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Here’s How Simple It Is to Refinance Your Student Loans and Save Money on Interest

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How to Save Money on Student Loans

Student loan debt is a drag, and not just on your finances. Dealing with multiple lenders can be a real time-suck, and, let’s face it - no one wants to spend more time than absolutely necessary paying off debts. If you’ve been looking for a way to make repaying your student loans less of a burden (and less expensive),  PenFed  just might have a solution for you. For student loan debt ranging from $7,500 all the way up to $300,000, PenFed is helping people get back to what’s important - living life. Saving money doesn’t hurt, either.

Interest Rate on Student Loan Debt

Before starting the refinancing process, you should first determine the interest rate on your current loans. Interest rates can vary greatly, so it’s important to see if the new loan you obtain through refinancing has a lower interest rate than your current loan, assuming your primary goal is to lower your interest rate. Debt is a burden. Student loan debt can be easier to appreciate than other kinds of debt, because you’ve received an education—and even then, it’s still a burden. But interest…well, think of interest as the thorns on the rosebush of your financial life. We just have to learn to deal with it. Or do we?

Reduce Interest and Save Money on Your Student Loans

After all, the “thorns” of interest are what you’re up against. Why not slip on some gardening gloves while you prune? Refinancing your student loans with PenFed can get you lower monthly payments and/or interest rates. You may also be able to shorten your repayment term, which can save you thousands in interest.

With PenFed, you can refinance all federal, private, and direct PLUS loans into one monthly payment, then get a plan that suits your needs, with a rate that fits your budget. Borrowers with PenFed are saving thousands, and many can lower their interest rates. There are no prepayment penalties, origination fees, or application fees, and the application process is quick and easy. Just answer a few simple questions to find your rate – without any credit checks.

After you’ve found your rate, you’ll be able to review your new monthly payment and potential savings over the life of the loan—all suited to your specific situation. You’ll be able to do all of this in less than 60 seconds, and if you like what you see, you can apply in less than 15 minutes.

PenFed is on a mission to help others discover the options they have available when dealing with student loans. We offer free consultations about specific student loan situations via phone at 202-888-4320, or by email at penfed@purefy.com, and are always happy to help you find the best solution for you.