Enters Exciting New Chapter
there’s a good chance you’re overpaying on interest. If you graduated in 2019and took out Stafford loans that year at a rate of 5.045%, you might be able to cut your interest rate in half (or even less) with a new loan
Refinancing¹ your student loan payments with a new company can be a simple process –that is At Earnest, our lowest rates are available to our most credit-qualified borrowers and contain our 0.25% autopay discount² from a checking or savings account.
What is student loan refinancing?
this moves your loansto a new company — the new company will make a payment covering the full principal balance of your loans and any outstanding interest. From then on, you’ll make payments to your new lender until you’ve repaid the balance of your loan. Interest rates have plummeted in recent years, though they’re starting to pick back up for new federal loans. . Refinancing for a lower interest rate could save you thousands of dollars over time once those payments restart
A Direct Consolidation Loan is an option the federal government offers for borrowers to bundle their federal loans only into one monthly payment. Doing so may change your interest rate slightly for your individual loans. This means you may actually end up spending slightly more on interest over time if interest accrues slightly faster at the new rate than it previously did on your individual loans.
How to refinance your student loans
Before you start the application process to refinance your student loans, take some time to figure out what you want. Come to the table knowing which loans you want to refinance, how quickly you’ll be able to pay them off, and how much you can afford each month. Here’s how to move forward once you’ve decided you want to refinance.
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