Student Loan Refinancing

Student Loan Refinancing

An average student rakes up around $35,000 in debt in student loans in the process of graduating from college.

This sum could run into six figures if a student is pursuing a professional course such as engineering, medicine or business administration.

Student Loan Refinancing

An average student rakes up around $35,000 in debt in student loans in the process of graduating from college. This sum could run into six figures if a student is pursuing a professional course such as engineering, medicine or business administration. It is often seen that students who take loan often fail to realize the amount of debt they will be saddled with at the end of their college. The simple reason for it is that interest is added to the loan amount (i.e., principal) thereby significantly adding to the initial loan amount. Students cannot wriggle out of their loan payment obligations, but there are few options through which they can lessen the overall cost of the principal and interest combined. One of the most important ways is with a student loan refinance.

What is student loan refinancing?

Refinancing student loans help you do few things, but most importantly save money. If you have existing federal or private student loans, or both, you can consolidate them into one brand new loan with a lower interest rate. Loan refinancing allows you to stay on top of your finances by lowering your interest rate as well as your monthly payment, thus helping you to get rid of your student loan more quickly. To make it more convenient for students, they are provided the option of paying off their loans anytime between 5 and 20 years. A lower interest rate or payback period extension can help you save thousands of dollars, which in turn can be put to use for other life expenses such as payment of other debt, a home purchase, new investment, etc.

How Student Loan Refinancing Services Can Help?

You could be saving thousands of dollars when you refinance your student loans. But there is a slight catch here. It is to be noted that the federal government doesn’t refinance student loans. As such students need to work with a private lender to refinance their loans. However, it is to be noted that each lender has its own underwriting criteria, and even each student has his/her own unique circumstances and financial background.

With plethora debt consolidations options, finding the one that best suits your needs and requirements could be confusing, time consuming and costly. The good news is that we can help you save thousands by refinancing your federal and private student loans with our extensive network of banks and credit unions all of which desire to make your life less complex by putting your finances in order. We help you connect with lenders that offer various repayment options, including fixed and variable rate loans, and do not charge any origination fees.