And while it’s easy to feel down about your student debt, look on the bright side: College grads earn over 0,000 more than the average high school graduate by retirement age.Student loan debt keeps rising, and according to the latest findings, the Class of 2016 left school with an average of ,172 in debt, up 6% from the year before.When you consolidate your private and federal loans through a credit union or bank, you could be offered a rate that is lower than what you’re paying right now.
If you choose to refinance your 10-year student loan into a 20-year loan, you will see a dramatic cut in your monthly payments.
If you are refinancing to lower your interest rate, then you will be saving money.
If you’re struggling under the pressure of your student debt, you’re not alone.
According to the Institute for College Access & Success, 69 percent of seniors who graduated from public and nonprofit colleges in 2014 had student loan debt — to the tune of an average of $28,950.
However, if you are refinancing the loan to obtain a longer loan, then be aware that while your monthly payments decrease, the amount of money you pay for the entire loan increases.