” you might be asking yourself.

Not necessarily.

Because your required payment is lowered, you now have more cash free to pay down your higher interest loan. This is especially meaningful if you have large differences in your interest rates.

Examples

Let’s look at an example of someone with $100,000 of student loans spread equally at 8.75%, and 4% and the differences an income-driven plan can make.

In this case, we are going to assume the borrower is eligible for Revised Pay AS You Earn (REPAYE) which caps payments at 10% of income.

 Plan Standard Payment REPAYE Amount Saved
Monthly Payment $1,150 $266
Additional Payment $884
Payback Period 10 Years 9 Years 1 Year
Interest Paid $38,000 $23,251 $14,749

Using REPAYE and paying $884 per month to the higher interest loan allowed this borrower to save almost $15,000 in interest payments!

This could go a long way toward a down payment on a house or even buy a nice car!

While Income-Driven Plans aren’t for everyone, I hope you can see the benefits and the flexibility that they can create for many borrowers.

Please see the table below for more details and specifics on the three most commonly used plans.

As always, be sure to contact a financial planner about which one is right for you.

The Three Types of Income-driven Student Loan Repayment Plans

Plan PAYE IBR REPAYE
What is it? Pay as You Earn –

Limits payments to the lower of 10% of borrower’s income or the standard payment plan.

Income-Based Repayment –

Limits payments to the lower of 15% of borrower’s income or the standard payment plan.

Revised Pay as You Earn –

Limits payments to 15% of borrower’s (family if married filing joint) income.

Interest Adjustment The government pays the first three years of interest on subsidized loans in excess of monthly payment The government pays the first three years of interest on subsidized loans in excess of monthly payment Government Covers First Three Years of Interest on subsidized loans not covered by payment and 50% of interest not covered thereafter.
Taxable Forgiveness Taxable Loan Forgiveness After 20 Years Taxable Loan Forgiveness After 25 Years Taxable Loan Forgiveness After 25 Years
PSLF Forgiveness Qualifies after 10 Years Qualifies after 10 Years Qualifies after 10 Years
Qualifying Loans
Federal Direct Loans
FFEL Loans* X X X
Perkins Loans* X X X
Parent Plus Loans* X X X
Private Loans X X X

*Can be eligible if consolidated into a Federal Direct Consolidation Loan

Are Student Loans a Problem?

This year, the total student loan debt was 1.56 trillion dollars across the total number of U.S borrowers with student loan debt of 44.2 million. That comes out to an average of 34,389.14 each student has in student loan debt!

The value of the American dollar, according to the current dollar index, has increased from 89 in September of 2009 to 101.46 in December of 2019, which shouldn’t be seen as having any effect of increasing debt.

While some of these issues seem blatant on paper, to the average student they can be nearly invisible until dramatically revealed. This isn’t helped by the fact that little is explained to students beforehand.

Lack of Information

Student debt can be increased by layers of hidden costs. Often, if a student asks about these costs, they will be denied detailed information. When information is revealed there may be questionable charges. Sometimes – for instance – students are charged for parking when they don’t own or operate a vehicle. Personally, this sounds borderline unethical as it appears to be charging for services not rendered.

I feel it is not the colleges themselves that are the root of this problem that is growing at a much more rapid pace than people realize. However, private for-profit colleges may be the exception to this opinion as they are designed to be profitable. The system itself and the boards that continue to utilize and encourage such systems desperately need to be broken down and restructured for the benefit of American education.

Summary

If you are thinking about the best repayment plans you should also consider other options out there for you such as refinancing student loans.

When you are managing student loan debt, a lender that as your back is SoFi

SoFi is a social lending company that provides rates as low as 1.9% variable with auto pay and 3.5% fixed with auto pay.

You can save thousands simply by refinancing your student loan interest rates. They can offer lower rates than the rest because they analyze you based on merit, quality of employment, and education besides just a credit score and financials.

There are zero origination and prepayment fees. Offer terms are from 5, 10, 15, 20 years in both fixed and variable. Both private student loans and public student loans can be refinanced. Besides low rates, one of their best features is their unemployment benefits.

If you lose your job while repaying your loans, you don’t have to pay your loan for up to 12 months while you look for a new job! Interest will still accrue, but having this cash flow break is a huge benefit. They also provide job assistance guidance as well.

