If you are looking to refinance your student loans, check out these top lenders offering low rates and fast repayment.
College debt has reached sky-high numbers in the United States with many graduates leaving school with an average of $28,000 in loan debt.
Unfortunately, the above number is now on the rise as college costs continue to climb. With this crisis now becoming visible to the public eye, several companies have started offering student loan refinancing services for those who are struggling to make payments or are sinking deeper into debt due to high-interest rates.
3 Most Popular Student Loan Refinance Quotes
To help find a company that fits your needs, here are some quotes from different companies that offer student loan refinancing options:
Amalgamated Bank provides competitively priced private student loans with reduced interest rates and free financial literacy courses. These loans are designed to help students refinance high-rate federal education loans, reduce their monthly payments, or supplement their child’s college savings. Our private student loan refinancing options range from 3% down for undergraduates to 10% down for graduate students.Bank of Amalgamated
SoFi is disrupting the finance industry with better technology, lower fees, and personal service that goes beyond just lending. We’re pioneering something called Social Banking®, putting people first and combining the best of tech with a human touch. As a member of our online community, you’ll get offers tailored to your needs based on things like your LinkedIn profile. And because we value your time as much as ours, you can choose to bank when and where it works for you — on your phone, at home, or at hundreds of thousands of ATMs worldwide.Bank of SoFi
Earnest is a finance company that provides personal loans to highly qualified borrowers. We’re reinventing student loan refinancing with our data-driven approach: better rates, fewer hassles, no-prepayment penalties, and 100% transparent terms.Bank of Earnest
Ways To Reduce Debt Through Refinancing
The average student graduates with $26,600 in loans. This is more than enough amount to cripple most young adults just getting off the ground.
However, there are some ways to reduce that debt through refinancing your monthly payment and/or writing off part of the loan.
The main thing you need to know is that this plan can either save you time or money depending on what you’re looking for in terms of repayment.
On one hand, if you want to shorten the time you spend making payments then refinancing would be your best option because it reduces the number of years you have to pay back your loan while keeping interest rates lower than they were original. So let’s say you had 10 years to pay back your loan, you could get refinanced so that you only have 7 years left. But this would also increase your monthly payment by 10% due to the fact that it’s spread out over less time which means you will be paying more interest overall.
On the other hand, if you’re looking for flexibility in terms of having lower monthly payments then refinancing isn’t your best option because it doesn’t reduce the number of years you have to pay back your loans and instead makes them slightly longer. So let’s say you had 10 years left on your original loan, after refinancing they might give you 15 years but it’ll keep the same 9% interest rate. But with this plan, your debt will actually decrease because the monthly payment will be spread out over a longer time which means you’ll have less interest overall.
Either way, refinancing is a great option for those who are looking to reduce debt and either shorten the time it takes them to pay back their loans or lower their monthly payments.
It’s also a good idea to do this if you’re planning on going into a career that doesn’t make as much money as most people with your education level.
For example, if someone has an English degree but wants to become an engineer then they would probably see more benefits from refinancing their loans than they would be spending 5-10% of their income on loans.
So whether you want to save yourself some time or save some money, refinancing is a good idea in most cases. Just make sure to do your research before you make any decisions about your loan.
Then when you’re ready to put the information into action, go online and search for Student Loan Refinance Quotes.
It doesn’t take long at all to find companies that are willing to help you out with whatever type of financial planning you want, just remember that it’s always better to have more time/money than less!
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