40 million Americans owe a whopping total of $1.2 trillion USD in student loan debt. Unbelievably, the total balance of the US student loans grows by an estimated $2,726.27 every second, according to MarketWatch.
If you are one of these 40 million Americans, it's easily to feel overwhelmed under a mountain of debt; but there's good news. If your interest rate is greater than 2.14% APR, you are likely overpaying and may be able to save over $18k on your student loan debt.
by refinancing with SoFi.
What is refinancing?
You may have heard the term refinancing before and been unsure what this is or if it is right for you. Refinancing can sounds complicated, but at its simplest, it is simply taking out a new loan with better terms to pay off an older, worse loan.
Refinancing a loan may be a good option for you if any of the following 3 things apply to you:
-You want to take advantage of a better interest rate or loan terms
-You want to consolidate other debt(s) into one loan
-To reduce or alter risk (by switching from a variable-rate to a fixed-rate loan)
(Some people also refinance to reduce the monthly repayment amount to free up cash, although we advocate paying as much as you are able to towards high interest debt)
In most circumstances, there is no downside to getting a quote to see if you can refinance.
How it works:
How much can I save? The average grade saves almost $19k when they refinance with SoFi ($18,936)
What rate can I get? As low as 3.5% (fixed) 2.14% (variable with auto pay)
What terms do you offer? 5, 7, 10, 15 and 20 year
Are there application fees or prepayment penalties? No and no!
What if I lose my job? Not to worry, SoFi has unemployment protection
What is the minimum to refinance? $5,000
Is there a maximum amount? No!
Is it hard?
The process is easy - get pre-approved in just 15 minutes. Quotes are free and no-obligation.
How do I refinance?
Just click here to get started. Members save an average of $19k.
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