This post may contain affiliate links. Please read my disclosure for more information.
If you like this article, please Pin this image 👇
Sometimes you just have to call it off. We've all had our fair share of bad boyfriends and girlfriends. You know, the kind of one-sided relationships where you're doing all the giving and they're doing all the taking. Kind of like your relationship with your student loan company, no? Come on. Admit it. You hate those soul-sucking, money-swiping, free-loading good-for-nothings. 😤
But here's the good news. You aren't married to your student loan company. Just like with a bad boyfriend or girlfriend, you can just call it off, right now, today, and you can do it for free, and in fact, your new significant other will pay you $250 to do it. Curious? Even just a little bit? Read on.
💔 How I Broke Up With My Student Loan Company
I had a bunch of student loans with various interest rates (weighted average was like 6.5%). I consolidated them all into one loan and refinanced at 2.14% variable, which has gone up to 2.99% since then. (For the record, I could've chosen a 3.56% fixed rate). Anyway, not only did I reduce my payments by over $200/month, but I also saved over $10,000 in interest payments over the life of my loan. And it was 100% free.
How did I do it? Well, I used an online student loan refinancing company to refinance my loans. Because online lenders don't have as much overhead as traditional brick-and-mortar banks, they are typically able give the lowest rates. But here's the thing. I'm not going to tell you which lender I used.
Why not? Because the lender that gave me the lowest rate won't necessarily be the one that gives you the lowest rate, and rather than rushing to the lender I used because they worked out for me, I want you to go with the lender who will give you the lowest rate. Some lenders give better rates on grad school, others on undergrad, some care a lot about credit score, others more about income and assets, etc.
💵 Here’s What You Need To Do.
You need to shop around at different student loan refinancing companies to see which one will give you the best rate.
I recommend LendEDU to do this because they have partnered with the top student loan refinancing companies — including SoFi, Earnest, College Ave, Citizens Bank, LendKey, CommonBond, and more — to make sure that you are going with the lender who will give you the lowest interest rate.
LendEDU's service only takes about 2 minutes, it does not impact your credit score, and it is 100% free if you click here.
See, I shopped around like crazy for the best interest rate on my student loan refinance. I think I submitted five different refinancing applications to five different companies! And while I was able to select the one that gave me the best rate, this process 1) took a lot of time and 2) hurt my credit score since so many companies were running a credit check on me in such a short period of time.
But you don’t have to do that anymore. LendEDU will “shop around” for you, for free, so that you don’t have to submit multiple applications. And it won't affect your credit score. All you have to do is answer a few questions that should take you all of 2 minutes to get quotes from several different lenders, including the most respected names in the student loan refinancing industry such as SoFi, Earnest, Lendkey, and more.
You can either click on the blue button below or right here to be taken to their site so you can get started. Again, this process is 100% free and does not impact your credit score.
Sign Up and Get $20!
If you'd like to get a fast $20 bonus TODAY as well as subscribe to blog updates to be informed of other $5, $10, and $20 bonuses that companies give me to pass along to my readers, sign up below!