Refinancing student loan debt might be a smart move if any of these four criteria apply.
After graduation, student loan debt might seem like an untamable beast, but it doesn’t have to stress you out. Refinancing might be a smart move if any of the following apply:
1 – A lower rate or shorter term is available.
If interest rates have fallen since you took out your loans, a refi could lower your payments. Or if you have more income coming in, you may be able to pay off your loans faster.
2 – Current fixed interest rates are lower than your variable-rate loan.
Switching to a lower fixed rate could save you money over the life of your loan.
3 – Your finances have improved.
If your credit score or income has recently increased, you may be eligible for a better interest rate.
And 4 – If interest rates are expected to rise, refinancing your variable rate loans could help you lock in a lower rate before that happens.
Refinancing federal student loans means you’ll lose access to federal benefits and protections, so visit studentaid.gov to get all the details first.
Check your rates today to see if a student loan refi could help ease your mind and take some of the sting out of student loan debt.
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This information provided is for informational purposes only and does not substitute consultation with a legal, tax or investment professional for important financial decisions. Laurel Road assumes no liability for loss or damage incurred by use of the information provided. Please visit laurelroad.com for full product details, terms and conditions.
All Laurel Road lending products are subject to credit approval.