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3 times you should consider refinancing your student loans, according to a financial planner

student loans

  • Refinancing student loans means taking out a new loan to replace your old ones, usually at a lower interest rate.
  • If you have private loans with a high interest rate, if your credit score has increased since you took out your last loans, or if you need a lower monthly payment now, you might want to look at refinancing.
  • However, refinancing may lengthen the number of years you make payment on your loans, meaning you’ll pay more overall.
  • If you have federal loans, note that refinancing will turn them into private loans, losing benefits like loan forgiveness and income-driven repayment plans.
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    Source:: BusinessInsider.Com