Student Loan Refinance Rates
Student loans. What a headache. Payment after payment, dragging you down. Imagine what else you could do with the money.
If you are struggling with your student loan payments, you are not alone. Many people have to defer their dreams because their loan payments are so high. The job market is tough. Graduates are not getting the kind of entry-level jobs they had hoped for. The typical job does not pay enough for people to both pay their high loan payments and move ahead with their lives in the way they had hoped that the would.
A generation is stuck in the middle between high student loan debt and jobs that don't pay enough to deal with it. It's sad that paying for education, which is supposed to make your future brighter, has cast a shadow on the future of so many people.
If only you could get out from under your student loan burden. How sweet that would be. Think it's not possible? Think again.
You have options. You might qualify for a government repayment plan. You might be in a situation where you could benefit by consolidating your loans.
Or you could refinance your loans. Take advantage of lower interest rates. Reduce your monthly payment. Get some breathing room.
How do you find the best interest rates for refinancing your student loans? You have to shop around. Here at Loanry.com, we make shopping for student loan refinancing easy. Even kind of fun. Imagine that.
Through our Online Student Loan Store our 3rd party participating lenders are eager to help you refinance. Which ones are best for you and your individual needs? It's easy to connect with a lender. Our sophisticated, interactive system guides you painlessly through the process of connecting with a Lender.
The lower your interest rate and the longer the term of your refinancing loan, the less you will have to pay each month, and the less of a burden your student loans will become. We can help you lighten your load. You can start shopping for your refinancing loan right now, without even getting out of your chair.
When you go shopping for refinancing at Loanry.com, you will be able to connect with a Lender.
The loans offered here are from many different lenders. You can use them to refinance private student loans, federal student loans, or both.
Most people who shop for refinancing want to lower their interest rate so they can lower their monthly payments. This option puts more money in your pocket right away that you can use for anything you want or need. You should be aware that to lower your interest rate, you may have to extend the period of the loan, and the total you pay over the life of the loan may be higher. It's a trade-off that many people want to make because their monthly payments become more reasonable. For people who are under current financial pressure because of their loans, this is an attractive option.
Less often, people pursue an opposite strategy. They refinance their student loans to make the pay-off period shorter. This lowers the amount of money they will pay over the total life of the loan, but it also raises the monthly payments. Most people who already struggling with affording their student loan payments prefer to go for a longer loan term with lower payments.
When you go shopping for student loan refinancing at Loanry.com, we will guide you through a process to make it as easy as possible. You could even start right now.
Before you start shopping for student loan refinancing, you should know the interest rates of your current student loans. That way you can see how much you will save by refinancing, by comparing the rate you are paying now on your student loans to the rate you would pay after you refinanced.
Federal student loan rates are set by the government -- specifically, by Congress. All federal student loan interest rates are fixed, meaning that the interest rate that you pay at the beginning of the loan remains the same for the entire life of the loan. The interest rates for federal student loans depend on several things. What type of loan did you get? When did you get the loan? Was your loan subsidized or not? Did you get the loan undergraduate, graduate, or professional school?
The average federal student loan rate has been going down recently. So if you took out your student loans years ago, you will be paying a higher rate of interest than someone who is getting a student loan now.
Private student loans work a little differently. Some have a fixed rate, like the federal ones. For these loans, your interest rate will never change. Other private loans are variable. This means the rate can change over time. The average private student loan rate is higher than the federal student loan rate.
Just like you would want to see more than one vehicle if you were shopping for a new car, you should look at more than one loan offer if you are shopping for refinancing. Here at Loanry.com, we make it easy to compare different student loan refinancing offers.
The rates that you are offered depend on certain things. Lenders will consider your income, your debts, and your credit history. Even though the lenders all have access to the same financial information that you provide, they will come up with their own individual offers. That's why it's so important to consider multiple offers. The interest rates may be different. Also, some lenders may offer fixed rate loans and some may offer variable rate loans. Some may charge you refinancing fees. The technology behind our site makes it easy to see offers from different Lenders. It's always good to have a choice.
Interest rates now are lower than they have been in the past. They are probably lower than they were at the time you got your student loan, especially if you got the loan a while ago.
If interest rates were higher at the time you got your loan, then this is a good time to refinance. The overall interest rate climate has a big impact on the rates that lenders will offer you to refinance. You will see that when you go shopping for refinancing.
Many people feel like their student loan payments are draining their budget. When the interest rate on your loan is lower, then your payments are lower too. At a time when interest rate throughout the economy are low, you may be able to substantially lower your payments by refinancing at a lower interest rate.
Exactly what your interest rate will be depends on several things in addition to the interest rates in the overall economy. . The interest rate you pay will also depend on your personal finances. Different lenders use different methods for coming up with rates. That's why it's so useful to shop around for student loan refinancing to find out what different lenders will offer to you. Loanry.com makes shopping easy.
Refinancing your student loan is the first and most important step for lowering your loan payments. However, there are some tips and tricks that can help you save even more.
Some of the lenders in our Loan Stores will reduce the interest rate on your refinanced loan by a quarter of a percent if you do one simple thing -- have your loan payments taken automatically out of your bank account. You should definitely consider this option. In addition to getting a lower interest rate, it will save you time because everything is automated and you don't have to remember to make a payment.
Setting up automated payments for your refinanced student loan can also save you money in other ways. Without automated payments, you might forget to make one or more payments. That can get expensive quickly if you have to pay late fees. You do have to remember, though, to make sure you have enough money in your bank account at the time your loan payment is due.
Another way to save money on your refinanced loan is to compare the fees that different lenders charge to make the loan. Does a lender charge an application fee? A prepayment penalty? Many these days do not. If everything else is equal, you should choose a lender that doesn't charge these fees.
With so many things to consider, the process of finding a lender to refinance your student loans can sound daunting. But finding a lender is only hard if you try to compare lenders by applying to them one at a time. Loanry.com makes shopping for student loan refinancing easy.