Student loans should never control your life, it’s that simple. If you don’t keep your student loan debt under control, the reality is that interest will compound and work against you everyday. Here’s how to refinance high-interest student loans and save money on monthly loan payments.
Why You Should Refinance
Without a doubt, SoFi is is hands-down the best option for refinancing student loans.
Pre-approval for a student loan refinance takes just two minutes on SoFi’s site. As a general rule, if you’re currently paying more than 5% APY on your student loans, refinancing is strongly in your favor.
Anyone who has a high-interest student loan should consider refinancing through SoFi. 5-year rates are as low as 3.95% APY.
3 Facts About Student Loans
2 out of 5 people under age 30 have student loan debt
More people have student loan debt than you might think. According to Pew Research Center, two out of every five people under the age of thirty have student loan debt. Not surprisingly, among those ages thirty and above, student loan debt is far less common.
The average amount of student loan debt is $17,000
This is no trivial amount of money. With rising federal interest rates, those with variable student loan rates are at risk of paying more in interest as time passes.
1/5 of those with student loans report having a second job to make timely payments
You might not have to work a second job to make your student loan payments. If you refinance, you can decrease the amount of money you’ll pay in interest and therefore decrease your monthly payments.
How to Refinance Student Loans Quickly
One of the biggest misconceptions about refinancing student loans is that it takes a significant amount of time. This is simply not true.
With SoFi, you can qualify for a refinance in a matter of minutes. At the end of the day, it all comes down to simple math. If you’re paying more than SoFi’s current student loan refinance interest rates, than you are theoretically losing money.