+ LR-Icons —
×

You are leaving laurelroad.com

By clicking Continue, you will be taken to a third-party website. Laurel Road, a Brand of KeyBank N.A., is not responsible for the content, links, privacy policy, or security policy of third-party websites.

Continue Go Back
×

Thanks for your interest in joining us!

Laurel Road’s innovative engineering culture is enhanced by the scale and resources that come with being part of KeyBank N.A., Member FDIC. To see the full job details and apply for this role, you’ll be redirected to our KeyBank recruiting site.

Apply Now
  • Student Loan Help
    • Student Loan Forgiveness Consultation
      Examine your forgiveness and repayment options with our student loan specialists.
    • Public Service Loan Forgiveness (PSLF)
      Learn how to qualify and stay on track for public service loan forgiveness.
    • Income-Driven Repayment (IDR)
      Understand your income-based repayment and forgiveness options.
    • Student Loan Refinancing
      Explore simple refinancing options that could help you save on student loans.
  • Lending
    • Student Loan Refinancing
      Fast, easy refinancing—without the kinks.
    • Mortgages
      Buy a home or refinance with confidence.
    • Personal Loans
      Fund the unexpected with a personal loan.
  • Banking
    • Checking with Rewards
      From monthly cash to student loan rate discounts, get the Checking rewards that meet your needs.
    • Cashback Credit Card
      Redeem cashback towards student loans.
    • High Yield Savings
      Build your savings with a highly competitive interest rate.
  • Resources
    • Financial Resources
      Navigate your financial journey.
    • Laurel Road Perks! ®
      Exclusive member discounts on premium brands, subscriptions, and services.
    • Customer Testimonials
      Hear what our customers have to say.
    • FAQs
      Get answers to frequently asked questions.
    • I’m Also a Doctor
      A new series documenting the extraordinary passions of doctors.
  • For Doctors
  • Nurses
  • Sign In
  • Why You Should Refinance Your Student Loans

Why You Should Refinance Your Student Loans

5 Reasons To Refinance Your Student Loans Most of us have goals, and most of the time, accomplishing those goals...

Published December 07, 2021

7 min read
Employees sitting together in discussion

5 Reasons To Refinance Your Student Loans

Most of us have goals, and most of the time, accomplishing those goals cost money. When people think about saving, they rarely think about refinancing their student loan debt. But, for those willing to think outside of the box, student loan refinancing could lower monthly payments and may even reduce the total cost of your loan.1 When this expenditure is lowered, it can help you to accomplish your other goals, financial or otherwise. Here are some not-so-obvious reasons to refinance your student loans:

  1. Save for your dream trip

    Paris, France is one of the most desired vacation destinations in the world. But no matter what your dream destination is – whether domestic or international – just thinking about the cost of such a trip can throw you for a loop. By refinancing your student loans and planning in advance, you can dedicate the money you save to your vacation fund and get closer to making your dream trip a reality. Who would have thought that refinancing your student loans could possibly get you closer to The Louvre?

  2. Help pay for your wedding

    The average cost of a wedding in the United States is currently just over $30,000. For some, it’s one of the largest costs they will ever endure at one time, so if refinancing your student loans can help you save for some of those costs, it’s time well spent.

  3. Put more towards retirement

    There’s one thing that almost everyone can agree on, and that is: when it comes to retirement, there is almost never enough in your account.  Refinancing your student loans may provide you with savings that can be applied to your retirement fund.

  4. Invest in your home

    Owning a home can be hard work and cost a lot of money, and there are renovations that need to happen every few years just to maintain your home’s value. Stashing the savings from student loan refinancing can help to pay for projects that will add value to your home—and if you ever sell, to your pockets, too.

  5. Save for a down payment on a new car

    Even if you have a brand new car, fresh off of the lot, it probably won’t be too long before you need a new one. If that’s the case, a down payment is likely. If you have a set date for purchasing a new car, refinancing your student loans could help get you to your down payment goal faster.

When Refinancing Makes Sense

If you believe you could be paying a lower interest rate due to interest rate changes, or perhaps improvements in your credit score or debt-to-income ratio (DTI), refinancing could help you save more towards your goals. Please note: you will lose certain benefits associated with federal loans if you refinance, such as access to income-driven repayment plans or loan forgiveness.

How To Qualify For the Best Student Loan Refinancing Rate

For most lenders, with a strong credit history you could be eligible for the best possible rates through student loan refinancing. To get a low rate through refinancing, it is also important that you have a low Debt-to-Income ratio (DTI), and a relatively stable income. The best way to find out what your rates could be with Laurel Road is through applying here (it only takes about 5 minutes).

Learn more about refinancing with Laurel Road here.

  1. 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.

In providing this information, neither Laurel Road or KeyBank nor its affiliates are acting as your agent or is offering any tax, financial, accounting, or legal advice.

Any third-party linked content is provided for informational purposes and should not be viewed as an endorsement by Laurel Road or KeyBank of any third-party product or service mentioned. Laurel Road’s Online Privacy Statement does not apply to third-party linked websites and you should consult the privacy disclosures of each site you visit for further information.

Was this helpful?

You May Also Like

Young woman drinking coffee and reading on her laptop

A Guide to Student Loan Refinancing

Read
A man gifting a present to a woman.

All You Need to Know About Gifting Student Loan Pa...

Read
A young girl with her dog researching about student loan consolidation vs. refinancing.

Consolidation vs. Refinance

Read

Don't miss the latest financial resources.

Get tailored Laurel Road resources delivered to your inbox.

    Share

    • Copy Link
    • Email
    • Social

    Social Media Share

    >

    Search Results

    0
    Laurel Road
    • About KeyBank
    • About Laurel Road
    • Leadership
    • Press
    • Refer-A-Friend
    • Apple Store
    • Google Play Store
    • Student Loan Refinancing
    • Healthcare Graduate School Loans
    • Mortgage
    • Personal Loans
    • Financial Resources
    • FAQ
    • COVID-19 Response
    • Contact Us
    • Partner With Us
    • Our Technology
    • Sitemap
    • Online Privacy Statement
    • User Agreement
    • Report Suspicious Activity

    Laurel Road is a brand of KeyBank N.A. All products are offered by KeyBank N.A. Student loans, mortgages, personal loans, and credit cards ARE NOT FDIC INSURED OR GUARANTEED. Member FDIC. NMLS #399797. Equal Housing Lender. ©2023 KeyCorp® All Rights Reserved.

    Equal Housing Lender logo FDIC Member logo