Saving Money is a Family Affair: Student Loan Refinancing for Engineers

chuck and bart blog pictureBy: Callie Blumenfeldchuck and bart better

Father son duo Chuck and Bart share a love for engineering and the great outdoors. Bart attended the Colorado School of Mines and Chuck attended Colorado State University, where they fulfilled their career aspirations to become an engineer and engineering program manager, respectively. “I always had a knack for math and science, and I was a big Lego kid growing up, so engineering seemed to fit me,” Bart said. His father agreed, and said his son inherited the ‘engineer’ way of thinking. “When you work in an engineering environment, the thought process and the way you look at things become part of your DNA,” explained Chuck, “Bart got that from Dad.”

To attain their dream jobs, both father and son had to manage the high cost of college. Bart said that his first thought when looking at the cost of college was that, “It was atrocious. The interest rate on student loans was ridiculous. Students shouldn’t be burdened with this huge debt.” After graduating and determined to find a solution, Bart’s first step towards paying off student loans was to research different lenders and interest rates. “I came across Darien Rowayton Bank (DRB), and the interest rate on student loan refinancing was much lower than other lenders. The process was straightforward. It cut my student loan almost in half.”

The analytical thought process that Bart inherited from his father was now applied to his personal finances. Bart used what he was saving on his student loan towards investing in a Roth IRA. “The money is going towards getting stuff you actually need when you are young and starting out, like buying a house,” Bart explained.

Soon after applying to refinance his student loans, Bart called up his father and shared the news about DRB’s lower interest rates. “When Bart called and told me about DRB, I checked it out and was pleasantly surprised by how easy it seemed. The folks at DRB made it painless to get the information that I needed, and I am really happy with how it turned out,” said Chuck.

Bart had wisdom to share with other students facing similar situations. “The biggest thing is to start making payments as soon as you can. The sooner you get the loans behind you, the better,” advised Bart. Chuck commented that with the currently high student loan interest rates, taking action now is as important as ever.

Although student loans could have loomed in the background for years, Chuck mentioned that DRB allowed both men to greatly reduce the cost so that they could focus on what was more important: spending time together as a family. “We both love the outdoors and watching the Broncos play football.” With the time and money that they saved by refinancing their student loans, both father and son find themselves enjoying life more working with engineers rather than thinking about what to do with their student debt.

Related Articles

Guest Post – Make Lemonade- 4 Student Loan Refinance Misconceptions

  4 Student Loan Refinance Misconceptions 4 common student loan misconceptions now dispelled to help guide your path forward and save you time and money: "I'm not going to apply to refinance my student loans because I don't have an...

Read More...