Nitro Knowledge. Your Guide to Paying for College.
When it comes to student loans, it's often a question of whether you should pay more now or later. If you pay more now, you'll be out of debt faster and pay less in interest. If you opt to pay less now in favor of having a more-comfortable monthly payment, you'll end up paying more interest over the life of loan.
But there may be a way to have your cake and eat it, too. Get this: Refinancing rates are incredibly low right now (like do-not-miss-this-low), which means you may have an opportunity to score manageable monthly payments and save a good chunk of money at the same time. Let's look at three examples of how this can play out.
No academic degree takes longer to earn—or is more expensive to pay off—than a medical degree. The average medical school student now graduates with $192,000 in student loan debt, according to the Association of American Medical Colleges.
So if you’re feeling overwhelmed by your student loans, you’re not alone.
Graduating from medical school is an incredible achievement. But if you're more in the mood to worry about your student loans than celebrate your graduation, that's understandable. If you're like many medical students, you have six figures in student debt — and several years of low-paying residency or fellowship ahead of you.
But you can be proactive about that debt — and one of the best ways to do it is by refinancing. We've scouted out some great under-the-radar deals for residents from SoFi, Laurel Road, and Splash Financial below.
If you’re like a lot of college graduates, you have multiple student loans, all through different lenders. Is it time to get them all in one place? There are pros and cons to refinancing your federal loans through a private lender, so it's important to carefully consider your specific circumstances.
If you're reading this, your college career is probably coming to an end — and student loan payments are just around the corner. Understanding your options for repayment can be pretty overwhelming, especially when you're not even sure who you're supposed to be making payments to.