#refinance student loans
Did you know you can refinance your student loan?
Student-loan debt in this country stands at $1.16 trillion.
To make this even more alarming, the average student-loan debt for college graduates in the class of 2014 is $33,000, making them the most indebted class ever.
It therefore makes sense that as the total debt owed in student loans continues to rise, student-loan refinancing through a private lender is becoming an increasingly popular option for graduates.
Refinancing student loan debt can make a great deal of sense. With interest rates still near historical lows, refinancing student loans can be a very solid strategy to manage the student-loan repayment situation and also improve the person’s overall financial health.
For a lucky few, however, there is another solution to the student-loan debt dilemma.
If you are a teacher or work in health care, for instance, you can apply for loan-forgiveness programs. According to the Consumer Financial Protection Bureau. more than a quarter of students with loan debt are eligible for federal assistance, but only a small percentage actually take advantage of the programs.
Teachers can apply for the federal Teacher Loan Forgiveness Program and may be eligible for up to $17,500 in debt forgiveness. In exchange, you must work five consecutive academic years in a school serving low-income families.
Additionally, if you work in a health-care profession as a doctor, dentist or clinician, there is the Health Professionals Loan Repayment Program. That program will pay you up to $50,000 in exchange for a two-year salaried commitment in an underserved neighborhood. The payment is federal tax-free and made at the beginning of your service to help quickly pay down student-loan debt.
For those who are not eligible to receive loan forgiveness, refinancing student-loan debt, just like refinancing a mortgage. is a logical choice to lower the loan and save money every month.