Did you know that you could be saving thousands of dollars when you refinance your student loans?
In 2017, student loan debt was the second highest consumer debt category, with mortgage debt being the highest. Student loan debt is both higher than credit cards and auto loans. That’s a lot of money!
In 2016, the average student graduated with an average $37,000 in student loan debt. The transition from college to the real world involves important changes. For example, not only will you be starting your new career, you’ll also need to begin paying back your student loans.
Having a repayment strategy in place is critical to your financial success. Otherwise, you could run the risk of letting your student loans interfere with your goals (such as buying a home, traveling more, getting married, and so on).
Fortunately there are many great options for paying off your debt. One of these options is refinancing your student loans, which I’ll explain further in this LendKey review.
What is student loan refinancing?
Student loan refinancing has become a popular option for students looking to save money. This is the process of applying for a new loan, which is then used to pay off your other student loans.
This is usually a great option if you have good credit. By refinancing your student loans, you may qualify to lower your monthly payments and interest rates. This can be a great way to help you pay off your student debt faster.
Benefits of refinancing your student loans:
- Lock in a lower interest rate
- Lower your monthly payments
- Combine multiple student loans into ONE monthly payment
- Get rid of debt faster
Companies, such as Lendkey, connect borrowers with community banks and credit unions to help you refinance your student loans and save thousands of dollars. With Lendkey, you can immediately see your refinancing offers and choose one with the best terms for you. Refinancing your student loans, such as with Lendkey, can be a smart way to save money.
Before you decide to refinance a federal loan, you’ll want to consider the federal benefits you may be giving up. For example, federal loans offer Income-Based Repayment and Income-Driven Repayment plans that base your monthly payments on how much you make. Refinancing your federal loan with a private lender may take these loan forgiveness programs off the table.
However, if you don’t qualify for loan forgiveness, refinancing your student loans can be a great way to pay off your debt quickly. When you refinance your student loans, you can take advantage of lower interest rates, one low monthly payment, and flexible repayment terms.
I recommend taking this information into consideration when creating a plan on how you will be paying off your student loans.
Refinancing your student loans with LendKey
If you’re thinking about refinancing your student loans, you may want to consider Lendkey to find the best rate. Lendkey specializes in helping borrowers, such as yourself, lower their monthly payments and interest rates by refinancing their student loans. With Lendkey, you can easily compare personalized refinancing options from hundreds of different lenders, and then choose the one best for your situation.
The average user saves over $16,000 when refinancing their student loans with Lendkey. That’s a lot of money! These savings can help you get out of debt faster, afford to travel more, and start your new career on the right foot.
One great benefit of using Lendkey is that you can simply your finances. Through their lenders, you’ll be able to refinance your student loans (both federal and private) into one convenient loan at a great rate. Plus, Lendkey is completely free. You don’t need to pay to use this service and their community lenders won’t charge you any origination fees.
Checking rates on Lendkey will NOT impact your credit score. To get started, just fill out Lendkey’s quick online form to see personal rates in under 2 minutes. There are no penalties if you want to pay off your loan early. This means you can make more than the minimum monthly payments at any time.
Who should refinance their student loans with Lendkey?
If you want to simplify your finances, lower your monthly payment, and reduce your interest rate, Lendkey can be a great option for you. Consider refinancing with Lendkey if you:
- Have private student loans
- Have federal student loans and don’t plan on using federal programs such as income-driven repayment or public service loan forgiveness
- Have good credit
- Enjoy having personalized customer service and working closely with a community bank or credit union
If you choose to refinance your student loans with Lendkey, I highly recommend choosing the shortest repayment term you can afford. This can help you pay off your student loans quickly and save the most money.
How to refinance your student loans with Lendkey
There are 5-easy steps to get started with LendKey. Each step only takes a couple minutes to complete, then you’ll be on your way to saving a TON of money on your student loans.
1. Get Your Rate
LendKey will ask you to fill out a quick online form to see personal rates. This will only take a couple minutes to complete. Enter you name, address, school, and so on. LendKey will then use a soft-pull of your credit to show you real rates. This WON’T impact your credit score.
2. Pick Your Loan
LendKey will show you the best rates from over 300+ community leaders. You can select the right loan for you and your budget with just a simple click.
3. Upload Your Docs
You can easily upload files from your computer or photos from your phone for verification. This will include government ID and loan payoff statements.
4. E-Sign & Click
You’ll receive an email from LendKey letting you know that your documents have been verified. Then you just need to e-sign your loan agreement with DocuSign. Click to accept the loan and you’re all done!
5. Loans Paid Off
LendKey will get to work paying off your existing loans immediately so you don’t have to. Click here for more details on how Lendkey can save you money.
Lendkey can be a great option to save money on your student loans and lower your interest rate. However, it’s important to understand what choices you have available when it comes to handling your student loans. I recommend shopping around to see what interest rates and terms are available for you. Start out by checking Lendkey!