Broke Millennial by Erin Lowry

Author:Erin Lowry
Language: eng
Format: epub
Publisher: Penguin Publishing Group
Published: 2017-04-13T10:56:10+00:00

The ABCs of Refinancing Student Loans

Are you sick of only hearing about the perks of federal loans when you’ve shackled yourself to tens of thousands of dollars in private debt? Or maybe you have mostly federal loans but aren’t eligible for any forgiveness programs and just want to pay down the debt as aggressively as possible.

Enter refinancing.

What Exactly Is Refinancing?

Your student loans carry a 7.05 percent APR (which is similar to interest but factors in an annualized fee) and are being serviced by Bank BleedingYouDry. The interest rate is 6.25 percent. Bank WeCareALittleMore is willing to offer you a rate of 3.50 percent if you move your debt over. So you take out the loan with Bank WeCareALittleMore and pay off the loan at Bank BleedingYouDry. You now just have the new loan at Bank WeCareALittleMore with a 3.50 percent APR, which means you can pay it off both faster and with less interest.

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