If you’re interested in refinancing your student loans — you can take a look at the top refinancing lenders below:

LenderVariable APRGet startedDetails
studentloansadvice1.81% to 5.74%VISIT LENDER
at SoFi

SoFi Details

  • Loan Types: Variable and Fixed
  • Terms: 5, 7, 10, 15, 20
  • Eligible Degrees: Undergrad and Graduate
  • Eligible Loans: Private and Federal
lendkey2.01% to 8.88%VISIT LENDER
at LendKey

LendKey Details

  • Loan Types: Variable and Fixed
  • Terms: 5, 7, 10, 15, 20
  • Eligible Degrees: Undergrad and Graduate
  • Eligible Loans: Private and Federal
earnest
1.81% to 6.49%VISIT LENDER
at Earnest

Earnest Details

  • Loan Types: Variable and Fixed
  • Terms: 5 – 10
  • Eligible Degrees: Undergrad and Graduate
  • Eligible Loans: Private and Federal

Have you considered any other student loan repayment plans that we haven’t covered here? Let us know in the comments below!

Best Lenders to Refinance Student Loans

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best student loan refinance reddit

Looking for the best student loan refinance, Reddit? The choice to refinance your student loans is a great way to tackle college debt and lower your monthly payments. Learn about the best banks to refinance and consolidate student loans and start saving!

Our Top Picks for Student Loan Refinancing and Consolidation

Variable APRLoan TypesEligible Loans
splash financial1.89% - 5.99%Variable & FixedPrivate & FederalVISIT LENDER
studentloansadvice2.25% - 6.88%Variable & FixedPrivate & FederalVISIT LENDER
lendkey1.91% - 5.25%Variable & FixedPrivate & FederalVISIT LENDER
earnest
1.99% - 5.64%Variable & FixedPrivate & FederalVISIT LENDER

Making any decision that has to do with your finances is a big step and an important task. Finances are tricky, and it’s crucial to approach it in the right way and weigh your options.

According to CNN, student loan debt in the United States has recently reached $1.5 trillion, which means there are a fair amount of college graduates still in debt. While no one likes to be in debt, lots of people are constantly looking for new ways to approach paying off their student loans in an efficient way. Refinancing your student loans is an option when trying to save money in the long run, so it’s definitely something to consider.

When you start to think about refinancing your student loans you may be on the fence about it because it may or may not be the best step for you. You’ll want to way the pros and cons of refinancing to decide what is the right decision for you and your finances.

Before making the decision you may want to think about a few things like, how much money you owe, what you can afford, and if there has been a change in your credit score or salary recently.

If you have done your research and are ready to refinance then you’ll benefit from learning about our top 5 picks for refinancing student loans.

Who’s eligible?

Each lender has its own qualifications but you’ll want to demonstrate that you have a solid history of repaying back debt, have a decent credit score, and have a stable income.

Even if you aren’t making a six figures salary, you should look into if you’re eligible to refinance. The average recent grad who has refinanced their student loans had an average income of $54,000 and a student loan balance of $49,320, according to Credible.

Credible knows this space well and offers student loan refinancing and private student loans. After providing some quick information to Crediblefp, they will find you the best rate from up to 10 lenders. Credible will even give you $200 if you find a better rate somewhere else.

Refinance Student Loans with Credible

  • Compare prequalified refinancing rates from up to 10 lenders
  • Credible users save an average of $18,000
  • Fill out a simple 2-minute form to compare rates
  • Checking your rates won’t affect your credit score

Refinance with Credible

So if even if you do not think you are eligible for student loan refinancing, it doesn’t hurt to check and it doesn’t hurt your credit score.

What can refinancing do for you?

Refinancing can sound confusing, but it isn’t. Searching for “best student loan refinance reddit” comes up with a ton of results but the goal of your refinancing your student loans is to pay less on your loans over the long term.

Refinancing your federal student loans or private student loans can get you a lower rate and possibly favorable repayment terms.

According to CNN, On average, borrowers who refinanced reduced their rate by 1.7 percentage points, cut their term by five years and can expect to save $18,668 over the life of the loan, according to the report.

