{"id":13621,"date":"2020-12-01T03:09:21","date_gmt":"2020-12-01T10:09:21","guid":{"rendered":"https:\/\/www.petersons.com\/blog\/?p=13621"},"modified":"2024-01-17T09:06:31","modified_gmt":"2024-01-17T16:06:31","slug":"how-to-save-money-and-take-years-off-your-student-loan","status":"publish","type":"post","link":"https:\/\/www.petersons.com\/blog\/how-to-save-money-and-take-years-off-your-student-loan\/","title":{"rendered":"How to Save Money and Take Years Off Your Student Loan\u00a0"},"content":{"rendered":"

Are you one of the nearly 45 million borrowers carrying student loan debt? According to a recent <\/span>Forbes article<\/span><\/a>, U.S. borrowers owe nearly $1.6 trillion in student loan debt, the second largest consumer debt behind mortgage debt. Student loan debt even surpasses the amount owed for credit card and auto loans in the U.S.\u00a0<\/span><\/p>\n

Although it may feel like an insurmountable task, there is hope for paying off student debt. To provide financial solutions for student loan borrowers, we spoke with Mike Kuhl, Marketing Manager at Nelnet Bank. Nelnet, with over 40 years of experience, is one of the nation\u2019s largest student loan servicers and has recently launched Nelnet Bank<\/a> to provide new options for students looking to repay their debt.\u00a0\u00a0<\/span><\/p>\n

According to Kuhl, a great option for borrowers is refinancing their student loans. An ideal candidate for their student loan refinancing service is someone who\u2019s graduated, is gainfully employed, has established credit, and wants to either accelerate paying off their loan, or extend the term to lower their payment.\u00a0<\/span><\/p>\n

\u201cWe see a lot of interest from people with all degree types. We\u2019ve seen refinances for as little as $5,000 to $500,000 from someone graduating from med school.\u201d Kuhl said. \u201cWe can typically offer a better interest rate and adjust the term of the loan to fit the needs of each borrower.\u201d<\/span><\/p>\n

Helping students save<\/span><\/h3>\n

Nelnet Bank’s student loan refinancing service<\/span><\/a> provides students with an improved loan solution by offering them a better rate and different term options. Students can choose from a variety of available terms ranging from 5 to 25 years, with no prepayment penalty for paying the loan off early.\u00a0<\/span><\/p>\n

\u201cOne of the questions we often get is when is the right time to refinance?\u201d Kuhl said. \u201cWe encourage borrowers to look at any time <\/span>\u2014 there is no cost to the borrower to see what rate they qualify for, and it doesn\u2019t cost them anything to finalize the loan.\u201d<\/span><\/p>\n

\u201cWe often hear stories from borrowers on how easy it was to refinance their loans, and how grateful they are for the savings,\u201d Kuhl said. \u201cThey didn\u2019t realize refinancing could save them that much or be done that quickly.\u201d<\/span><\/p>\n

How much money on average do borrowers save by refinancing? It depends on how much student loan debt you are refinancing and the loan terms you choose. To help borrowers estimate their savings, Nelnet Bank has created a <\/span>Loan Payment Calculator<\/span><\/a> that shows a range of monthly payments based on your student loan balance.\u00a0<\/span><\/p>\n

Managing debt in difficult times<\/span><\/h3>\n

The <\/span>Coronavirus Aid, Relief, and Economic Security (CARES) Act<\/span><\/a>, established in March 2020, provides temporary relief to borrowers with qualifying federal student loans through December 31, 2020. If you haven\u2019t been receiving this benefit and believe you\u2019re entitled to it, please check directly with your loan servicer.<\/span><\/p>\n

Those in the military can apply for <\/span>military service deferment<\/span><\/a> which allows the postponement of student loan payments while serving on qualifying active duty.<\/span><\/p>\n

Reaching your financial goals<\/span><\/h3>\n

Kuhl suggests reviewing your financial goals and identifying where you want to be in five to 10 years. \u201c<\/span>Finance is personal and everyone has different goals. <\/span>S<\/span>ome are saving up to buy a new car, or a house, or start a new family, and there\u2019s a lot more flexibility with refinancing\u201d Kuhl said. \u201cLook at your options and see what steps you need to take to get there. We can help you accelerate the process of paying things faster.\u201d\u00a0<\/span><\/p>\n

Kuhl said he\u2019s seen a recent shift in students enrolling in college over the past five years. Where many students previously didn\u2019t hesitate to incur debt to go to college, he\u2019s now noticing generations where parents are discussing the challenges of paying off their student loans with their college-bound children.\u00a0<\/span><\/p>\n

\u201cStudents are more educated about the cost required to get their degree, and they\u2019re thinking about things more holistically,\u201d Kuhl said. \u201cBorrowers are more informed today, and are taking a more diversified approach to college by starting college with more credits, using community college credits, and then transferring to college to help chip away at the total cost earlier.\u201d\u00a0<\/span><\/p>\n

How can aspiring college students plan ahead to limit the amount of money they will need to borrow to attend college?<\/span><\/p>\n

\u201cThe biggest thing for students today is to have a clear path of what you want to accomplish,\u201d Kuhl said. \u201cSet a budget and only take out the loans you need to in order to reach your goals. There is great information available for families and students to make sound choices of where to go to school, what field of study to move forward with, and the income potential after completing your degree. Evaluate your options and select the choice that makes the most sense to you and your family.\u201d<\/span><\/p>\n

RELATED: <\/span>Student Loans: How to Manage Student Debt<\/span><\/a><\/p>\n

Want to learn more about the cost of college? Check out our <\/span><\/i>college search tool<\/span><\/i><\/a> which provides helpful information, including the cost of tuition before and after financial aid is applied.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Are you one of the nearly 45 million borrowers carrying student loan debt? According to a recent Forbes article, U.S. borrowers owe nearly $1.6 trillion in student loan debt, the second largest consumer debt behind mortgage debt. Student loan debt even surpasses the amount owed for credit card and auto loans in the U.S.\u00a0 Although<\/p>\n","protected":false},"author":36,"featured_media":15730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,20],"tags":[1177,977,5321,5329,5320,1387,1347,445],"class_list":{"0":"post-13621","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-colleges","8":"category-scholarships","9":"tag-college-financial-aid","10":"tag-debt-burden","11":"tag-financial-goals","12":"tag-loan-payment-calculator","13":"tag-refinancing-student-loans","14":"tag-student-debt","15":"tag-student-loan-debt","16":"tag-student-loans"},"better_featured_image":{"id":15730,"alt_text":"","caption":"Piggy bank with graduation cap beside a student loan coin 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