refinancing school loan
I have $50K school loan at a variable rate. Since interest rates are supposed to increase several times in 2022, I want to lock in a rate, but my current lender wants to charge almost $10K in finance charges. What can I do? Should I just increase payments on the principal and ride out the variable interest rate changes?
Terry Says
Assuming this is a private loan, and also assuming that you have good income and credit, go to www.SoFi.com and ask them to refi your loan at a lower fixed rate. Try not to extend the term, because interest is interest. The sooner you pay it off, the more interest you will save at any rate.
