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2721: When You Should & Shouldn’t Refinance Your Student Loans by Travis Hornsby with JackieBeck.com
Optimal Finance Daily - Financial Independence and Money Advice
Exploring the Benefits and Drawbacks of Student Loan Refinancing
Student loan refinancing allows for combining federal and private student loans into one with new repayment terms and interest rates based on credit. Compared to consolidation, refinancing generally provides interest savings. It is beneficial when the interest rate is above 5%, working in the private sector without interest in public service loan forgiveness, or having private student loans. However, it may not be the best option if you lack a sufficient emergency fund or rely on federal protections like deferment and forbearance.
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