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Student loan refinancing in 2022: How to do it, and what you should know first

Student loan refinancing in 2022: How to do it, and what you should know first

It’s never been a better time to think about refinancing your student loans. With interest rates at record lows, refinancing can be a smart move for many student borrowers—assuming they’ve taken everything into consideration. There are currently more than 43 million people with student loan debt in the U.S., and borrowers carry an average balance of more than $39,351.

As a result, tens of millions of people stand to potentially save some money by refinancing their loans at lower interest rates—particularly with student loan payments resuming in February after a two-year freeze. Here’s what to keep in mind before shopping around for a new rate.

Important things to consider before refinancing your student loans in 2022

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The first thing to know about refinancing your student loans in 2022 is that the timing is perfect in terms of interest rates. “Variable rates have nowhere to go but up,” says Mark Kantrowitz, a student loan expert who has written five books about scholarships and financial aid. “Borrowers may want to refinance because the interest rates are at or near historic lows. You can potentially get a lower rate, especially if your rates are much higher from a few years ago.”

Second, borrowers who were enjoying a brief holiday from making loan payments due to the pandemic should prepare to start paying once again. Lees verder

National student loan forgiveness programs for doctors

National student loan forgiveness programs for doctors

IDR repayment plans last for 20 https://badcreditloanshelp.net/payday-loans-nv/ to 25 years, depending on which plan you enroll in. After the plan repayment period ends, any remaining federal student loan debt will be forgiven.

All federal student borrowers are eligible for the REPAYE Plan. The IBR, ICR, and PAYE plans are only available to those with certain types of federal loans.

If you have private student loans or don’t qualify for federal student loan forgiveness, other options are available exclusively to those in the medical fields. Lees verder