You may want to lower your monthly payments so you have the money to buy a car or move out of your parent's basement and into an apartment of your own.
You may want to reduce your payments or pay off your loans faster so you can start a family or purchase your first home, or just take a family vacation!
Whatever your reason, student loan refinance offers a number of benefits.
Refinancing at a lower rate can lower the amount you pay every month. This can mean more for you to save, invest or put even more toward paying off your student loans. And if you refinance with Webster, we'll apply a .25% rate discount when you sign up for automatic payment deduction from your personal checking account.
Combining multiple student loans into one loan, from one lender, offers an easier and less time-consuming way to manage payments, terms and balances. This helps you streamline the financial management of your loans, and gives you more freedom to spend your time in more enjoyable ways.
If you want to be free from debt sooner, and don't mind paying a higher amount each month, refinancing may allow you to repay your loans over a shorter period of time. But some may want the flexibility to pay over a longer period to have a lower payment that allows them to make payments without taking away from other things they may want to spend on today.
Refinancing can let you release a co-signer from his or her financial responsibility for your student loan...and keep you as the primary borrower.
Unlike with a mortgage refinance, there are no fees to refinance student loans from Webster Bank.
This is because your loan can be forgiven or qualify for the federal Public Service Loan Forgiveness (PSLF) program.
In this case, you can lower the amount you pay every month to be in line with how much you earn.