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Your Student Loan Payments Are Too High? You’re Not Alone! Here’s How To Fix That

Mekelle Bess
March 1, 2018
Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks.

Quick snapshot:

  • Lower your monthly loan repayments with LendKey
  • NEW: As of March 2018, loan minimum for refinancing has been lowered to $5,000(!)
  • Calculate how much you can save for free, with no obligation
Did you know 60% of Americans who attend college borrow money at some point? That is roughly 40 million people. Are you in the same boat? I am.
Paying off student loan debt is like working hard all month with someone else’s hand in your pocket. What you might want to consider is refinancing your student loan with Lendkey to lower those repayment amounts. Keep a little more of your paycheck.

What is refinancing?

Student loan refinancing means taking a new loan from a new lender (LendKey), to pay off separate existing loans. You will still owe the same amount that you borrowed, but you will only have one loan to pay with a new (lower) interest rate. When you refinance with LendKey, you end up with one bill per month. Two thumbs up for simplifying!

Why you should refinance

Refinancing allows you to start over with a new interest rate. So if you have loans with a high-interest rate and monthly payment, LendKey may be able to lower that for you, saving you thousands or even tens of thousands off the life of the loan.

Lenders consider college students as a higher-risk, which is why your loan repayments are so high. What most people don’t know is that as soon as you are employed full-time you become a lower-risk investment and then you can refinance at a lower rate.

Private and Federal loans

If you have both private and federal loans, you can refinance them together to bring your monthly payments down to only one lender – saving you time and energy.

You should know too, however, that you may lose some of the government benefits like Income-Based Repayment (a program that lets borrowers reduce monthly payments based on financial hardship).

Is refinancing right for me?

You should consider refinancing with LendKey if you:

  • Have a loan balance exceeding $5,000
  • Want to consolidate multiple loans and pay 1 bill
  • Want better repayment terms
  • Want a lower monthly payment
  • Want to decrease the total cost of the loan

If you’re still wondering if LendKey is the right move for you, check out their Student Loan Refinancing Calculator to see how much you can save, based on your remaining debt.

There are loads of ways people pay off all types of loans. Read more about them here.

What LendKey will do for you

Don’t just take my word for it. People just like you and I are refinancing with LendKey every day because…

“The process is simple”

“The customer service team is understanding”

“I saved $310 a month”

“My interest rate went from 6.125-6.5% to 5.25%”

LendKey can help you 1) decide if refinancing is right for you and 2) learn how much you can save on the life of your loan by refinancing with them!

What are you waiting for? Check out the website to learn more.

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