In the Press – Dealbreaker – Why I decided to refinance my MBA grad loans

DRB-Education-Finance

Everyone told me to get my MBA. They said “don’t worry about the loans” and “it’s an investment and you’ll make it back quickly”.

All this may be true, but what they didn’t tell me was that I would be dedicating my livelihood to my job – for a long time.  I work tirelessly throughout the week and still have to worry about paying all of my bills.  To make things worse, I was paying 7.5% on my graduate school loans. I needed to get out from under some of the burdens I was carrying. I felt confused, I felt tired, and I didn’t know where to turn.

One day a friend from school told me he refinanced his student loans since interest rates were so low and suggested that I do the same. I wasn’t convinced. It seemed like a long and arduous process. I wasn’t completely convinced that I would save enough to make it worthwhile. I was stuck in a perpetual cycle of 12-14 hour work day, sleep, and paying bills; there was little else I had time for.  Something had to change. Refinancing my student loans was the first step I decided to take.

I was prepared for a long and complicated process filled with inefficiencies and verbose documents. I was pleasantly surprised by DRB Student Loan refinancing process. First of all, the entire process took place online which, for someone with a demanding job, is a huge benefit. Second, DRB rewards those who have worked hard for their degree, work a steady job, and have strong credit by offering the lowest interest rates in the country. I got my approval for a loan a few days later.  I ended up shaving whole percentage points off my interest rate just by refinancing. Also, because of my substantial loan size, I was on target to save more than $13,000 over the course of my loan. This meant $13,000 more to put towards my first home, my first car, and enabling me to start a family someday.

Although, the hours spent at my job have not changed, the anxiety about paying off my student loans were alleviated. I was able to put the money I saved from refinancing toward a vacation I always wanted to take and I also was able to save some money towards my new home. The burden of student loans is extremely taxing, but DRB helped reduce that burden and gave me some of my life back. It was such a simple change, but very powerful. I’m glad I made the choice to reclaim my life back.

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