Student Loan Refinancing Or Consolidation

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Refinancing is the replacement of an existing debt obligation with another debt obligation under a different term and interest rate. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness, and credit rating of a nation. In many industrialized nations, common forms of refinancing include primary residence mortgages and car loans. If the replacement of debt occurs under financial distress, refinancing might be referred to as debt restructuring. A loan (debt) might be refinanced for various reasons: To take advantage of a better interest rate (a reduced monthly payment or a reduced term) To consolidate other debt into one loan (a potentially longer/shorter term contingent on interest rate differential and fees) To reduce the monthly repayment amount (often for a longer term, contingent on interest rate differential and fees) To reduce or alter risk (for example, switching from a variable-rate to a fixed-rate loan) To free up cash (often for a longer term, contingent on interest rate differential and fees)Refinancing for reasons 2, 3, and 5 are usually undertaken by borrowers who are in financial difficulty in order to reduce their monthly repayment obligations, with the penalty that they will take longer to pay off their debt. In the context of personal (as opposed to corporate) finance, refinancing multiple debts makes management of the debt easier. If high-interest debt, such as credit card debt, is consolidated into the home mortgage, the borrower is able to pay off the remaining debt at mortgage rates over a longer period. For home mortgages in the United States, there may be tax advantages available with refinancing, particularly if one does not pay alternative minimum tax.

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Article Title : Refinancing
Article Snippet :forms of refinancing include primary residence mortgages and car loans. If the replacement of debt occurs under financial distress, refinancing might be
Article Title : Student loan
Article Snippet :A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies
Article Title : Debt consolidation
Article Snippet :Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process
Article Title : Student loans in the United States
Article Snippet :to improve the student loan market, LendKey, SoFi (Social Finance, Inc.) and CommonBond began offering student loans and refinancing at lower rates than
Article Title : Title loan
Article Snippet :A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. Borrowers who get title
Article Title : CommonBond
Article Snippet :debt financing. In March 2014, CommonBond expanded its student loan refinancing and consolidation programs to graduates of law, medical, and engineering
Article Title : Syndicated loan
Article Snippet :syndicated loan is one that is provided by a group of lenders and is structured, arranged, and administered by one or several commercial banks or investment
Article Title : Laurel Road
Article Snippet :expanded its national student loan refinancing program to include residents and fellows, enabling them to refinance their loans upon securing employment
Article Title : Pawnbroker
Article Snippet :A pawnbroker is an individual or business (pawnshop or pawn shop) that offers secured loans to people, with items of personal property used as collateral
Article Title : Employee benefits
Article Snippet :vacation (paid and unpaid); social security; profit sharing; employer student loan contributions; conveyancing; long service leave; domestic help (servants);

