You can refinance a loan to get a lower interest rate,
which saves you money over the life of the loan.
Not exact matches
Refinancing allows you to combine both your federal and private student
loans into a new
loan with a new repayment term and interest rate,
which can often
save money over the
life of the
loan, or help lower your monthly payment.
If you dream about being able to do more with your
money, seriously consider building a plan to pay your student
loan off faster,
which can open up your budget and
save you
money in the interest you would have continued paying
over the
life of the
loan.
But, that
money could mean a 1 - 2 % reduction in a mortgage interest rate
which would, in turn,
save tens
of thousands dollars
over the
life of the
loan.
You can buy to a lower rate with discount points,
which can sometimes
save you
money over the
life of the
loan.
I was able to lower my interest rate from 6.5 % to 3.5 % by refinancing my student
loan,
which would
save me a ton
of money over the
life of the
loan.
The main advantage
of whole
life insurance coverage is that it forces the policyholder to
save a certain amount
of money every year,
which grows
over time and can serve as collateral to secure
loans.