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Save Money Today on Your Student Loans
When it comes to how you should spend and save your hard-earned cash, the internet is overflowing with free advice. But with so many tips at your disposal, it can be tough to know which ones to trust.
How about advice that represents the wisdom and experience of more than 12 million people?
With 44 million Americans currently dealing with student loans, borrowers are exploring every possible means to reduce or eliminate their debt. If you belong to that large and growing category, student loan forgiveness can sound like an ideal option. This prospect has gotten a lot of attention following the Obama administration’s changes to the nation’s student loan system, with more than 5 million borrowers now using plans that could lead to loan forgiveness in time.
Do you know the difference between consolidating and refinancing your student loans? If you don’t, you’re not alone.
The two words are often used interchangeably and, we admit, they have somewhat similar meanings. However, they can have a very different impact on your student loans.
Let’s just come right out say it: some of the jargon associated with refinancing your student loan can be tough to get your head around.
But here’s the good news: refinancing isn’t nearly as complicated as you might think. In fact, it’s possible to apply and even get a conditional acceptance in less than an hour.
The halls are decked, the chestnuts are roasted, and the weather outside is frightful—though not quite as frightful as your student loan bill.
Even if you’ve taken our advice and lowered your student loan payments, you still can’t throw your budget out the window for the month of December.
Maybe you need to reduce your monthly student loan payment so you can save money. Perhaps you’re on a mission to get out of debt sooner, or it could be that your interest rate is 6.5% or higher and you believe you can beat that rate.
For sure, there are any number of reasons why refinancing your student loans is a smart strategy.
