Posted in Articles on Thursday, November 30, 2017
Is your grace period running out? Consider refinancing your student loans.
Refinancing your student loans can lower your rate and turn multiple bills into one simple payment. However, many graduates are unsure of the best time to start this process.
According to our student loan partner LendKey, the answer is as soon as possible. If you’ve graduated recently, you could even start saving money before you make your first payment.
Here are three things LendKey says to consider before applying:
1. Interest rates. Some student loans have variable rates that can increase when the Federal Reserve raises its key rate – which has happened twice so far in 2017. The Fed’s actions also affect your options to refinance, so if another increase seems imminent, you may want to act quickly to secure a lower rate.
2. Employment. Your choice of term and rate type will depend heavily on your ability to repay – that is, your income. Even if you’re working part time or outside your chosen field, refinancing now could lower your payments and save you money on interest over the life of the loan.
3. Credit score. As with any loan, a better credit score means better terms. To make sure you get the lowest rate possible, review your credit report and correct any errors or take steps to improve your score.
Veridian’s online application through LendKey is free and fast – just tell us about your degree and your debt. There’s no origination fee either, so you can keep more of your money. If the timing is right for you, apply today to see your options and explore how much you could save each month on your student loans.
Adapted from LendKey.
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As a credit union, we’re organized differently than other financials. Veridian is a not-for-profit financial cooperative owned by our members. That means all net earnings are returned to members in the form of lower loan rates, higher savings rates, and low-to-no fees. Veridian is also governed by a volunteer board of directors who are elected by our members. Each member has one vote in the election for our board regardless of how much money that individual has on deposit.
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