ReFi the Student Loan? Here's the Credit Score You'll Need to Have

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ReFi the Student Loan? Here's the Credit Score You'll Need to Have

Feb, 1st 2017

If you're having trouble with your student loans, refinancing might not be the silver bullet you want it to be. It's certainly true that a lot of people who refinance can save a ton of money — refinancing companies often advertise $17,000 to $20,000 in savings. But there's a caveat to those big numbers, says Nate Matherson, founder of student loan refinancing marketplace LendEDU, which just published a study looking at the finances of more than 23,000 applicants. "When they calculate those savings, they exclude people with the long-term plans," Matherson said. "So if you’re only looking at the five year terms, you’re saving a lot more money."

Translation? There's a lot of cherry-picking in the data that makes the savings look a little sweeter than they might actually be....

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