Optimal Finance Daily - Financial Independence and Money Advice
2721: When You Should & Shouldn’t Refinance Your Student Loans by Travis Hornsby with JackieBeck.com
May 11, 2024
Financial expert Travis Hornsby discusses the benefits and drawbacks of refinancing student loans, emphasizing the potential to save thousands of dollars. He explores factors to consider before refinancing, such as existing debt and eligibility for forgiveness programs. Travis also highlights the importance of expert guidance in navigating student loan repayment strategies.
11:41
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Quick takeaways
- Consider refinancing if student loan interest rate is above 5% for potential savings.
- Refinancing may not be ideal if close to paying off loans or seeking federal loan benefits.
Deep dives
When is Student Loan Refinancing Your Best Option?
If your student loan interest rate is above 5%, exploring refinancing options could lead to substantial savings. Working in the private sector can limit your access to public service loan forgiveness, making refinancing a favorable choice. Refinancing private student loans can result in a lower interest rate without sacrificing federal protections. Considering these scenarios, exploring refinancing options may be a wise financial decision.
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