This Business News Story Was Uncovered By Us From: http://www.youngadultmoney.com/2018/12/12/student-loan-refinance-guide/
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There’s no denying that student loan refinancing has become incredibly popular the past few years.
With companies like SoFi receiving hundreds of millions – or in the case of SoFi, $2 billion – in funding, investors and existing companies are seeing student loan refinancing as a big opportunity.
And why not? Student loan refinancing presents a potential win-win for lenders and borrowers. Borrowers have student loan debt at a certain interest rate. The lender is able to take that debt and offer it at a lower interest rate. The borrower saves hundreds or thousands on interest payments, and the lender is able to use the debt in new or existing products.
But there are drawbacks to student loan refinancing, at least for borrowers. Let’s go over a couple of them.
Refinancing federal student loans causes you to lose federal benefits
If you refinance federal student loans, you are creating a new, privately-held, loan. The federal loans you have cease to exist.
For some this isn’t a problem. They may have planned on paying off their debt faster than ten years and could afford their student loan payment. They may have an emergency fund and have their finances in a good spot. They may not need the benefits that come with federal student loans, whose benefits cease to exist with private student… Read More
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