Most of us weren’t born with a silver spoon in our mouths and have had to take out student loans for college or university education. Can you relate?
If so, you probably get how annoying and never-ending these monthly payments are. After all, you could be on the hook for between 10-30 years, and paying insane amounts of interest!
But – there’s a light at the end of the tunnel! Historically low interest rates and tons of borrowers have created a perfect storm for lenders dying to make you a deal.
So if you…
- Have a student loan with a high interest rate
- Have multiple student loans that you’d like to merge into one
…now might be the time to look into refinancing!
Of course, the caveat is that you should have a good credit score if you want to benefit – prospective lenders reward your smart decisions with better rates.
There are a few other things you should know:
- Make sure you’re gainfully employed. Lenders don’t look favorably upon spotty or non-existent income.
- Shop around. Lenders will offer different terms and rates, so seek out the one that’s most favorable to you – a little legwork can pay off big.
- Understand the impact of the interest rate percentage on your total loan. Sure, the difference between 4-6% interest can seem negligible when you’re only looking at that number. But – when you calculate the effect on your loan over its lifetime, the savings can be in the tens, even hundreds of thousands of dollars in extreme cases.
You see? The potential savings and benefits of refinancing are too significant to ignore!
If what I just shared with you perked up your interest just a little (aka, you have student loans, and they’re an annoying thorn in your side), we should talk.
15 minutes with me could get you on the path to getting rid of them once and for all – and lowering the price while you’re at it. All you have to do is call 513-563-PLAN (7526) or head here to get started.
