Student loans can severely limit your ability to save money and build wealth during your younger adult years. Trust me, I know. I had $35,000 in student loan debt when I graduated from college with my BSN. Instead of trying to just manage my loan debt, I decided to destroy it and get rid of it as fast as possible.
I paid off my student loans in only 25 months!
If you have a nice, solid job and are financially stable and comfortable, refinancing your student loans could be a great option while interest rates are still very low.
An estimated 7 out of 10 college graduates have student loan debt, adding up to $1.3 TRILLION in student loan debt in the United States. That’s 42.4 million Americans with student loan debt. And, the rate that borrowers are falling into default is rapidly rising.
Refinancing those student loans can be an awesome tool to help you get your payments under control and save you THOUSANDS of dollars.
The problem is, loan refinancing can be overwhelming and confusing. There are a lot of companies out there that offer different rates and options. It’s a lot of information to sort through that can be very time-consuming.
Fortunately… you don’t have to, because I already did.
Based out of San Francisco, Social Finance, or SoFi, became the first company to allow refinancing of both federal and private student loans together in 2011. In addition to student loan refinancing, SoFi offers a range of financial products, including personal loans, mortgages and parent loans for parents who want to borrow to help pay for their child’s college education.
SoFi is a well-know company in the student loan refinance market and has help borrowers refinance more than $19 BILLION in student loans. SoFi is known for its low-interest rates and job-related benefits, including members-only career coaching and networking events.
There is a $5,000 minimum loan balance requirement — which is lower than some of SoFi’s competitors — and they don’t cap the balances they will refinance.
SoFi offers lower interest rates than many competitors. And, all rates include a 0.25% discount when signing up for automatic payments.
It only takes 2 minutes to apply and find your rate, and it will not affect your credit score at all to submit an application!
So, if you’re interested in finding a better student loan interest rate, check out Sofi!
The average student loan refinance can save you over $22,000! Is that enough incentive to at least look into refinancing with Sofi?