Most Americans who go to college today borrow money to earn their degree. The average amount of debt per student has climbed to $33,000 - a number that continues to grow. 1 After graduation, many people find themselves overwhelmed by the burden of repaying their student loans. Monthly payments are often high and can absorb a good chunk of your paycheck leaving you with very little left over to plan for the future - forget about having any fun. But student loan debt shouldn't make you put your life on hold. Thankfully there is Credible, a free service that allows you to compare personalized prequalified rates from multiple lenders to find the best options for refinancing student loan debt. Here's how Credible helped these graduates ease the weight of their student loan debt.

How Emily Cut Her Interest Rates with Credible and Saved $11,000

Emily Pritchard didn't need an accounting degree to tell her that $100,000 in student loan debt was a tall mountain to climb, but she set her sights on paying off her student loan debt before she was 30. It wasn't until she was halfway through college that she realized the gravity of the debt she'd been accumulating.

"Halfway through, I almost transferred to another school because of the cost," Pritchard recalls. Undeterred, she completed her degree and made it her mission to educate herself on how best to repay her student loans. "When I graduated in 2012, the interest rate on one of my loans was 11 percent, which is outrageous." She tried many options, and eventually found the Credible marketplace to be the perfect solution for her.

After graduating, options for refinancing were limited. "Because I work in financial services, you are hearing about interest rates all the time," she recalls. "I started Googling, 'Who does student loan refinancing? What is the process?'" The first time she refinanced, she went through a credit union which gave her a 6.5% variable interest rate. Knowing she could do better, she found Credible and was able to refinance again into a loan with a 4.75% fixed interest rate and a shorter repayment term. With these new terms, she estimates she's able to save an additional $11,000 over the life of her loan. On top of that, her loans haven't put her life on hold. While there's still a journey ahead toward repayment, her financial discipline and commitment to paying off her loans has put her on a path to a better future.

How Refinancing Through Credible Saved Stephanie $23,000

In 2007, Stephanie White graduated with two bachelor's degrees and $55,000 in loans to repay. Working two and sometimes three jobs but barely paying off her loan principal, she wanted to boost her earning potential and become a nurse practitioner. By getting an accelerated bachelor's in nursing and working in an ER while earning her master's, she was certified as a nurse practitioner. But she now found herself $85,000 in debt.

"Suddenly, I have a lucrative career as a family nurse practitioner, but I'm paying more than $1,000 a month on my student loans," says White. "They say, 'You're a high earner,' but I had no disposable income." With her loan payments being consumed by interest, she believed she'd be stuck in debt until her 40s. White needed a better solution, and that's when she went through Credible.

She's used Credible twice to help refinance her loans.

"The first time, I just refinanced my higher, 6.8 percent interest rate loan," she recalls. "I was skeptical, but it saved me a ton of money. I realized there were no loopholes and refinanced three more loans." She expects to save $23,000 over the life of her loan by reducing her interest rates to 3.5%. Thanks to Credible, she's able to spend less time worrying about her debt and now uses her disposable income on things she actually enjoys.

The Credible marketplace can save borrowers money by showing them real rates they're prequalified for with multiple lenders. Fill out a short form, and Credible's integrations with lenders and credit bureaus provide eligible borrowers with personalized rates in minutes, without affecting their credit score. Best of all, Credible's services are free -- there are no hidden fees, origination fees, or prepayment penalties when refinancing student loans. And because your personal information isn't shared unless you see an option you'd like to proceed with, you won't be bombarded with marketing materials just because you checked your rates.

Whether your goal is to pay off your loans early, reduce your monthly payments, or decrease the total lifetime repayment costs of your loan, Credible is an ideal resource.

1Federal Reserve

PayPath
Follow Us on

Airbnb is a great option while traveling, but you should protect yourself from damage charges from unscrupulous hosts.

Airbnb offers an affordable option for people looking to be more comfortable as they travel.

However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.

And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.

Keep reading Show less

What Are NFTs?

Art Installation N°1 by Carlos Marcial. Rhett Dashwood / YouTube

If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.

Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."

The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?

Keep reading Show less

Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.

The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.

Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.

Stick To a Specific Strategy or Niche

Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.

First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.

Be Vigilant About Viable Financing Options

While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.

Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.

Master the Art of Finding Good Deals

There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.