Are you wondering how to refinance your student loan? It is 2018 and Americans are more burdened by student loan debt than ever. According to recent statistics, Americans owe over $1.48 trillion in student loan debt, spread out among about 44 million borrowers. That is about $620 billion more than the total U.S. credit card debt! In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from 2015. Many young people with student loan debt find themselves putting off major life goals like saving for a home or starting a family. Some of them would love to pay off their loans faster while others are trying to find ways to reduce monthly payments. Short of winning the lottery, refinancing is one of the best solutions. I am here to tell you how to refinance your student loan.
Credible.com makes refinancing student loans easy. Instead of hopping from lender to lender to find a good rate, Credible provides a one-stop shop where you can connect with a wide range of vetted lenders. You can get rates in about 2 minutes and your search will not affect your credit score. Just take the following steps:
1. Answer Questions about Yourself
2. Review Real Options
3. Compare Rates
4. Make a Choice That is Best for Your Needs and Goals
Because the Credible marketplace is integrated with lenders and credit bureaus, they are able to connect you with several lenders at once. Checking rates generates a soft inquiry and this pull does not affect your credit score. With Credible all personal information remains private unless you move forward with refinancing.