Student loan payments are resuming: Is now a good time to refinance?
Now that the pause on federal student loans has ended and interest rates have been on the rise, you may be wondering if now is a good time to refinance your student loans.
In this article, we’ll explore the pros and cons of refinancing in the current market. We’ll also discuss why refinancing your student loans with a credit union can help you secure the best loan terms.
The basics of student loan refinancing
Student loan refinancing is the process of replacing your current student loans with a new student loan. Depending on your current financial situation and the economic conditions, refinancing could help you:
- Lower your interest rate
- Switch from a variable interest rate to a fixed interest rate (or vice versa)
- Reduce your monthly payments
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