Where to refinance?

The lenders in the table below are our picks for the best banks to refinance student loans and consolidate student loans and start saving more money in 2021! These lenders don’t charge origination fees or closing fees and provide the best rates.

Variable APRLoan TypesEligible Loans
splash financial1.89% - 5.99%Variable & FixedPrivate & FederalVISIT LENDER
studentloansadvice2.25% - 6.88%Variable & FixedPrivate & FederalVISIT LENDER
lendkey1.91% - 5.25%Variable & FixedPrivate & FederalVISIT LENDER
earnest
1.99% - 5.64%Variable & FixedPrivate & FederalVISIT LENDER

Benefits from these student loan refinancing banks

Rest assured, when you choose to refinance your student loans with a new company, they may have a set of benefits for their customers. Some refinancing companies have options to make bi-weekly payments to help with interest or to even have the flexibility to skip a payment during a difficult month. It is good to research your potential companies before choosing who to refinance with and base your choices on the benefits they give.

The choice to refinance your student loans can be a great way to tackle college debt and lower your monthly payments. Everyone wants to save money, and refinancing could be the option for you to pay off your debt sooner and possibly build up your savings a little bit more. While refinancing your loans may not be the best option for everybody, weighing your options will help decide if refinancing might be good for you and your bank account. With lower interest rates, refinancing may help you save a lot of money on your overall student loan debt. best student loan refinance reddit

Other resources to help pay down your student loans

If you are looking for ways to pay off your student loans here are some helpful resources:

Have any questions about the best banks to refinance student loans? Leave us a comment below. best student loan refinance reddit

16 Apps That Pay Real Money via PayPal

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best money making apps

Are you interested in downloading the best money making apps that pay you real money?

Today I’m going to show you some new strategies to make some extra money fast simply by clicking a few buttons on your cell phone (in under 5 minutes).

The best part? A lot of these require no effort at all.

I get it.

Life happens.

Sometimes you need some extra cash to pay a bill or you’re trying to save up for something you want.

You don’t want to fall behind on bills and are wondering how to make money today or what apps pay you real money?

Sure, another 100 dollars earned today wouldn’t hurt.

We’ve all been there, but what do you usually do when that happens? This is an exhaustive list of things that anyone can do, today, in order to make money online fast through the best mobile applications I’ve found.

If you’re strapped for time, I’ll go ahead and share the best money making apps that you can add to your side hustle arsenal.

How to Make Money with Apps

Ready? I’ll only list legit ways that I’ve personally used to make money, and make it fast. We will first start with the quick wins, companies that’ll (legit) pay you money just for signing up:

Next, we’ll move on to other ways to earn with your mobile phone.

1. Refinance Your Student Loans

refinance student loans

No money-making app can help you make enough money as the benefits of refinancing your student loan debt. If you’re trying to pay back student loans right now, you should definitely look into refinancing options.

You should consider refinancing student loans if you find a lower interest rate and you want to merge some or all of your student loan payments into one.

Even if you don’t go with the options I’m suggesting, find out about refinancing — you can save a significant amount of money on interest over the course of your repayment period, and possibly even lower your payment. Especially when you’re a new grad, every penny counts!

Refinancing basically means that you work with a company to get a whole new loan and interest rate.

The company pays off your federal loans and then brings the loan over to itself, so you owe that company instead of the federal government or private company. This refinancing often gives you a lower rate and lower monthly payment, depending on the terms you agree on.

One of the fastest-growing companies that helps students with loan refinancing is Splash Financial — but you can see the top lenders below for yourself.

Our Top Picks for Student Loan Refinancing and Consolidation

Refinancing your student loans could save you money and it only takes a few minutes to get personalized quotes from lenders.

Variable APRLoan TypesEligible Loans
splash financial1.89% - 5.99%Variable & FixedPrivate & FederalVISIT LENDER
studentloansadvice2.25% - 6.88%Variable & FixedPrivate & FederalVISIT LENDER
lendkey1.91% - 5.25%Variable & FixedPrivate & FederalVISIT LENDER
earnest
1.99% - 5.64%Variable & FixedPrivate & FederalVISIT LENDER

2. Aspiration: Get Spotted $100 from This Bank for Free

aspiration

Want to get spotted a free $100 without having to take out a personal loan or worse, payday loan?

