Today, the answer to that question is probably yes! 7 out of 10 graduates are now graduating with some form of student loan debt. With an average balance of $30,000, student debt is a big part of the average college graduate’s life. That being said, not all student loans are created equal. Interest rates on student loans usually vary by loan type, rate type, and credit worthiness. If you find yourself paying 4% to 10% in interest each year you are paying too much.
Over the last couple years student loan refinancing has become a hot topic in the United States. As it sounds, refinancing allows undergraduate and graduate borrowers to refinance educational debt at a potentially lower interest rate. Student debt refinance rates can be as low as 2.13%, refinancing with these lower rates can save some borrowers upwards of $14,000 over the life of their loan. At Vantage acceptance, we help getting student loans debt relief alongwith we also provide student debt consolidation help & advice.
If you’re feeling overwhelmed with student loan debt, or just looking for a way to save money on your loan repayment, student loan consolidation and refinancing could be the solution you’ve been looking for.
Many lenders or student loan consolidation companies now offer ways to consolidate both federal and private loans into a single loan. Often borrowers are now graduates with better credit and a higher income than when they initially took out loans. That means they can qualify for significantly lower interest rates and better terms with a consolidation loan. This is great for borrowers, but what’s the catch? When including federal loans in student loan consolidation, borrowers may sacrifice benefits that come with federal loans, such as access to loan forgiveness programs and income-driven repayment plans.
More and more student loan consolidation companies are entering the market for student loan consolidation and refinancing. There are a variety of types of lenders, including traditional banking institutions, credit unions, and new, nontraditional lending options. The traditional banks offer credibility but often have higher interest rates and sometimes stricter eligibility requirements.