Here's how refinancing your student loans could cost you:
Borrowers who refinance to private student loans lose out on those protections. But they also miss out on otherWhen Congress passed the CARES Act, they suspended payments for student borrowers with federally-held student loans for approximately six months. And that suspension is interest-free. ButSo borrowers could make a significant dent in their loan principal under the CARES Act if they continue to make payments.
Former Vice President Joe Biden has also proposed some student debt forgiveness in his presidential campaign. Of course, the election is still months away and he may not win. And if he does, it’s not a guarantee a student loan forgiveness bill would pass. However, it is still something borrowers should consider.
Certainly, some borrowers might see the benefit of refinancing their student loans. Those with private loans might want to consider it if the terms are more beneficial. But those with federal loans should be sure to evaluate their circumstances to make sure they make the best financial decision.
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