Pay off student loans faster.
It’s no secret that January 31, 2022 will be the final day of temporary student loan forbearance due to the Covid-19 pandemic. After two extensions for a total of one year, the Biden administration will not extend student loan relief any further. That means that your federal student loan payments at your regular interest rate will restart beginning February 1, 2022. . For some student loan borrowers, restarting student loan payments may become expensive fast.
For example, let’s assume you have $100,000 of student loans at an 8% interest rate and 10-year repayment term. Student loan refinancing rates are as low as 1.88% now. Let’s assume you refinance at a 3% interest rate and 10-year repayment term. Throughshows you how much money you can save when you refinance student loans.
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