With student loan interest rates at record lows, it's a good time to refinance your private student loans. For example, a borrower with $40,000 in student loan debt who refinances to a new 10-year fixed-rate loan, dropping their interest rate from 5.57% to 3.57%, could save more than $4,600 over the life of their loan.Is it worth it to refinance a student loan?
One of the most asked questions in regards to student loans is whether or not it is worth it to refinance them. The first answer that comes to mind is, "Of course it is!" After all, for most citizens bank accounts, refinancing is a necessity. For those that have good credit, there is no reason to not consider a refinance on your student loan.