Student loan rates are decreasing. Here's what it means for you:
For example, a college student who borrows $10,000 in federal student loans for the 2018-2019 academic school year would owe $12,757 under a standard 10-year repayment plan and current 5.05% interest rate. Under the new 4.53% interest rate, a college student who borrows $10,000 for the 2019-2020 academic school year would owe $12,454 under a standard 10-year repayment plan.
After you refinance your student loans, you will have one student loan, one monthly payment and a lower interest rate. The lower interest rate is what helps you save money each month. Thisshows you how much money you can save through student loan refinancing.
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