One of the things that many college students run into, sometimes even years after completing school and entering the workforce, is the crushing weight of student debt. If you are a college graduate who is struggling with heavy loans, here are a few reasons you may decide to refinance your student loans.
- Your credit score has improved – A better score may mean a better interest rate, and that can help you to decrease your monthly payments or to pay your loan down faster.
- You want to decrease your interest rate – Perhaps you initially financed your loans at a time when interest rates were higher than they are now. Even if your credit score is comparable to what it was then, you may be able to improve your interest rate by refinancing.
- You want to pay your loans off faster – You can consolidate loans into one payment and reduce the number of months until the debt is repaid. This may increase the amount your individual payments, but if you are making more money now, this is a good option for finally clearing those student debts.
Financial Aid Support for College Hopefuls
For students who are yet to head to college, it is important to remember that your student loans are going to follow you around for a while. That means you should be searching for all of the free money for college you possibly can to reduce the amount you have to finance. College Planning Source is here to help! Give us a call today at 858.676.0700, or you can schedule your free college planning assessment online.