Simply sign up for Aspiration, and the free banking app will make you $100 richer just for opening an Aspiration Spend and Save account.

Just spend at least $1,000 in cumulative transactions (utilities + groceries) within 60 days of opening an account and you’ll get that $100 in your account.

There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

Now you can get some beer money at any time — for free!

You didn’t have to do anything, other than originally sign up for Aspiration.

It’s as simple as that.

Get spotted $100

Download: iOS | Android | Browser

3. Survey Junkie (Best Money Making App)

  • iPhone: 4.5 – ‎17,660+ reviews
  • Android: 4.3 – ‎8,220+ reviews
  • Payment methods: Paid in gift cards, or cash via PayPal
  • Quick summary: With Survey Junkie, you’ll complete easy tasks to earn cash and rewards. If you like taking fun and interesting surveys, this is a good app for you. You can earn points that can be easily be redeemed.

survey junkie

Taking online surveys to make that extra money is a no-brainer!

You definitely won’t get rich or make thousands of dollars per day with surveys alone, but you won’t waste much time, and you can make some money the easy way. Here is my favorite (and highest paying) survey site:

best money making apps surveyjunkie

Survey Junkie pays between $2 and $50 per survey, and many of them take less than 5 minutes to complete. So if you took on average 10 surveys per day, every day for a month, you could make $375+ per month. If you took more surveys a day — the possibilities are endless.

survey junkie

There are a lot of scammy survey sites out there, but Survey Junkie has over 11,000 positive reviews on TrustPilot, the highest of any survey site. It’s legitimate.

Sounds like fun? Sign-up for Survey Junkie, take surveys and earn money from your phone fast. You can also get a registration bonus through here.

Earn money with Survey Junkie

Download: iOS | Android | Browser

4. Swagbucks

  • iPhone: 4.4 – ‎13,674+ reviews
  • Android: 4.2 – ‎39,986+ reviews
  • Payment methods: Paid in gift cards, or cash via PayPal
  • Quick summary: With Swagbucks, you can put cash back in your wallet for answering fun surveys and polls. You can also get free gift cards and cash for shopping and discovering content online. Plus, they’ll even give you a $10 welcome bonus.

swagbucks

Swagbucks is another great survey app to make some extra money in your free time. As a new member, you can earn up to $35 per survey!

 They are known for giving out fun, top-paying surveys. And you can also get paid to play games and watch TV!

It’s similar to Survey Junkie, but there are also a few other ways you can earn money as a member (including a $10 bonus just for signing up).

swagbucks make $200 fast

Other ways you can make money with Swagbucks outside of surveys:

Swagbucks is conveniently offering a $10 bonus just for signing up through this link, so act fast.

Claim $10 signup bonus

Download: iOS | Android | Browser

5. InboxDollars

  • iPhone: 4.4 – ‎106,369+ reviews
  • Android:  4.2 – ‎94,251+ votes
  • Payment methods: Paid in gift cards or via check
  • Quick summary: With InboxDollars, you can earn cash for sharing your opinion and completing surveys. Join the millions of InboxDollars members who have earned over $50 million in cash to date.

inboxbollars

The next thing you can do is sign up for InboxDollars which pays you, in cash, to watch fun videos & take surveys.

If you sign up before the end of this month, they also give you a $5 free bonus just to give it a try.

By spending just 5-10 minutes per day on this (either on your lunch break or during TV commercial breaks) you can earn and earn an extra $200/month.

More people should be doing this!

Claim $5 signup bonus

Download: iOS | Android | Browser

6. Mistplay

mistplay

We all heard the old saying “time is money” right?

Instead of playing games on your phone like everyone else and feeling bad for wasting your time — now you can get paid for it.

Getting paid for playing games sounds like a dream. But if you download a free new app, and then download games from it and play, you earn money.

As you level up you can earn more money for cash rewards or gift cards.

This is a great opportunity for those looking to get paid for something they enjoy, like winning free gift cards and cash for playing games. I use it and it is legit and has over 35,404 positive reviews in the Google Play store.

If you’re interested, I recommend you download the app from the Google Play store for free by clicking here.

