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There is more than $1.4 trillion in student loan debt currently in the United States across 44 million borrowers according to Student Loan Hero. Interest rates are not helping the situation. Interest rates are often around 5-7% but can go even higher than 10%! My own private loan was 10% before I refinanced with LendKey. (Ouch!!) It can feel like your payments aren’t even making a dent in your student debt. It is no wonder students are seeking out student loan refinancing options.
Student loan refinancing can be a great option but, like with anything, there are pros and cons. You should do plenty of research before refinancing your loans. Here are some pro’s and con’s to consider.