“MONEY MONEY MONEY, AINT IT FUNNY, IN A RICH MANS WORLD”, if you don’t know what I’m quoting we cannot be friends….. JK, it’s ABBA for you poor deprived souls. Welcome to a new segment I’ll be doing called, Money Talks! These posts will generally be guides to finances in the adult world!
So typically 6 months after graduation, adult life gets pretty real, pretty fast! The lovely grace period is gone, and it’s time to start paying off those student loans. Hopefully, for you, I have some tips that you should consider!
*Disclaimer: I am by no means a financial advisor. (I just paid attention in finance class lol)*
So if you have recently graduated with student debt I recommend doing some research into refinancing your student loans.
What is refinancing? In a basic explanation, refinancing is applying for a new loan typically at a lower interest rate and a shorter payback time period. This new loan will take the place of the original loan, and you will be paying back the newest borrower.
Why refinancing you may ask. Simply because why would you want to fork out more money for a long span of time with high-interest rates. The key to refinancing is going with the lowest interest rate and the shortest time period loan you get accepted to.
If you do think refinancing is an option for you, Nerdwallet.com is a good place to start. This site is a comparison site where you input some information about your finances, and it generates a list of companies and their average interest rates for you depending on your situation. Not all of these companies will be options for you; you still have to apply, and depending on your credit/other factors will determine your acceptance.
I ended up going with College Ave for my refinancing, and so far things seem great! Just because you didn’t get the interest rate you wanted, doesn’t mean you’re stuck with it. If you are in this situation, make the payments for a couple of years to build your credit and refinance again. Just always remember you got through college, you can survive anything now!
Love always,
Alex
