Student loans: consolidate vs refinancing - EXPLAINED!
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- เผยแพร่เมื่อ 22 ก.ค. 2024
- Maybe you can save thousands...or maybe you lose out on student loan forgiveness - choosing to refinance or consolidate your student loans is a big decision!!
If you have student loans and are thinking of consolidating or refinancing your student loans, be sure to watch this video first so you how you can benefit and what the drawbacks are from consolidating and refinancing! By consolidating, you keep your loans with the Dept of Education and have access to student loan forgiveness, income driven repayment plans, and forbearance/deferment should you have hard times or go back to school. But if you refinance you could save thousands of dollars on interest. What's a girl to do??
#studentloans
Links mentioned:
* All about student loan consolidation - from the Dept of Ed: studentaid.gov/manage-loans/c...
* Where to consolidate: studentaid.gov/loan-consolida...
* Parent PLUS double consolidation loophole video: • Escape high Parent PLU...
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0:00 consolidate vs refinance
1:52 What is student loan consolidation?
3:13 - What is student loan refinancing?
4:55 - Major benefits of student loan consolidation
6:28 - Drawbacks of consolidating student loans
9:22 - How student loan refinancing works
10:31 - Benefits of student loan refinancing
12:02 - Drawbacks of refinancing student loans
Are you going to refinance or consolidate your student loans after watching this? Any other questions on this topic, let me know in the comments! 🥳
Cheers, -k
Thank you so much for your information, witty humor, and video imagery. All of your videos have provided a wealth of knowledge and helping me on this journey.
Thanks for the kind words and thanks for watching! -k
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Quick question - if you graduate from school, work a couple of years and made payments under the IBR plan (now the SAVE) and have several qualifying years of payments for forgiveness, do you lose those when you go back to school, and your student loans go into in-school deferment? Or do you keep those payments, don't pay during in-school deferment (generally), and then resume payments once you graduate?
Hi! Great question- your loans will go into in school deferment automatically, they’re basically put on pause so you don’t have to pay while you’re in school more than half time.
once you’re out of school you’ll start payments again and your loans will still show the time you paid before you went back to school (you don’t lose those).
You can read more about in school deferments here: studentaid.gov/manage-loans/lower-payments/get-temporary-relief/deferment
Thanks for watching and good luck in school! -k
@@themoneylibrarian Awesome, thank you so much!
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