See If This Website Could Help You Pay Off Your Student Loans 5 Years Early

4 years ago 161

Imagine escaping student debt five years early. Credible student loans just might help. It takes two minutes to see if you can pay off your loans faster. This was originally published on The Penny Hoarder, which helps millions of...

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Something like 44 million Americans have student loan debt at this point, so if youre one of them, youre 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 thatll help you get out of debt faster. A website called Credible knows the best ones and could pair you up as soon as tomorrow.

Heres how it works: Credible will match you with a loan thatll cover your student debt tab. Use that loan to pay off your federal and/or private loans. Now youll be left with one new monthly payment. This process is called refinancing.

At first it might sound like youre 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 shell now be debt free at least five years sooner.

Now, if youre not sure where to start, we like Credible because its an easy way to compare your options, and it wont make you stand in line or call a bank. And if youre worried you wont qualify, its free to check online. It takes just two minutes, and it could save you thousands of dollars.

Totally worth it.

Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.


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