The amount you owe in student loans can have long-term impacts on your overall financial wellbeing. That’s why managing your student loan repayment plan is critically important. When managed well, you could potentially save thousands of dollars over the life of your loan.
Refinancing means you replace your current loan(s), potentially at a lower interest rate. Lenders “buy-out” your loan(s) from your existing loan servicers — both private and federal — and issue you a new loan equal to your outstanding student loan balance(s).
Consider refinancing your student loan(s) if you:
Refinancing your student loans can mean potentially paying less over time with lower monthly payments and/or lower interest rates. Keep in mind, however, when you refinance your student loans, you may be trading in your federal loan for a private loan.
Refinancing your student loan comes with pros and cons. Make sure that it’s right for you:
There’s no guarantee that any lender will offer you better terms on your student loans than you have now, but it’s worth looking at refinancing simply because of the savings potential.
Through an agreement between MassMutual and Commonbond, a leading student loan refinancing company, a preferred interest rate is available to you. It only takes a few minutes to see what that rate may be; it’s an easy process that won’t impact your credit score.
Start exploring your options (and your preferred rate) here.