Hi! I know nothing about loans/financial literacy but am trying to learn. I am a 24F new nurse with about 130k (probably less) in Sallie Mae loans. My monthly payments are about $1600 with ridiculous interest rates and I’m freaking out. What can I do to lower these payments and ultimately kill my loans as fast as possible? I don’t know how refinancing works or the pros and cons but would love to learn. Any advice is appreciated! I also have a smaller amount in federal loans that I’m not even looking at yet.
How do I refinance my Sallie Mae student loans?
byu/No-Toe-9673 inStudentLoans
Posted by No-Toe-9673
3 Comments
Look up what’s called the avalanche method.
As a nurse you should be making pretty good money. If you can pick up extra shifts and live like you’re in poverty, you can pay off your debt before you’re 30…
SOFI
You’ll need to shop around and look at vendors who offer student loan refinancing and apply. As far as your federal loans, it’s not advised to refinance those. Federal loans offer benefits which you’ll permanently lose if you refinance.