Student loan refinancing allows you to combine your existing federal and private student loans into a new, single student loan with a lower interest rate.
Refinancing can lower your monthly payment and interest costs, which can help you pay off your student loans faster.
Why should you refinance a loan?
When you first took out a loan, your credit score was a major factor in your repayment term and interest rate. Your loan might have a variable interest rate, which fluctuates depending on how the market changes. If you received a loan when the market was up, your interest rate was probably up too (and vice versa).
Refinancing a loan is beneficial if it lowers your interest rate or perhaps your monthly payment.
If you’re looking for a lower rate THD Credit Consulting can help you get started. Just give us a call at (800) 822-7120.