Get paid to play games

Download: iOS | Android | Browser

Download: iOS | Android | Browser

7. Nielsen

nielsenBy using the internet as you do every day, Nielsen invites you to make a difference – and you can make a quick $50 too.

Just by downloading an app, you can collect $50 per device and earn rewards. They just track your app usage and that’s it.

You don’t have to do anything other than initially registering your computer or phone.

Nielsen: This company will pay you $50 a year to keep their app on your favorite internet browsing device and they also give away $10,000 each month. So you can possibly make more than $50. Sign up through here for a registration bonus.

Make $50 with Nielsen

Download: iOS | Android | Browser

8. Get a Free Stock with Robinhood

Are you ready to say goodbye to fees for when you buy and sell stocks and hello to commission-free trades?

That’s right, this app lets you do everything for free and takes no fees — ever.

robinhood

Better yet, if you join through this link you can get a free stock like Apple, Ford, or Sprint when you join.

Sign up for Robinhood now and Get a Free Stock

Claim free stock now

Download: iOS | Android | Browser

9. Capital One Shopping

capital one shopping

One of the best savings (and making money) apps is Capital One Shopping. It’s a shopping app that can help you make money in two ways: finding better deals and giving you rewards.

It can help you save money on products you buy daily. Once you install the app on your browser, it will show you lower prices on things during checkout.

The other way is by giving you rewards when you shop. Once you shop at stores they work with, you can get reward points and redeem them for gift cards. It’s that easy and there’s no catch (and 100% free). This free app is open to everyone, no Capital One account required.

Install the app

Download: iOS | Android | Browser

10. Cash In on the Food Delivery Boom

free money

Gig economy workers are the real winners in the COVID-19 era, as the demand for food delivery is booming. If you wanted to cash in and earn over $20 each day — here are the best food delivery apps that pay the most:

  1. DoorDash: DoorDash is the #1 food delivery app to make money delivering food. You can earn on your bike or even by walking and make up to $20 an hour.
  2. Instacart: If you have a car then you can use it to deliver groceries with Instacart. Just log into the app whenever you want to make extra cash and the orders will come. You can earn $20 an hour.
  3. Postmates: Postmates is another popular option to make money delivery groceries, takeout, or even alcohol. Plus, there is no dress code so you can wear whatever you want during deliveries.

If you do plan picking a delivery app to make extra cash in your free time, consider driving for multiple food delivery apps at the same time in order to be more profitable and make more money in between orders. If you haven’t yet, click here to sign up for InstacartDoorDash and Postmates!

11. Cash Bonuses Expiring Today

best student loan refinance reddit

If you’ve got some free time you can earn extra cash just for signing up for sites/apps. It’s a perfect way to make a good amount of extra cash whenever it’s convenient for you.

Interested? The next thing you can do is claim bonuses for quick wins, check out the best sign up bonuses below:

  • BlockFi: Newly-funded BlockFi Interest Accounts earn a bonus of $15-$250 for a limited time. Claim $250 bonus at BlockFi
  • Public: When you complete the signup process (it takes just a couple of minutes), you’ll get up to $5 of free stock in a company of your choice.
  • Personal Capital: Provides a free financial dashboard that features a net worth tracker (the easiest way to track your net worth), a retirement planner, budgeting tools, a fee analyzer, and more. When you join for free — you can refer friends and get $20 for each referral.
  • Nielsen: Earn free money (passive income) just by leaving an app installed on your phone. Join Nielsen & Get a Free Gift Card in One Week

A lot of people do this full time, so you can imagine that’s it definitely possible to do this on as a lucrative side gig and make extra money and be your own boss.

12. SoFi

sofi money

If you bank at a traditional brick-and-mortar bank, your money probably isn’t growing there.

That’s because traditional banks — with their thousands and thousands of physical locations — typically offer annual percentage yields (APYs) as low as 0.01% on their checking accounts. That’s pretty puny.

Online banks, on the other hand, can offer their customers higher interest rates, because they have less overhead. They have fewer employees and zero physical locations. They don’t have to pay for all those buildings — and all that air conditioning.

One of the highest interest rates we’ve found for an online checking account is from SoFi Money. That checking account earns you 0.25% APY, the percent in interest (including compound interest) you’ll earn on your money in a year.

