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Key takeaways. Student loan refinancing could help you get out of debt sooner and reduce your monthly payments, making it a smart option to consider for many student loan borrowers.
Original loan. Refinanced to lower rate. Refinanced to shorter term. Amount. $50,000. $50,000. $50,000. Interest rate. 12%. 6%. 12%. Term. 10 years. 10 years. 5 years ...
Starting loan balance. Monthly payment. Paid toward principal. Paid toward interest. New loan balance. Month 1. $20,000. $387. $287. $100. $19,713. Month 2. $19,713. $387
Refinancing can also simplify the repayment process by consolidating multiple loans into one monthly payment. ... Use resources like student loan refinancing calculators and prequalification ...
Retain federal student loan benefits: When you consolidate federal student loans, you can still take advantage of income-driven repayment plans, forgiveness options and repayment hardship plans in ...
30-year loan term — monthly payment. Total interest paid over life of 30-year term. 15-year loan term — monthly payment. Total interest paid over life of 15-year term. 5.00%. $1,640.46 ...
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