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Is It Worth It To Refinance A Student Loan?

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Is It Worth It To Refinance A Student Loan?

Student loans can be a pain! And if you plan on paying yours off before you are 80, you’ve probably considered a few repayment options to pay them off faster. One of those options may be student loan refinance.

If you’ve never done refinancing, the term alone can be intimidating. So what I want to do here is walk you through the things you should consider before you decide to refinance a student loan.

What is Refinancing Exactly?

Before deciding if refinancing is right for you, we must ensure you clearly understand what it means. The phrase “refinance a student loan” means a lender pays off the student loan for you and issues you a new private loan. With this new loan, you will get a new lower interest rate.