In this coronavirus economy, don’t rush to refinance student loans
When you refinance a student loan, a lender evaluates your finances and, if you meet its requirements, replaces your previous student loan with a new one at a potentially lower interest rate. That can save you money over time, especially if you also opt for a shorter repayment timeline and can pay off your loan faster, with less interest accumulating.
While refinancing can mean big savings — especially on high-interest private loans you took out during a period when rates weren’t so low — there are some significant downsides. , which you might need now more than ever. Only private lenders offer student loan refinancing, which means any federal loans will turn private when you refinance them. Generous payment postponement options, including the ability to put loans into deferment or forbearance for up to three years in some cases. Plus, if you have subsidized federal loans, the government will pay the interest that accrues during periods of deferment.
program. Depending on your job and the type of loans you have, you might be able to get your federal loans forgiven after a period of time. Public Service Loan Forgiveness, for instance, offers tax-free forgiveness after 120 monthly payments if you meet the requirements. Teachers and Perkins loan borrowers also have access to specific forgiveness programs.
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