Americans now have more than $1.2 trillion of student loan debt.
To help people deal with their debt burden, credit unions, banks and Silicon Valley startups have introduced loans that can be used to refinance existing student loan debt. Companies life SoFi advertise that borrowers save an average $18,936 when they refinance their debt. And SoFi isn’t the only company to offer low interest rates. Interest rates start as low as 2.13% (variable) and 3.25% (fixed).
But before you sign on the dotted line, make sure you ask yourself these four questions.
