USC Credit Union Blog

USC Credit Union Blog

What’s in It for You When You Refinance Your Student Loan?

What’s your next step and what’s holding you back? If you are like most who have graduated college and started a new career, you probably have dreams of getting your own place, traveling or maybe getting married. And it’s also likely that student loan debt is interfering with those plans.

If you want to save thousands of dollars in interest payments on your college loans and reduce your monthly payout so you have more cash every month, student loan refinancing is the answer.

Refinancing 4-1-1

With a student loan refinance, you combine your federal and/or private loans into one new loan with a lower interest rate. It’s actually a pretty simple process that you can do online. At USC Credit Union, it takes about 15 minutes. You can find out the estimated rate you’ll qualify for, and your estimated savings, through our easy online rate check.

 

How Refinancing Helps You

When you refinance to consolidate your student loans, you gain important benefits:

  • More cash in your pocket each month because your monthly payment will be less
  • Fewer monthly payments because you will combine several loans into one
  • More savings because your refinanced loan will typically have a lower interest rate
  • Options for a shorter repayment term so you can pay off your student loans faster or a longer term for lower monthly payments

Believe it: Members who refinance their student loans with USC Credit Union save an average of $14,752.

Learn More

 

Is Refinancing the Right Move for You?

Here’s how to tell if you are in a good place to refinance:

  • You have graduated with a degree.
  • Your combined balance on all the loans you want to refinance is $5,000 or more.
  • You have a steady source of income or a firm job offer.
  • Your credit score is at least 660.

Not sure about your credit score? You can find out easily by going to AnnualCreditReport.com or calling (877) 322-8228. You’ll get a free copy of your credit report from each of the three major credit reporting agencies: Equifax®, Experian® and TransUnion®. Everyone is entitled to one free credit report each year.

If your score isn’t 660 or higher, you may still qualify to refinance with a cosigner. A cosigner agrees to be responsible for the loan if you are unable to make payments. At USC Credit Union, you can request your cosigner to be released from the refinanced student loan after 36 months of on-time payments.

 

Refinancing Steps

It’s pretty easy to get your student loans refinanced with USC Credit Union. You can do everything online. And we even have an online guide to give you all the details about what documents you need as part of the application.

Bottom line: We can help you better manage student loan repayment and save money. Not a USC Credit Union member yet? Not a problem. If you live, work, worship or go to school in the city of Los Angeles or Orange County, you’re eligible for membership!

Learn More

 

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