Dcu Student Loans Refinance

Dcu Student Loans Refinance

6 min read


******Legal Disclaimer***Federal student loans are not dischargeable in bankruptcy under  12 United States Code § 523(a)(8). When they become due, borrowers have two options (and only those options) – pay them earlier than their original payment plan schedule, or roll over the loan balance to a subsequent semester. Given that option, the Department of Education dictates how often they’ll auto-bill your account. The standard repayment period is ten years, unless it’s consolidated into a federal Direct Loan, in which case it’s seven years. That means if you’re consolidating your loans at a private lender like SoFi, it’s five years, and any consolidation company with direct deposit should work out a four year term. However, the government does allow borrowers who make payments on time each month to apply for three additional years of grace after your current repayment term expires. In order to do that, you need to provide verification of employment income and a copy of your most recent paycheck. Once that happens, you’ll receive a letter informing you what the new terms are. You then have 30 days to pay them back according to the new schedule. If you don’t, your monthly payment increases. That’s where we come in; we can help you find the best student loan refinance deal available. We compare hundreds of offers daily to find the lowest rate and best possible terms. There’s no obligation to use us once you get started, and there’s no cost for you until we close your loan. **********

I’ve been researching student loan refinancing for my own situation since 2013. I first learned about it in a blog post called How To Pay OffStudent Loans By Investing At A High Interest Rate that was written in mid-2013. My problem at the time was $10,000 worth of debt and a 13% interest rate on my Stafford loans. In October, 2014 I closed out the highest rate offer I could find, which was a 1.65% APR on my entire $14,500 balance. I paid off my loans in six months, but only stayed current with my payments for two months before making the minimum amount due again. Since that time, the market has changed with rates being slashed almost across the board. As of January, 2018, the average rate is now 4.69%, meaning that even the 6-month payoff period would take 16 years instead of just six. But if you look closely at the graph below, you can see that there are still some decent deals to be had if you act fast.

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Dcu Student Loans Refinance

Save $3,100 in 6 months without investment!

Use code: savingsbondadvisors to get 15% off

Summit Funding LLC

$15,000 – $30,000 Loan Amount (Permanent)

Loan Terms: Up To 20 Years

Term: 10 years, interest only for first 5 years then begin repayment Period

Payment Options: Cash out refi, Pay over time, EMI

Dcu Student Loans Refinance

How do I apply?

You can either use the link below or call us at 866-329-9078. For those who prefer to fill out our online application, please click the link below.

Does my credit need to be bad?

No! Credit scores have nothing to do with your loan approval. We review each applicant’s financial situation and credit history using only information that we receive directly from them. All applicants are subject to underwriting criteria that considers their individual circumstances. You should not expect to qualify based on your credit score alone.

How long does it take to get approved?

It depends on your income and how much money you are trying to borrow. We work with borrowers every day and know that everyone deserves a custom solution. Many people have been approved within 24 hours depending on your situation, but the average wait time is about 30 days.

Is there any way to expedite things?

Yes! If you are experiencing trouble getting approved for another type of student loan, check with your school’s financial aid office or private lender if they offer consolidation options. They may be able to help you refinance your existing loans or even lower your interest rates.

What happens after I am approved?

After we complete the process, you will receive a letter from us with further instructions. Then, you can submit your final payments before the closing date.

Will I pay anything upfront?

No! Once you submit all of your documents, you will no longer owe any money. Your first payment will be due at the end of September.

Can I sign any papers later?

Yes! There is never a deadline to sign paperwork, but you can finish everything before the deadline passes. Just make sure you email us back ASAP so we can confirm that you signed and mailed everything off.

Dcu Student Loans Refinance

My student loans were refi’ed with DCU Sallie Mae who suck! But the interest rate might be good for me…

The Chase I have currently on my account is at 5.25% and DCU Sallie mae is at 4.51%. So basically I’m paying out less in interest than I was before. However I still owe around $15,000 per year!

But it’s worth saving now anyhow – And this might actually happen since the interest rates (and thus payment) isn’t increasing after July 2018.

It could turn out that my balance won’t go over $15K until 2023……What do you think?

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Dcu Student Loans Refinance

Interest Rate Reduction

The best way to reduce the interest rate is to refinance your student loans. There are several reasons why refinancing may help lower your monthly payments. If you have higher-cost private loans, your lender may offer you a fixed rate instead of variable rates. This fixed rate could be cheaper than what the market offers. Also, if you have existing high-interest federal loans, refinancing these loans could allow you to take advantage of interest rate reductions. You should shop around for the best loan terms. Your refinance company will want to know how long your current loan term is and what your minimum payment is. Loan terms vary widely based on the type of loan and the amount borrowed. Ask about different options. Before you decide to refinance, make sure the interest rate you’re looking at is actually a good deal.

Lower Payments

Another benefit of refinancing is that it will lower the amount of money you pay each month. You can use this extra money to pay off any remaining balance on your loans, contribute to savings accounts or even treat yourself to something nice!

No Bank Fees

Most banks charge fees when you refinance your loans. But not when you do it with LendKey. We don’t collect any hidden fees or upfront costs. Our goal is to provide low-cost loans, simple application processes and flexible repayment plans. We’re proud to stand behind our services with a 100% satisfaction guarantee.

A Better Credit Score

Your credit score affects many aspects of your financial life. When you improve your credit score, it provides you with an improved borrowing experience. One way to raise your score is to get your debt paid down as much as possible before applying for a loan. When you refinance your loans, you’ll pay less over time and your credit score will increase. In turn, this will likely lead to better loan terms and lower interest rates.

Increase Your Income

If you’ve been paying for your college education with student loans, then refinancing may give you the chance to boost your income. Since your old loans will be refinanced into a new loan with a lower interest rate, you’ll have extra cash to put toward things like food, gas, rent and other bills.

6.. Avoid Debt Consolidation

Debt consolidation is a great option for people who have a lot of unsecured debts across various lenders. However, you shouldn’t consolidate unless you need to. Consolidating all your debt under one contract and interest rate can save you hundreds on monthly payments. But if you just need to cut back on some of your expenses, doing so might hurt your finances.

Reduce the Term of Your Loan

You can always extend the length of your loan. This means that you’d repay the same total amount of money over fewer months. While extending the loan’s term can help you pay off your college loans faster, there are drawbacks. First, you’ll incur additional interest charges. Second, the longer you keep your loan, the larger your monthly payments will become.

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