Cash-strapped college graduates may not realize it, but they can refinance their private or government-backed student loan, and cut their monthly payments, often significantly so. Take a college loan of $15,000, at a 6.8% interest rate. Refinancing that loan down to 3.5% can save $25 per month on the life of the loan and ultimately save $2,800 in loan interest. There is no shortage of financial institutions willing to refinance a student loan:...
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