Wharton Loan Refinancing Dos and Dont's

Your decision to refinance your student loans should depend on a number of important factors, including whether you can afford your current interest rate. This is most likely a concern for students saddled with costly private school loans. According to the Consumer Financial Protection Bureau (CFPB), “Private student loans generally feature variable interest rates based on a borrower’s credit history. When borrowers first take out private student loans, many have a limited credit profile and are treated as higher credit risks by lenders. This means that, for many borrowers, private student loan interest rates can be quite high.”

Borrowers who are in a better financial position—and as a result who now have greater bargaining power—due to an increase in earned income, a stronger credit score, and a graduate degree—should consider “refinancing their existing private student loans with a new private loan at a lower rate,” according to CFPB. The process is simple and requires only minimum paperwork. However, as with any financial decision, you must do the legwork!

You may also refinance your federal student loans into a private student loan with a lower rate, but you would need to find a lender willing to offer a lower rate than the federal student loan interest rates set by Congress. You will find the most success with lenders—or companies that can put you in touch with lenders—who are committed to lowering the cost of higher education through competitive refinancing options, such as “Wharton Loan Refinancing.”

Wharton Loan Refinancing Deals

If you are a graduate of the University of Pennsylvania Wharton School, and currently have student loan debt, you may be eligible to receive special Wharton loan refinancing deals through Common Bond.  To qualify, you must be a U.S. citizen or permanent resident and have student loans you would like to refinance. Credit history and other credit factors will be considered, but, as a Wharton graduate, you will receive special consideration.

Wharton loan refinancing deals offer a way for you to reduce your monthly payments by extending the term of your loan. Depending on your credit score, you may qualify for a lower interest rate. And, in most cases, you do not need a co-signer. All you need is 10 minutes to complete an online application, and then you will be on your way to securing your Wharton loan refinancing deal.

Considerations for Wharton Loan Refinancing Deals

As with any refinancing deal, you will be responsible for the newly refinanced amount as well as any interest that accrues over the life of the loan. Although extending a loan term will cause you to pay more money in interest fees, doing so could also significantly lower your monthly payment; thereby, granting greater financial flexibility for you now. Before making a decision, consider your complete financial standing, and factor into account how changes in your payment—be it up or down—might impact your month- to-month outlook. Consult with a financial planner, if necessary, or speak to your lender if you have questions about your student loan.