Guide to Starting a Business With Student Loan Debt

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Refinancing Student Loans While Starting a Business
How Refinancing Can Help
1. Lowers Monthly Payments
2. Consolidates Debt
3. Puts More Money Toward Your Business
4. Lowers Your Debt-to-Income Ratio
Disadvantages of Refinancing
1. Removes Option for Debt Forgiveness
2. Produces a Possible Higher Rate
3. Eliminates Income-Driven Repayment Plan
4. Adds More Payments When You’re Already Almost Done
4 Tips for Starting a Business
1. Get a Mentor
2. Start Small & Grow
3. Bring in Help When Needed
4. Find Other Income Sources
Donation based Rewards based Equity based Debt based (or P2P)
The Takeaway
Frequently Asked Questions
Photo credit: iStock/ljubaphoto
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About the Author
Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
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