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Student Loan Options: What is Refinancing vs. Consolidation?
To consolidate or refinance student loans; that is the question. Which begs three, much more important questions: What is refinancing, what is consolidation, and how do you know which option (if either) is right for you? This can be a confusing topic, especially since these terms are sometimes used interchangeably. In fact, the definition of “consolidation”, as well the implications, actually differ depending on whether it’s a federal or private lender offering the service. That’s why it’s important to get acquainted with all of your student loan options before deciding what’s right for you. Here’s a quick primer: Federal loan consolidation As its name suggests, consolidating implies combining multiple student loans into just one loan. Federal loan consolidation is offered by the government and is available for most types of federal loans – but no private loans allowed. This option generally doesn’t save you any money, since you’re simply charged the weighted average interest rate of the loans being combined. But there are still a few potential benefits, such as: 1. Fewer bills and payments to keep track of each month. 2. The ability to switch out older, variable rate federal loans for one fixed rate loan, which could protect you from having to pay higher rates in the future should interest rates go up. 3. Lower monthly payments. But beware – this is usually a result of lengthening your payment term, which means you’ll actually have to pay more interest over the life of the loan. Private loan consolidation Similar to federal consolidation, a private consolidation loan allows a borrower to combine multiple loans into one and can offer the potential benefits listed above. However, the interest rate you receive is not a weighted average of your existing loans’ rates. Instead, a private lender will typically take a look at your history of dealing with debt and relevant financial information to give you a new interest rate on your consolidation loan, then use that loan to pay off your other loans. Essentially, if you’re consolidating student loans with a private lender, you are also in fact refinancing those loans. Student loan refinancing As we just established, refinancing is when you apply for a loan under new terms and use that loan to pay off one or more existing student loans. If your financial situation has improved since you first took out your loans, you may be able to refinance student loans at a lower interest rate, which can potentially allow you to: 1. Lower your monthly payment. 2. Reduce the time it takes to pay off your loan. 3. Spend less money paying back your loan. 4. Choose a variable interest rate loan, which can be a cost-saving option if you plan to pay off your loan relatively quickly. 5. Enjoy the benefits of consolidation (e.g., one simplified monthly bill). Unlike consolidation, refinancing is only available from private lenders, and a common misconception is that it’s only available for private student loans. But while most private lenders won’t allow you to combine federal loans with your private ones, SoFi allows borrowers to do just that. As to whether you should combine federal and private loans, the answer depends on your situation. Federal loans offer certain benefits and protections (such as Public Service Loan Forgiveness and income-driven repayment plans) that do not transfer to private lenders. If you’re considering refinancing, you should first take a look at your federal loans to see if any of these benefits apply to you. If you don’t anticipate needing or qualifying for federal loan benefits, getting a lower rate can save you a significant sum. For example, the average SoFi borrower saves about $14k1. So should you consolidate, refinance – or neither? Now that you know how these two student loan options compare, you’ll be better equipped to answer that question.

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Princeton University

Princeton University is a private Ivy League research university in Princeton, New Jersey, United States. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton was the fourth chartered institution of higher education in the Thirteen Colonies and thus one of the nine Colonial Colleges established before the American Revolution. The institution moved to Newark in 1747, then to the current site nine years later, where it was renamed Princeton University in 1896.

Princeton provides undergraduate and graduate instruction in the humanities, social sciences, natural sciences, and engineering. It offers professional degrees through the Woodrow Wilson School of Public and International Affairs, the School of Engineering and Applied Science, the School of Architecture and the Bendheim Center for Finance. The University has ties with the Institute for Advanced Study, Princeton Theological Seminary, and the Westminster Choir College of Rider University. Princeton has the largest endowment per student in the United States.

The University has graduated many notable alumni. It has been associated with 41 Nobel laureates, 17 National Medal of Science winners, the most Abel Prize winners and Fields Medalists of any university (four and eight, respectively), ten Turing Award laureates, five National Humanities Medal recipients and 204 Rhodes Scholars. Two U.S. Presidents, 12 U.S. Supreme Court Justices (three of whom currently serve on the court), and numerous living billionaires and foreign heads of state are all counted among Princeton's alumni. Princeton has also graduated many prominent members of the U.S. Congress and the U.S. Cabinet, including eight Secretaries of State, three Secretaries of Defense, and two of the past four Chairs of the Federal Reserve.

Academic home to more than 2,700 graduate students, 5,300 undergraduates, and 1,100 faculty members, Princeton University offers a unique combination of resources in a community that provides wide-ranging cultural and intellectual opportunities. We encourage you to peruse our offerings and meet with our faculty to discover which field of study is best suited for your interests. By doing so, you will get a feel of what it is like to reside in our community of scholars, collaborate with our distinguished faculty and work in our state-of-the-art facilities. Scholars from all disciplines, backgrounds and interests are encouraged to apply.
The University prepares graduate students for distinguished careers in research, teaching, and as experts in the public and private sectors. Master’s students are trained to assess information and trends in their fields and to create original works. Doctoral students perform research at the highest level, advancing knowledge in their fields.
Princeton’s commitment to supporting students’ scholarly activity is demonstrated in numerous ways, including generous funding in which Princeton guarantees full tuition, fees, and a stipend for its regularly enrolled, degree-seeking Ph.D. candidates for all years of regular program enrollment, contingent upon satisfactory academic performance.

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