It’s never too late to take action on your student loan debt. This article provides instructions on how to use a simple tool provided by the Consumer Financial Protection Bureau to calculate your student loan refinance options, including what the best plan for you might be.
How student loan refinancing works
The interest rates on student loans are outrageous and it’s not uncommon to spend decades paying those off. The best way to reduce the bill is by refinancing with a private lender, which typically saves borrowers hundreds of dollars each month. Lenders can offer better rates than the government, making them an attractive option for those who want to get a fresh start or pay down their loans faster.
Student loans are notoriously hard to manage. Managing student loan payments is a time-consuming, stressful process. It’s difficult to know if you’re getting the best deals on your student loans, so learn how to calculate what you’ll save by refinancing in our simple tool.
How can I refinance my student loans?
Before choosing a loan servicer, it’s important to know the difference between private loans and federal loans. Private loans require that you pay for the loan interest yourself and you cannot get the money back until you are finished with your loan. Federal loans come with tax benefits and may be easier to repay than private loans.
It’s possible to refinance your student loans by consolidating them or refinancing them with a new lender. Simply complete the form below, choose how you would like to refinance and then find a provider that meets your needs.
In a nutshell: the tools provided by the FTC/CFPB
The FTC and CFPB have created a website with a free online tool that allows users to calculate what their monthly student loan payment would be based on their current repayment plans. The tool shows customers how much they could save by refinancing their loans which should allow them to focus more on other financial goals.
The Federal Trade Commission and Consumer Financial Protection Bureau were created to protect you from scams and ensure that you are being treated fairly. One of the most common scam tactics used against consumers is student loan refinancing where lenders make promises that cannot be kept. It doesn’t matter whether you applied for a student loan or not, these government agencies have tools to help you calculate whether your refinancing will help you or not.
Finding your options with our calculator
Whether you’re a first-time borrower or refinancing to lower your monthly payments and save, our student loan calculator will help you find the best options. The calculator is easy to use, so get started now and find out what your new loan looks like in just seconds.
With the variables at hand, you can use our student loan calculator to find that perfect student loan refinance. Our tool will quickly provide you with an estimate of how much your payments could be reduced and your monthly savings. And remember, it’s always best to get more than one opinion before finalizing your decision.
What is the right choice for you?
So what is your current debt load and monthly payment? This simple tool will help you to figure out the amount of money you can save by refinancing your student loan.
You may want to refinance your student loan sooner than you think. One way to do this is to take out a newer, lower interest loan and use that money to pay down the older debt. There’s one big question though: what’s the right choice for you? That’s why we created our Student Loan Refinance Calculator – it helps you calculate your monthly payment and see how long it will take to pay off your loan. It can even help you compare different loan types so that you make the best decision for your personal finances!
If you’re a student, finishing your degree and taking on more debt sounds like an exciting idea. However, it can also be daunting to figure out what is the right solution for you. In order to make sure that you’re refinancing your loans in the smartest way, use our loan calculator to see what it would look like if you were to take on different amounts of additional debt or switch from your standard repayment plan to a fixed schedule.
If you need help getting a student loan refinance, use our simple tool to calculate your potential savings.