3 reasons to explore refinancing your student loans now, while interest rates are low - Business Insider

. But, homeowners are not the only borrowers that could benefit from lower interest rates — student loan borrowers could also save.

"There is a direct relationship between market interest rates and the interest rates that consumers have access to," says David Klein, cofounder of online lender . "That's what we've seen since market rates have decreased quite precipitously over the last few weeks. Now, people have an opportunity to refinance their student debt at rates that folks haven't seen before."— borrowers who have had a big drop in their credit score, a recent bankruptcy, or who don't have a steady income may not see the benefit. As with anything you're considering for your money, make sure to shop around and get multiple quotes for a refinance.

If you're in one — or more — of the following situations, you might want to explore your options to refinance:For borrowers struggling to keep track of multiple loans, refinancing can help. "The average student loan borrower in this country has over five loans by the time they graduate, many times with different lenders. That's just really difficult to manage," Klein says. Refinancing brings all of those loans into a single loan, with one monthly payment.

Note that if you do refinance, any federal loans will become private loans and you'll lose the ability to take advantage of2. You have a much better credit score now, and that can increase a lot after college. "When people get student loans to go to college, they tend to come in at a higher interest rate than what is available to them once they graduate," Klein says.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside the Apple Museum, which is building its own Steve Jobs garage - Business InsiderInside the Apple Museum, the huge private shrine to Apple products that will soon have a replica of Steve Jobs' garage It was totally him right?
Source: BusinessInsider - 🏆 729. / 51 Read more »

4 reasons to refinance your mortgage when interest rates are down - Business InsiderMortgage interest rates are low, which means now might be the time to refinance to get a lower interest rate and make smaller payments.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Student loan interest is suspended — here's how to use the cash - Business InsiderPresident Donald Trump announced on Friday that interest on federal student loans would be suspended 'until further notice.' If ... lol
Source: BusinessInsider - 🏆 729. / 51 Read more »

Coronavirus recession outlook: Why Morgan Stanley is best positioned - Business InsiderLow interest rates usually eat away at banks' net interest income, but Morgan Stanley's business is far less exposed than its peers, analysts said.
Source: BusinessInsider - 🏆 729. / 51 Read more »

3 reasons to keep your cash in high-yield savings instead of checking - Business InsiderIn a high-yield savings account, money can grow with more interest than it could in a checking account, and you won't be tempted to spend it.
Source: BusinessInsider - 🏆 729. / 51 Read more »