Monday, 8 August 2022

Student Loan Crisis: How To Fight Off Your Debt Amid Turbulent Times

The US is currently clenched by the claws of debt and while we pray that Uncle Sam shouldn’t succumb to the pressure, the situation is turning worse by the day. We all have to confess that the crumbling economy has made us all remember the Ghost of Recession Past (2008), however, things are different this time around…

Some reports suggest that student loan debt is on an all-time high and forms the bigger share of the country’s debt than credit card debt.

Fighting The Menace Of Student Loan Debt

Delving into the growing menace of student loan debt, it can be torturous (Seriously). It cripples you if things don’t work out the way you want. For instance, what if you land up in a mediocre job and have to hustle way to the American Dream (excuse the cliché)?

Albeit, several federal student loans offer some flexibility regarding repayment based on unforeseen events, but the interest continues to soar without an exception.

As loans keep on accruing interest at these astounding rates, the most intelligent thing is to pay loans off as fast as you can, by paying more than the base sum every month with the goal that you can keep wearing down the principal.

Refinancing in a Nutshell

When you refinance a credit, you basically take out another advance — at a lower interest rate — to pay back the first advance. Albeit, contingent upon the kind of advance and the financer, there might be some extra expenses, the lower interest rate can spare you a lot of cash over the life of the credit — and every month. Obviously, in the event that you keep installments the same, you’ll wear down additional principal and complete the process of paying it off sooner.

Isn’t There Something Missing?

But don’t you think that there is something missing in the way overall student loan matrix works? Don’t you feel as if you have been devoid of some right as you have to alter your choices (sometimes which may include career choices as well) to counter the student loan you owe? Don’t you feel that the process of getting a quote for student loan refinancing is laid back? Have the refinancers done enough to make a bundle of options available at your disposal? If your answer is no… then it’s high time that you get acquainted with SoFi; a high consumer-centric financial service that has changed the way things used to fly in the financial market of US.

  SoFi Has Changed The Game

SoFi has brought much of renaissance in student loan refinancing, for instance, to get a quote you don’t have to move even an inch. It is available at your fingertips. Besides, making optimum advantage of the convergence of technologies, SoFi has done justice to the social aspect of its name i.e. Social Finance. Undoubtedly, it is one of the pioneers to adopt consumer-centric ways and align its service with mobile first technologies and this has made SoFi standout from the lot. It has successfully designed an easy application experience and a highly engaging and supportive approval process as well a well thought out post signing experience.

Getting a quote from SoFi is Smoother Than What You Could Ever Think

When you go to SoFi’s landing page, the first thing you’ll see is an option to “Discover My Rate.” This is a no fixed way to get a clue of what SoFi will put on the table — remember that it doesn’t include a “hard” credit check, so it won’t have any impact on your credit score.

Next, round out your basic data

On the accompanying page, discover the item you’re interested in. SoFi also offers personal loans, mortgages and the sky is the limit from there. Choose the one that is apt for you. Note that despite the fact that it says “Apply now,” you have the liberty to just request a statement without really applying for anything.

On the following page, round out your data, basic training and work history, and the credit sum you need to refinance. At that point scroll down to “check my rate.”

You will be served with a decent number of fixed and flexible plans, so you can choose the one which best fits in your situation. Even if you opt for a long-term plan, you can also pay back more than the minimum amount to pay off your loan faster.

Exorcising The Biggest Evil

What’s the biggest evil that keeps lurking over your head once you have signed the loan contract? Can anything be worse than getting fired? Don’t worry SoFi has got your back…

For instance, should you lose your job after applying for a line of credit with SoFi, they have Unemployment Shield to save you from collateral damage. It allows you to defer your advance in increments of three months, to give you an opportunity to get recovered. When you lose your job, you’re already in a mess, endeavoring to work out how to pay the bills and how to land another position. The last thing you need is to add to that stress level. SoFi comes to your rescue in such cases…

If this Doesn’t Convince You Enough To Visit SoFi, We Don’t Know What Will 🙁

Related Posts: Here’s a Painless Way to Pay Off Student Loan Debt,

Millennials Student Loan Debt Is Massive: What’s Ahead?,


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