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Student Loan Refi question
Posted on 11/18/15 at 12:46 pm
Posted on 11/18/15 at 12:46 pm
Hello! I currently have 12,500 (6% int.) in student loans which comes out to 220.39 I pay a month. Credit Karma recommends I refi my loans with a company that will offer me a lower rate which will lower my payment to 114 a month but extends the term out to 120 months. In my current situation, I will finish paying my loans in 5 years. Does it makes sense to refi? Thanks.
Posted on 11/18/15 at 1:13 pm to Herb484
How stable is your job situation? Re-fi with a private company will almost always lower your rate but you'll lose some of the deferral/forbearance provisions and payment options that come with federal servicers.
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