When refinancing your student loans it is a good idea to calculate your total debt. This includes loans, credit cards and any other type of money owed. Make a list of all your debtors and prioritize them. Loans would typically be at the top of that list since they represent the largest dollar amounts, both in principal and interest.
Once you determine what you can afford each month you can come up with a plan on how to get out of debt and minimize student loan interest. Armed with this information, you will be more prepared to refinance student loans in the best possible manner.
All kinds of debt factor into your day to day life. In order to be prepared to handle refinancing of college funds you must take into account other forms of debt. Otherwise you will not be able to choose the most efficient way to eliminate them.
|Jennifer Mathes, Ph.D.|