Switch to SoFi Money—a cash management account that earns interest, has no account fees, and more and get a $100 bonus. There’s no catch when you switch your direct deposit to SoFi Money.

Open an Account

Download: iOS | Android | Browser

13. Fundrise

Wouldn’t it be great if you could invest in commercial real estate and apartments without dealing with all the hassle of buying, improving, and re-selling real estate?

You don’t have to be a millionaire to invest in these types of properties. You can now invest in large-scale real estate for as little as $500 with Fundrise.

fundrise

Through their real estate investment products, investors earned an average of 8.7 – 12 percent on their money last year, and all without painting a wall or dealing with unruly tenants.

There is a reason why they currently have over 200,000+ users, this app really pays you!

If you’re interested, I recommend you sign up for more information from Fundrise by clicking here.

Earn passive income with Fundrise

Download: iOS | Android | Browser

14. Paribus

Do you want to get free refunds with Paribus?

No, hear me out. I bought something online from Target.  The price of the Keurig cups I purchased — dropped in price, after the fact.

✔️ I effortlessly got refunded without doing a thing.

I didn’t have to do anything, other than originally sign up for Paribus.

It’s as simple as that.

paribus app

This free app will scan your emails for any purchase receipts from dozens of online retailers. You don’t even have to know about the price drop in order to get your refund. It’s 100% free and will save you a lot of money. I pocketed around $50 in the first few weeks of signing upRemember, it’s 100% free!

Discover your savings

Download: iOS | Android | Browser

15. Ibotta

The app you should know about is Ibotta. This money-making app actually gives you cash back on things you buy every day, even booze!

You heard me right, you can make money for the booze you buy at groceries.

Ibotta is a fun rebate app that lets you get cash back on your purchases from major stores like Walmart, Target and almost every grocery store all over the country.

They are conveniently offering a $10 sign-up bonus after uploading your first receipt. So act fast.

ibotta

How it works:

  1. Download the app and start a free account to browse deals in your area.
  2. Scan your first grocery receipt within a few days of downloading the app.
  3. Get paid and cash out cash via PayPal.

However, you do have to be 21 or older to take advantage of the booze deals.

Download Ibotta now

Download: iOS | Android | Browser

16. ZippyLoan

zippyloan

If you actually need money right now, then you can opt for a personal loan. When you need money in a hurry ZippyLoan is where to go.

You apply for a loan through the ZippyLoan site, if approved they send your loan application to one of many loan providers.

  • You review the loan details and e-sign if you like what you see.
  • No risk in checking what offers you’ll get.
  • You can borrow between $100 and $15,000 as soon as tomorrow.
  • Loans service for up to 60 months.

ZippyLoan connects borrowers to lenders through their network of lenders. They’ll find you the lowest interest rate and is one of the best no credit check loan. You can visit ZippyLoan here.

Get cash now

Download: iOS | Android | Browser

Once You Have $1,000 in Your Checking Account, Do These 5 Things

Once you built some cushion in your bank account — you’re on the right path. Money making apps can only get you so far, it’s time to think about longer-term financial goals.

What’s the next step you should take?

Here are ways to take your finances to the next level:

Leave Your Family $1M

bestow

Who doesn’t want to be a millionaire? While we don’t all have trust funds waiting for us, there is still a way to provide protection for your loved ones with up to $1 million in term life insurance.

Wouldn’t it be great if you could do this for as little as $8 a month without dealing with all the hassle of wasting your time or money? You don’t have to have money in your pockets to get a free quote from Bestow.

If you’re interested, I recommend you sign up for more information from Bestow by clicking here.

GET STARTED >>

Build an Emergency Fund

cit

Having money in the bank for emergencies can help you improve your financial standing. You’ll want three to six months’ worth of expenses in your emergency fund. Be sure to stash your money in the right savings account that’ll grow your money.

Start with a high-yield savings account like CIT Bank that offers a Savings Builder that will pay a great APY and still give you instant access to your money in case of an emergency. You can open it with $100 and deposit $100 a month to help you get to $1,000 in less than a year.

GET STARTED >>

Get Spotted $100 for Free

aspiration

Need a better checking account that’ll spot you a $100 for free?

Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $100 just for opening a new debit card.

There’s no catch.

This bank account is legit and only takes two minutes to sign up for an account.

GET STARTED >>

Get Free Stocks Instantly

While you’re at it, why not increase your net worth with a free stock? Robinhood is a free investing app for your phone. I really mean free all around – free to join and they don’t charge any fees to buy or sell the stock.

Better yet, if you join through this link you can get a free stock like Apple, Ford, or Sprint when you join (must complete signup).

GET STARTED >>

Start Building Passive Income

fundrise

Fundrise is definitely one of the best passive income apps. This app was originally an iOS app and it has just become available on Android.

By downloading this app, you can start investing in real estate all around the US in as little as 30 minutes and it’s super easy to get started. Then you can literally beat the stock market year after year and start making money in your sleep

If you want to earn the big bucks then you can learn how to get started by getting more information from Fundrise here.

GET STARTED >>

There Will Always Be Money Making Apps that Pay You

There you have it. If you’ve finished the list, you’ve just made at least $100 through these apps that pay you real money. We wish you the best of luck on your journey on how to make money!

Just remember, with most of these services, consistency is key, so be diligent about completing your daily check-in and continue to use the service if you want to earn more lucrative amounts of cash or gift cards.

It’s always better to use these opportunities as additional cash for smaller purchases, rather than to rely on them for a steady income.

If you didn’t claim your $5-10 cash bonuses already, don’t forget to check out the best signup bonuses below:

To chalk it up, what are the best ways to make money right away? While a search online when you’re in need of some fast cash will produce millions of results, not all will be legitimate.

It’s up to you to filter through the so-called noise.

These strategies to make $20 fast will help put you in the black, even if it’s in a very small way. Once you are, resume planning and focusing on the bigger picture.

Want To Retire Early? Try This Early Retirement Strategy

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early retirement strategy

Early retirement strategy: Millennials who want to engage in early retirement planning should start early and start investing in their 20’s. Learn how!

Millennial investors who engage in early retirement planning and take advantage of a 401k plan in their twenties give themselves a great opportunity to retire at a younger age and with a large sum of money. Early retirement planning for millennial investing is one of the wisest decisions you can do in your 20s.

The biggest impact on the size of your retirement nest egg is time. A majority of people generally do not start getting serious about early retirement planning until their thirties or forties. While savings rate and investment selection are primary aspects of saving for retirement, the most important factor is time because of the power of compounding interest.

For millennial investors fortunate enough to engage in early retirement planning by starting a 401k plan in their twenties, the combination of savings rate, investment selection and time can add up to millions saved by retirement age. With those key aspects of retirement success in mind, here are crucial steps for any millennial managing a 401k and who are trying to save early for retirement.

Let’s learn about the best ways to learn about investing.

How To Retire Early

Stuck wondering how to retire early with early retirement strategies? Stop searching Google for:

  • early retirement calculator
  • how to retire early at 55
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  • how to retire early at 45
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You can use the following steps and tips below to help you hone an early retirement strategy that works.

1. Figure Out Your Essential Savings Rate

When completing the 401k enrollment forms, there are two primary decisions to make: The first is how much you want to save each pay period, which is called a “deferral,” and the second is how you want to invest that money.

So let’s cover that first decision: How much is a good amount of money to save or invest in a 401(k) plan? There is not a number that will work for each individual person, but the short answer is to SAVE as much as you are able too (without hurting other areas of your finances.)

One key factor in how much you want to contribute, or deferral percentage, it is regularly encouraged to contribute to the plan at least up to the point where you can gain the maximum match to which you are entitled.

In most cases, gaining the match can be as straightforward as contributing a certain percentage all year. For example, if the employer matches 50% of an employee’s contributions up to 6% of the employee’s salary, then an employee who regularly contributes 6% of her $100,000 salary all year will gain a $3,000 match on her $6,000 of contributions.

Also, keep in mind that it’s easier to adjust your deferral percentage to a lower amount than it is to adjust higher. Therefore, start as high as possible. For example, try starting at 10%, and if that’s too high you can adjust it lower.

