Many people are worried the government will do away with PSLF midway through their qualifying repayment and, as a result, they will lose forgiveness benefits. They feel it’s risky to count on something that could be taken away at any time, and that if PSLF doesn’t come through, they will be faced with a much bigger problem than they started with. If this is a concern you have, you should read this article from Jan Miller.
If you aren’t going for student loan forgiveness, your next consideration should be student loan refinance. Many people today pay thousands more in student loan interest than is necessary.
Until recently, there wasn’t much to do about it. But, fortunately, in the past few years, several legitimate lenders have started offering much better deals on your medical school loans. Before you sign on the dotted line, though, there are a few potential downsides to consider as well. Private lending is like the Wild Wild West compared to federal medical school loans.
What Is A Student Loan Refinance?
Student loan refinance is where you pay off one or more old federal or private student loans with a completely new private loan. This differs from consolidation because you receive entirely new terms that have nothing to 24 hr payday loans Bloomsburg do with the underlying loan(s). You typically qualify for refinance based on your financial situation, so you must be considered low risk to the lender in order to receive a good offer.
Keep in mind you do not have to refinance all of your student loans. It’s easy to pick and choose which loans you want refinanced. The most common reason for refinancing is to lower your interest rate.
Before you waste any time looking into student loan refinance, take an honest minute to reflect on your finances. Continue reading