Tagged: student loans
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- March 29, 2020 at 6:54 am #579062baZANNNParticipant
Preface: This is somewhat of a selfish post, while at the same time I’m trying to potentially help others. If any of you have really high interest rates on student loans, and decent credit, you should look into refinancing.
I just recently refinanced my student loan. I’m not sure why it took me so long to do but it was worth it. I went from a 12% loan to a sub 4% fixed rate. It should save a good amount of money over the rest of my payoff. I went through Earnest which makes it really easy. After your approval they give you the tools to set your own terms. You can do variable rate or fixed rate and choose how long you want it to take to pay the rest of your loan off (You still need to be responsible with what terms you set. You should not sway much from your existing repayment date as you will have a lower payment from lowering your interest in general. If you extend out your terms and just make the normal payment, you’ll still pay a lot extra in interest so try to be as responsible as possible unless you just don’t have a choice.)
They also have a referral program where if someone you refer refinances you get $200 and so does the person you referred. If anyone has been on the fence on refinancing their student loans check Earnest out, I wish I did earlier. I wish I was kidding when I say I’ve paid over $15,000 in interest on an $8,500 loan, and still have over $9,000 left…. definitely look into if you’re in a similar boat.
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