Student loan refinancing rates have plummeted even lower—here's why:
Student Loan Refinancing: Rates Drop Even FurtherWhy? The Federal Reserve cut interest rates for the third time this year, and lenders have reduced student loan refinancing rates to a near-term low. That's great news for student loan borrowers who want to get a lower interest rate, save money and pay off debt faster.Student Loan Refinance: Should I Refinance Student Loans?If you want to save money and pay off student loans faster, student loan refinance is an effective tool.
For example, let's assume you have $85,000 of student loans at an 8.0% interest rate and 10-year repayment term. If you refinance that student loan with a 3.0% interest rate and 10-year repayment term, you would lower your monthly payment by $211 and save $25,262 in total payments. If you are a doctor, dentist or pharmacist with a large student loan balance, your savings may be even higher.You can apply online to refinance student loans in 10-15 minutes.
To maximize your chances to get approved to refinance student loans, you can apply to multiple lenders. Since each lender makes a separate underwriting decision, getting rejected from one lender does not negatively impact your chances with another lender.Yes, you can refinance Parent PLUS Loans. Parent PLUS Loans have relatively high interest rates, so refinancing can lower your interest rate and save money.There are no fees to refinance student loans.
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