Saving $1,000’s on interest helped us invest our money! We’re thrilled we spent time upfront to reap the benefits of automatic savings each month. Check out my recommendation below and see if it you can benefit too!
Distill Your Student Loans
That’s why we took steps to eliminate our debt.
We accelerated our student loan payments AND refinanced our loans. Refinancing helped us take advantage of relatively low interest rates.
As far as I see it, paying 5% or more on interest is the same as giving money away.
We’ve distilled our loans by extracting out the excess interest payments and applying those savings to our principal.
While we’re more than happy to be saving money and building wealth with our optimized cash flows, we’re just happy in general that these types of services are so readily available.
None of this would have been possible without the free, easy to use services provided by LendEDU.
A 90 second survey added clarity and helped our decision to pick a refinancing company. All of this was FREE and without any harm to our credit.
We trust LendEDU and are happy to announce we’ve partnered up with them to bring you more savings.
For us, $117k in student loans is a mountain of debt, but we have people out there who can support us and provide us with better options.
Back in the day, finding ways to pay less in interest would have required hours of paperwork and multiple interviews. Today, we can find out if we’re qualified by answering 12 questions, all while avoiding the hassle of paperwork or credit inquires.
We were on the fence for 3 years. Here’s our list of Pros and Cons to Refinancing:
Pros to Student Loan Refinancing
Lower interest rate. As I mentioned above, if we are paying 5% or more on interest, then we’re paying too much money to the banks and financial institutions that hold your loans. Let’s take those savings and let them work for us, instead of for someone else.
Changing the Payment Terms. This benefit can swing one of two ways. Either we want to increase the time we hold loans and therefore have a lower monthly payment. Or, we want to shorten the lifespan of the loans.
Release a Cosigner. If financial independence is our goal, then standing on our own two feet is the first step. It can be scary to put all the pressure on our shoulders, but we view that as being an extra layer of motivation to sticking with our financial goals.
Change Providers. If we don’t like our provider, we can switch. Simple enough.
Cons to Student Loan Refinancing
Losing Our Federal Benefits. There are many benefits with federal loans, so be aware you will lose those benefits when you refinance. This is worth repeating as you will lose the ability to renegotiate the payment schedule or the ability to qualify for loan forgiveness.
Lower interest rate. I list this as a pro and a con because student loan interest can be a tax benefit. The interest amount can reduce our modified adjusted gross income (MAGI) on our tax return by up to $2,500.
Obviously, the final conclusion is we’re happy we refinanced and are thrilled to be promoting such a helpful app.
Click on the exclusive link to get started!
Once you complete the questionnaire, LendEDU will provide you with the next steps on refinancing with the most credible refinancing companies in the industry.
Best of luck and I look forward to hearing about your loan distilling journey!