If you owe more than $25,000 on your student loans, you’re not alone.
Millions of Americans watch as student loan providers funnel hundreds of dollars from their checking accounts month after month.
You probably feel hopeless, like there’s nothing you can do about it. But the truth is, you might be able to escape faster than you think.
With a company called Splash Financial, you can take steps to refinance your student loans with a lower interest loan in just three minutes. This could help you pay off your debt faster and even save you thousands of dollars in interest.
This 3-Minute Move Could Help You Pay Off Student Loans Years Faster
If you’re not totally sure how refinancing your student loans works, here’s what happens: Splash Financial pays off your current student loans, and you get a single new loan with a lower interest rate. Now you’ll be left with one new monthly payment. And there are no fees — no application fees, origination fees or even prepayment penalties.
At first, it might sound like you’re just moving your debt around, but the key is to find a loan with better interest rates (Splash offers fixed-rate loans starting as low as 3.48%) and/or lower monthly payments.
Plus, if you have multiple loans, this will consolidate them into one easy-to-manage monthly bill.
We talked to Ashley Williams, a financial analyst who graduated with $46,000 in debt. Refinancing saved her more than $18,000 in interest over the life of her loan, and she’ll be debt-free at least five years sooner.
Curious to see how much sooner you could become debt free? If you have a credit score of 670 or higher and a monthly debt-to-income ratio below 45%, you should have a good chance to qualify.
It takes three minutes to get a free quote through Splash Financial. And don’t worry. Simply checking your options won’t hurt your credit score.
Carson Kohler ([email protected]) is a staff writer at Codetic.