As the Federal Reserve continues to cut interests rates, students looking to take out their first student loan or those wishing to refinance could be in for a treat as the interest rates on these loans plummet downward beyond any recent near-term lows.
Forbes mentioned recently that student loans have gotten absurdly cheap this year and it might be the right time for you to take a look at taking advantage of the interests rates that are out there.
Now may be the time for you to consider taking that student loan or refinancing the ones you already have to snag that low interest rate that we are experiencing right now.
In this guide, we will take a tour of all your options that you have when taking out a new student loan or if you already have a student loan in place, how can you refinance your loan and take advantage of these record low student loan interest rates.
So let’s get started! We have separated this post between those who are looking for that new student loan and then later in the post, we talk through options to refinance your loan.
New Student Loans
College in a lot of industries is very important for you to unlock a career of satisfaction and potentially fortunes for your future.
It’s a right of passage in this world to educate you and prepare you for that role in the working world where you earn a pay check.
Without college, in a lot of cases, you are destined for a world in which you are locked out of opportunity.
Unfortunately, in order to make it through college a lot of students need to take out that student loan to afford either a part of all of the tuition that these colleges are charging today.
What you need to know here, is that you are by far alone. According to Forbes, in the United States alone, there are over 45 million people who have some form of a student loan that they are using to get themselves through college or are currently getting themselves through college. With the average student carrying around $28,650 per person.
As you are considering your student loan, you will also want to consider the career field that you plan on landing within after you get through college. You will need to have a plan to pay off the student loan with that shiny new job that you get once you get out of school. Be sure that your future industry will reward you with a high enough pay check to pay off that loan before you take it.
If you sorted all that out, and you are ready to land that student loan to launch your career into the learning stratosphere, we have compiled some resources to lead you in the right direction.
Top Student Loan Lender Resources
One of the best resources we have found over the years is a company called Credible. Credible is an independent comparison site that you can use to evaluate student loans across a whole slew of lenders where you are guaranteed to get the best interest rate out there.
Here is an example of some of the lenders in their network. From your grand dad Sallie Mae to your mega banks like SunTrust. You will find the rock bottom rate you are looking for here.
The banks essentially compete for your business and you win with the best rate.
It is your one stop shop I assure you. In fact, Credible guarantees it! If you find a rate that’s lower anywhere else, they will pay you!
The other cool aspect of Credible is that the process is 100% free! There are no origination fees, no service fees and no prepayment penalties. They have made it so easy for anyone looking to secure their next student loan.
At Credible, you only fill out one form and multiple lenders roll in to compete for your business. You don’t need to go out to multiple lenders and fill out all those forms to figure out which one is best. One form and you have multiple options at your finger tips.
The other thing to mention, is that by checking all these student loans out via Credible, the process will not affect your credit score in any way.
To sum things up here, this is the best resource we have found to quickly sort through all of your student loan options out there. There is no fees and your credit will not be affected and you have multiple lenders competing to land you the best rate around. They guarantee with their own money, that you will not find a lower rate anywhere else.
If your ready to see what they can do for you, go out to their site and start comparing student lenders today.
Refinance Student Loans
If you have a student loan already or maybe you have a series of loans that you would like to consolidate, then refinancing your loans is the way to go. Especially now that the rates are so low.
Here are several reasons why you might want to consider a refinance:
- You can get a lower interest rate
- You may want to consolidate multiple loans into one single monthly payment
- You are stuck in a variable rate loan and you want to get more to a fixed rate loan.
- You want to extend out your repayment schedule to be a longer or more flexible payment schedule
- You want to get down to one loan servicer
- You want to pay off your loan faster
- You want to save money
Whatever your reason, the time might be good for you to snag that low low interest rate to move into and get that student loan paid off faster.
Just like with our student loans from Credible we mentioned above, this company also has the same type of service for student loan refinances where lenders will compete to win your business and get you the lowest rate that is around.
In 3 easy steps, you can select the best rate and lender that they can provide. In a little over 2 minutes, you will be presented with multiple offers from lenders around the country. Again, there are no fees and it will not hurt your credit report. All you need to do is complete one simple form and you are off to the races.
Other Financial Products
While we are on the subject, Credible actually provides a whole bunch of other comparison shopping when it comes to personal finance products.
Here are some of those other products that you may want to check out as well, while you are making banks compete to win your business:
- Personal Loans – Do you need some extra cash, take a look at their personal loan options.
- Mortgage – Do you want to buy a house, maybe check out all their lenders competing to provide you a home loan.
- Refinancing – Refinance your home mortgage.
- Credit Cards – Get the latest and best credit card to meet the needs of your life. From rewards cards to low interest cards.
With over 280 partners trusting Credible and over 2200 schools eligible, they are a very well established and trusted comparison site where you will be guaranteed to find the lowest rock bottom interest rate available through out the country. Give them a try today and sky rocket your future.