Our recent survey revealed that 78% of baby boomers prioritize their children’s educational needs over their own financial milestones, while 95% of students seek to lessen the burden on their parents. Let us know your experience.
Thank you for generously supporting your child’s educational goals. If they had the chance to do it again, our survey showed that 63% of parents say they’d contribute the same amount.
If you are still paying down your child’s debt, parent plus student loan refinancing could get you:
Thousands in potential savings over the life of the loan1
You’re not alone—our survey showed that 71% of students would rather take on student loan debt themselves versus have their parents take out debt for them.
Through student loan refinancing, you could get:
Thousands in potential savings over the life of the loan1
Our survey showed that 56% of parents would rather take on student loan debt themselves in order to enable their children to pursue their chosen career passions.
If your parents took out loans on your behalf, parent plus student loan refinancing could get them:
Thousands in potential savings over the life of the loan1
You’re in good company. Our survey showed that 60% of students surveyed by Laurel Road would pay their parents back first, instead of buying themselves a house.
Another way to reduce your or your parent’s debt from your education is through student loan refinance. You could get:
Thousands in potential savings over the life of the loan1
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Disclaimers
Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.