We recently announced our partnership with Credible, an innovative company that helps graduates save money on their student loans by simplifying the refinancing process. Did you know the average lawyer saves $40,104 on his or her student loan payments by refinancing through Credible.
With that in mind, we wanted to pass along a few best practices tips from them about refinancing your student loans.
- Pick a goal: i.e. to maximize your long-term savings or minimize your short-term payments.
- If possible, refinance when interest rates are low: Lenders generally provide better offers when interest rates are lower (like now).
- Comparison shop: Rates differ significantly from lender to lender so use Credible to receive and compare offers side-by-side from multiple lenders.
- Consider refinancing only your high interest rate loans: To maximize your savings, consider keeping your loans with very low rates (>4%), and refinancing the others.
- Consider adding a cosigner: If your credit score is below 700, having a creditworthy cosigner can help you get a better rate.
Click here to find out how much you can save with Credible.
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