Pros and cons of consolidating student loans
And they have a great-looking, easy-to-use interface (which is more than you can say for other loan websites). I’ve watched them grow so much over the last few years from serving just grad students to opening up their doors to thousands of undergrads struggling to pay off their debt.I’ve also gotten a chance to meet the founder and the So Fi team; you can tell they’re genuinely interested in helping as many people as possible lower their student debt payments.
So is student loan refinancing feels right for you, just how do you go about doing it? You can start with your personal bank and ask them about student loan refinancing options. The student loan refinancing market is growing more and more as the student debt problem grows with it, and there are now many tech-savvy options for refinancing.
Consolidating or refinancing student loans are two popular options that could help you manage your payments, save money and open up additional options for loan forgiveness and repayment.
This guide provides an in-depth explanation of the differences between federal loan consolidation and private loan refinancing, the pros and cons of each and insight into which options are best for different situations. News compared private lenders to come up with recommendations for different kinds of borrowers.
My interest rates seemed relatively low and I had planned to pay them off quickly.
But the more I research it now, the more I realize that I could’ve saved a few hundreds if not thousand dollars if I had decided to refinance my student loans. But not for you 🙂 If you feel like your interest rates are (literally) compounding your student debt problem, you may want to consider refinancing your student loans to a lower rate.