2. Calculate Your Amount of Risk

Once you’ve decided how much to contribute to your 401k retirement fund, you’ll need to make the best investment selections for you (or sign up for programs that help like the Motley Fool Stock Advisor Program). You may have already heard that it is wise to invest aggressively in your early saving years and then gradually shift to a more conservative mix of investments as you get closer to retirement age. While this is generally true, the best investments for retirement also depend upon how much risk you can tolerate.

Put differently, there are two basic risk measurements for young investors to consider before choosing investments:

  1. Risk Capacity: This is a measure of how much risk you can afford to take. When you’re in your twenties, you can afford to take more risk, because you presumably don’t need to touch your retirement nest egg for 20, 30 or even 40 years. So when your investments decline in value during market corrections, there’s no real threat to your financial security because you don’t need your 401k or IRA savings for many years.
  2. Risk Tolerance: This is a measure of how much risk you are comfortable taking. So, even though it is true that younger investors can afford to take more risk, you don’t want to lose sleep at night worrying about falling stock prices and potentially jeopardize your investment objectives by selling your 401k mutual funds in a down market.

After you have assessed your risk tolerance, you can choose the best 401k investments for you. If you’re still not sure how to invest, you might try a moderate allocation of roughly two-thirds stock mutual funds and one-third bond mutual funds.

Above all, be sure to diversify your investments by allocating your 401k money to several different funds. Somewhere between three and five funds should do the trick.

3. Do Not Underestimate the Time Value of Money

Time makes the biggest impact on retirement savings because of compounding interest, which is essentially interest (or dividends and gains) that go to buy more shares of investments, such as stocks and mutual funds, which will then grow and earn more interest, as the process repeats itself.

Consider this example of two different investors:
  • Investor No. 1 starts contributing $5,000 per year in a 401k at age 25 and continues with the same savings rate for 10 years. She stops saving but allows her portfolio to continue growing another 30 years, to age 65. Her total savings amount is $50,000. Assuming a 7% rate of return, Investor No. 1 ends up with $585,000.
  • Investor No. 2 starts saving $5,000 at age 35 and continues the same savings rate until age 65. That’s a total of $150,000 savings for him. Assuming the same 7% rate of return, Investor No. 2 ends up with about $508,000.

Therefore, thanks to the power of compound interest, Investor No. 1 ended up with a much bigger nest egg, even though she only saved for 10 years, whereas Investor No. 2 was never able to catch up, even after 30 years of saving, because he started later. Early retirement planning does make a difference.

As you continue saving in your 401k plan and continue early retirement planning, the basic maintenance requirements are only to periodically rebalance the portfolio and increase your 401k deferral percentage whenever you get a pay raise. Rebalancing effectively returns the mutual fund balances to their original target allocations. Once per year is sufficient frequency for rebalancing.

4. Optimize Your Retirement Account

You should know about blooom if you have a 401k. Blooom will analyze your 401k for free and in under 5 minutes blooom can do all of the below:

  • Show you how well you are invested
  • Pick the best funds available in your 401k and give you exact percentages of what to invest where
  • Show you exact percentages on how many stocks vs. bonds to have
  • Show how much you are paying in investment fees and how to potentially pay less (average bloom client cuts their fees in half)
  • You can learn more in this blooom review.
For someone who doesn’t know how well their 401k is invested or would benefit from professionals analyzing it, it’s pretty powerful. You can make thousands of dollars easily over the long term just by getting a free 401k analysis here. More people should be doing this.

Want to Retire Early? It’s Possible!

As of the second quarter of 2018, Millennials — which Fidelity defined as those ages 21 to 37 — with 401(k)s had an average balance of $25,500 and were contributing 7.3% of their paychecks. Fidelity also found that employers were matching, on average, 4.1%, which put the total top savings rate for millennials with 401(k)s at 11.3 percent.

How do you stack up?

To summarize, there are only three real mistakes you can make with a 401k plan:

  • Not contributing or starting early retirement planning today.
  • Putting all of your money in just one fund. (Putting all your eggs in one basket)
  • Not looking into companies like blooom that will professionally analyze your 401k. You can make thousands of dollars easily over the long term just by getting a free 401k analysis here.

So contribute as much as your finances can withstand and diversify your portfolio and start early retirement planning today!