Student Loan Refinance Guide

An Alternative to Expensive Student Debt


Today, a record 44.2 million Americans have student loans.16 And in 2016, total student loan debt in the United States topped $1.4 trillion, almost three times the amount outstanding just a decade ago.17

The average student loan borrower has $30,10018 in student loan debt. Graduate students borrow an average $57,00019, and students receiving professional degrees such as law or medical borrow even more.

As many college graduates have realized, student loan debt can present a major obstacle to pursuing the dreams a college education promised to deliver in the first place.

There is good news. Refinancing your student loans can help. A recent study estimates as many as 8 million Americans could lower the interest rates on their student loans20. That’s almost one out of every five student loan borrowers!


What is Refinancing?

When you refinance, you will receive a new loan from Brazos. Brazos will then pay off the principal and accrued interest on your current student loan debt.

Because you can select from multiple options to configure your new loan, you can customize the new loan to help you meet your financial goals and fit your budget.

Refinancing with a lower interest rate can help you achieve your financial goals by:

  • Reducing the total interest you will pay
  • Lowering your monthly payment
  • Allowing you to pay off debt sooner
  • Combining multiple loans into one monthly payment
 

Why Refinance?


Refinancing with a lower interest rate can help you achieve your financial goals by:

  • Reducing the total interest you will pay
  • Allowing you to pay off your debt sooner
  • Lowering your monthly payment
  • Combining multiple loans into one monthly payment

Next: Things to keep in mind before you refinance...