Lowest Rate Student Loan Refinance
Lowest Rate Student Loan Refinance – Our country’s student loan debt is enormous. I’ve been able to avoid this through grants and scholarships, but many of my colleagues are caught up in it.
The situation has gotten so bad that both credit card debt ($74 billion nationwide) and auto loan debt ($1.14 trillion nationwide) have been written off. Total student loan debt in the United States is $1.28 trillion.
Lowest Rate Student Loan Refinance
This is madness. There are ways to reduce that number. The first batch of State Student Loans (PSLF) loans are expected to be forgiven later this year. In some states and cities, you can pay off your student loans simply by moving. In some states, certain occupations may even earn you favor.
Refinance Student Loans: Fast, Easy, And All Online
But if you’re not on a cheaper plan, one of the best and quickest ways to lower the amount you owe and eventually pay off your loan is to get a lower interest rate.
My favorite example here is Marisa. Refinancing lowered the average interest rate from 7.50% to 4.29%. This is a decrease of 3.21%.
Additionally, the loan period was shortened. If you pay off a loan over a long period of time, you will almost always end up paying more interest simply because you are paying off the loan over a longer period of time. Shortening the period can reduce interest payments.
Marissa said that. Over the life of his loan, he saved $144,281 in interest. This is almost the same as the original refinance amount of $148,000.
Is Now A Good Time To Refinance Federal Student Loans?
As with any purchase, the best way to find a good price is to shop around. There has been a lot of confusion recently as states have begun opening or reinstating state refinancing options. Some are good. Some are not so good. Some are open nationwide, while others are open only to residents who attended school in their home country.
The lowest fixed rate I have seen through this program is 3.99% in Kentucky. Many states are open, but not at all, including my home state of PA.
So I was very excited to see PenFed announce last month that it was offering student loan refinancing rates as low as 3.50%. They are open and nationwide. Applying is very easy, just sign up for PenFed.
Of course, you must meet certain eligibility and credit criteria to receive the lowest interest rate with any program. But with PenFed’s interest rate floor, there are more ways to save.
Save Money By Refinancing Your Student Loans
To find out your interest rate, you can answer three simple student loan refinancing questions here. It takes less than 30 seconds. Earnestly.
Research your options before refinancing your federal student loans. There are many affordable plans, including Income Driven Repay, PSLF, and REPAYE. These and other programs offered by the federal government can save you a lot of money over the life of your loan, and if you refinance through a government program or a private financial institution, you will permanently lose access to these programs.
The views expressed in the article are those of the author and do not necessarily reflect the views of the Department of Defense Federal Credit Union.
This blog is written for entertainment purposes only. I am not a financial expert in any way. The information herein represents the opinions of readers, which differ from my own, and should not be construed as financial advice. I try to only post what I find useful and experienced by my readers, but whatever happens as a result of your use of the information provided is entirely your responsibility.
Best Student Loan Refinancing Bonuses In January 2024
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