3 Benefits of Refinancing Student Loans


In StudentsLendKey

So, you finally completed the final step in your master plan. You completed your degree, you’ve walked in front of your friends and family, and now you’re getting that dream job. But you’re haunted by your student loans. Every month they come, demanding to be fed a little piece of your prosperity. If you want to free yourself from them, then you should consider refinancing your student loans. Why? Well, here are a few reasons.

3 Benefits of Refinancing Student Loans

Benefit #1: A Lowered Rate

When you got your student loans, chances are you got high rates. If you refinance them, your interest rates could change for the better. That means more of your monthly payment goes toward paying back the principal, and less of it goes toward paying off interest.

Benefit #2: Release Your Cosigners

If you didn’t have good credit, or really any credit, when you got your student loans, chances are good your parents cosigned for you. That can feel like the sword of Damocles hanging over their heads, but if you refinance you can often release your cosigners from their obligations. Especially if you’ve been working, and building up your own credit score.

Benefit #3: Consolidate Your Loans

If you have multiple student loans, then you may be able to consolidate them as part of your refinancing. Consolidation will simplify your repayment, and make it easier for you to pay back what you owe in a timely manner. Not only that, but you only have to write one check a month!

For more benefits of refinancing your student loans, all you have to do is contact us today!

3 Benefits of Refinancing Student Loans was last modified: June 28th, 2017 by LendKey