Over 40 million Americans hold $1.4 trillion in student loan debt, according to the Federal Reserve Bank of New York. ASDA partner SoFi answers some commonly asked questions about student loan refinancing.
You may have heard recent buzz over newly proposed legislation that would allow students and former students to refinance their student loans. But what does this really mean to you?
The proposed law would attempt to afford students who have already taken out student loans at fixed rates to refinance these loans. Essentially what this would allow student to do is take advantage of the current lower interest rates that apply to new student loans. Keep reading to find out more and to learn how you can tell your lawmakers this is a good idea.