Something like 44 million Americans have student loan debt at this point, so if you’re one of them, you’re definitely not alone.
But truth be told, your student loan providers could be ripping you off with too-high interest rates — just getting rich off you while you flounder in debt. Year after year after year.
But there are other, nicer companies that’ll help you get out of debt faster. A website called Credible knows the best ones and could pair you up as soon as tomorrow.
Here’s how it works: Credible will match you with a loan that’ll cover your student debt tab. Use that loan to pay off your federal and/or private loans. Now you’ll be left with one new monthly payment. This process is called refinancing.
At first it might sound like you’re just moving your debt around, but the key is to find a loan with better interest rates or lower monthly payments.
In fact, we talked to Ashley Williams, a financial analyst who graduated with $46,000 in debt. Refinancing saved her more than $18,000 in interest over the life of her loan, and she’ll now be debt free at least five years sooner.
Now, if you’re not sure where to start, we like Credible because it’s an easy way to compare your options, and it won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars.
Totally worth it.
Carson Kohler ([email protected]) is a staff writer at The Penny Hoarder.