The decision to refinance student loans is an important one, and it could save you thousands of dollars.
Here’s how to decide whether you should refinance student loans and if student loan refinancing is the right choice for you.
Student loan refinancing means you can exchange your current federal student loans, private student loans or both for a new student loan with a lower interest rate.
When you refinance student loans, you can save money and pay off student loans faster.
The decision to refinance student loans should be based on your personal financial situation and your financial goals.
In this guide, we will discuss:
Student loan refinancing helps you save money, pay off student loans faster and get out of debt more quickly.
With a lower interest rate, you will pay less money each month in interest costs, which helps you pay off student loans faster.
Private student loan consolidation, or student loan refinancing, is the process of combining your existing private student loans into a single student loan.
Generally, in a rising interest rate environment, it’s typically better to choose a fixed interest rate.
For federal student loans, the standard repayment period is 10 years.
Student loan refinancing enables you to choose a repayment period, which typically ranges from 5 to 20 years.
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