Interest is the price you pay for borrowing money. It sounds simple enough, but student loan interest rates can be complicated. Nitro has put together everything you need to know about student loan interest rates. Read on to find out what the fine print means, how interest rates are determined, and how to score the lowest rate when refinancing college debt.
Working hard is good – but sometimes working smart is better. This saying applies to many situations, including eliminating your student loans. If you want to pay off your loans faster, you need to be strategic. It’s difficult to put a dent in your debt by just making minimum payments on high-interest loans. We’ve put together 10 tips to help you lower your interest rate, find extra cash, and make progress on reducing your balances quicker.
Are you eager to conquer your student loan debt, but wondering if you qualify for refinancing? Here at Comet, we’ve helped people save more than $200 million on their student loans. Refinancing requirements can vary by lender, but we’ve put together a list of the most common things lenders look for.
You might have heard that you can’t consolidate private student loans. That’s one of many unfortunate misconceptions that keep people from getting a better deal on their monthly payments and interest rates. While private student loans can’t be consolidated through the federal government, there are several highly rated private lenders that can help you refinance them into a single monthly bill. And because private companies can be more selective about who they lend to, they often have significantly lower interest rates than the government offers.
Imagine having thousands of dollars in extra money to put toward a new car, new home or dream vacation. If you have federal student loans, refinancing could make this possible, but you should be aware of its potential downsides, too. Because refinancing is available only through private lenders, it’s important to know both the benefits and the risks of leaving a federal student loan program.
Building credit can seem like the ultimate Catch-22: You need a good score to borrow money, but you need to borrow money to get a good score. This system leaves millions of Americans confused about where to start, unsure of what they can do to break this cycle of credit exclusion.
According to the latest Consumer Financial Protection Bureau numbers, 26 million adults are credit invisible, meaning credit reporting agencies have no data available for potential lenders.
© 2020 Nitro College. All Rights Reserved.
Disclaimer: The information obtained throughout the Nitro site is intended to be used for educational purposes only. All product names, logos, and other trademarks displayed within the Nitro site are the property of their respective owners. Here at Nitro we strive to provide you with accurate, up-to-date information, but suggest checking the source directly. We recommend consulting a licensed financial professional before making any financial decisions. This site may be compensated through our partner relationships. NitroCollege.com is not endorsed or affiliated with the U.S. Department of Education.