Save Money Today on Your Student Loans
You may think you're drowning in student loan debt if you owe more than the average of $37,172.
But in fact, there are relatively common cases of doctors, lawyers, and dentists whose $300,000 debt make your debt seem miniscule. For example:
Cosigning your student loan may be the ultimate favor. According to the U.S. Department of Education and the Consumer Financial Protection Bureau, more than 90% of new private student loans are cosigned, typically by a parent or grandparent.
But if you think you're ready to release cosigner, know that every lender has its own rules for releasing doing so. If you’re the borrower, reach out to the lender and get information about what it takes release a cosigner, as well as a release form.
Did you know that Americans now owe more than $1.48 trillion in student loan debt, with 2016 graduates owing an average of $37,172?
If you're part of that statistic, you may have heard that refinancing your student loans can be a smart way to pay off your loans faster and save money. In fact, refinancing can save borrowers an average of more than $15,000 over the life of their loan.
Got a private student loan through SunTrust? Did you know you can refinance that loan—and potentially score a lower interest rate? You absolutely can.
If you refinance your SunTrust loan and you've already graduated, you have to pick a new lender. That's because SunTrust doesn't offer refinancing, unless you're applying for a new student loan with Suntrust and you want to roll previous student loan balances into your new loan.
Though student debt can sometimes feel like an ever-present shadow, knowing exactly how much debt you have doesn't always come easy.
Luckily, you have a few avenues for accurately determining how much you owe in student loans:
Downloading your credit report is the easiest way to get a full picture of what you owe, especially if you have both private and public student loans. But each option has its merits, so let's dive in.