Student Loan Debt Refinancing Explained

Student loan refinancing has become really popular. But does it ACTUALLY help you pay off debt? Here's my simple and EASY explanation of student loan debt refinancing. Comment below if you have done this or are considering refinancing.

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[TheBudgetBounce]

This was SOOOO helpful Justine. I never had loans for myself, but we have 13 federal loans and a private loan for the hubs. Not sure if we will do either of these options, but now I am armed with info when were ready to tackle them. Thank you!!

[cornprincess]

This was beautiful and calmed me down so much. Thank you!

[MrArod]

I like what you say at the end. I think a lot of people thinking about refinancing are getting analysis paralysis... thinking about saving 2 or 3 percent in the long run with refinancing instead of just paying a little extra and putting it in their debt snowball. Great video!

[wallflowercommenter]

I just found you and I’m working on getting rid of my credit card debt before tackling my 120k student debt. Started with 15k credit card debt and on track to pay it off by Jan 21 :)

[rineilperez]

great video Justine! Refinancing my pharmacy school loans was a key move that helped me achieve greater financial goals. I thought having a student debt would prevent me from getting buying a home, getting, married, investing! basically anything lol. But once I refinanced and developed a money mindset...i was investing and am actually on track to reach FIRE. Glad I found your channel and definitely very inpsirational for my own as well!

[melissapanayeta]

My loans are only $9, 500 my interest rate is 11%
When she said people have loans of up to 100K ... that made my jaw drop.
I’m paying like an extra 1k a year with my current interest rate. Gonna keep doing some more digging to see if it would be in my favor to refinance.
My credit score is so much better now than when I first got that loan three years ago

[Jessica-kfbz]

I just stumbled across your channel and so glad I did! My only debit is my student loans. Under the PSLF program I have 44 qualifying payments and 77 more to go (2026 is the predicted year). I've been researching the pro's and con's of refinancing and independently paying the consolidated loan off on my own. I have significant student loan debit (2 degrees and 80k later) and 6 years is a long time to wait for POTENTIAL forgiveness while not making a significant impact on the principal and racking up interest. Given the stipulations around qualifying payments 2026 is a long way to wait until I know for certain I'm out from under the weight of my only debit. Thank you for your time and potential insight!

[Quiet_]

This is a well intentioned video but does a very bad job at explaining annualized interest. The difference between 10% interest on 100k and 7% interest on 100k is not $3000 unless you are able to pay off that debt within a single year. The interest is added annually, so for a 20 year 100k loan, the difference between 10% interest and 7% is over $45000.

[wallflowercommenter]

Update on my life after 9 months of my last comment. No longer have credit card gift since Feb 2021. I went through student loan refinance and got a 3.5% rate in a fixed 7 years

[SteveRam]

Great break down. This will be very helpful to those trying to manage and payoff their student debt. Once that debt is paid off, invest in real estate 😁👍🏻

[vt]

In the example you used, if it takes more than year to pay the $100k loan and you choose to refinance to a lower 7% interest rate, but you still continue to make the same amount monthly payment towards your debt then aren't you at least reducing the compounded amount you'd have to pay?

[brendanhickey]

I have 1, 200 a month for discover student loans, what companies are good to call because i cant afford this

[kwho]

Should I consolidate, then refinance?

[snowboardkid]

What do you consider a good credit score? Currently paying off credit cards and hoping to have raise my score to almost 700 credit score

[seansmith]

Do they like log onto your loan account and pay it or do they give you the money to pay it

[TheIvyLeagueInvestor]

Debt Refinancing is so tricky! Especially now with rates I don't think it would be a good idea to refinance. How about you?

[AndrewL]

My current interest rate is 4.3%. Would it be possible to make it even lower with refinancing.

[natetorres]

Can you refinance your student loan more than once?

[emilyw]

Sallie Mae is honestly kicking my butt right now

[AgWhatsUp]

Anyone with a 750 credit score have luck refinancing a 100k student loan?