6 signs you should refinance your student loans

With interest rates rising and the freeze on federal  student loan payments set to expire at the end of the year, now might  seem like a good time to refinance your federal student loans.

Interest rates have been on the rise since the Federal Reserve began trying to tamp down inflation.

Does it seem like inflation is getting better or worse?

Refinancing federal student loans into a new private student loan means giving up certain federal benefits and protections.

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Is or could your income become unstable?

When your balance is high (say, five figures or more), the savings from a lower rate are amplified.

Do you have a high balance?

Some people may refinance to get a longer loan term — and so reduce  their monthly payments (but likely pay more interest over the life of  the loan).

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Would your rate be lower if you refinanced?


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