Things have changed since freshman year, your loan rate should too. Learn how refinancing could help you save.
According to a recent poll, Americans said that taking out too much money in student loans was the financial mistake that took them the longest to recover from. And with student loans taking an average of 18.5 years to repay, this is no big surprise.
According to the Federal Reserve, there is more than $1.74 trillion in outstanding student loan debt in our country, which falls on the shoulders of about 15% of Americans. That’s a lot of debt to carry around, which can take graduates years (or decades) to pay off!
Over the past two years, federal student loan borrowers have enjoyed a payment moratorium, or a pause of their monthly loan obligation. With federal loan forgiveness still up in the air, most of these borrowers are set to see their required payments return as early as September 1.
Most college graduates will walk the stage with at least some form of educational debt. Generally, this is in the form of student loans, which are often used to help pay for tuition, books, housing, meal plans, and even certain materials (like a new laptop for class).
An education is forever. Your student loan shouldn't be
Use your smarts and refinance your student loan at a lower rate.
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