Photo courtesy of Anna N’Jie-Konte
The financial fallout from the coronavirus pandemic has dropped interest rates to lows not seen in quite a while. For anyone who took out loans in years where interest rates were previously high, refinancing could save.
Refinancing a student loan generally involves replacing the loan with a private student loan with a lower interest rate
For those with federal loans, however, refinancing could mean losing the federal forbearance in place until September 2020, as well as the ability to qualify for federal income-driven repayment or loan forgiveness programs.
Learn more about getting or refinancing a student loan with CommonBond »
Anna N’Jie-Konte, a financial planner and founder of Dare To Dream Financial Planning, feels there’s one thing that people are overlooking right now: student loan financing.
“Because interest rates are so low, folks that have private student loans may be doing themselves as a disservice if they don’t look at refinancing,” she told Business Insider. See the rest of the story at Business Insider
NOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quickly
See Also:
Research shows online mortgage lenders are less likely to discriminate against applicants than in-person lendersA CD can help your money grow over time without risking it in the market5 things a savings account does for you that a checking account doesn’t
To discover more visit: feedproxy.google.com
