TexasEscapes.com HOME Welcome to Texas Escapes
A magazine written by Texas
Custom Search
New   |   Texas Towns   |   Ghost Towns   |   Counties   |   Trips   |   Features   |   Columns   |   Architecture   |   Images   |   Archives   |   Site Map

Counties
Texas Counties


Texas Towns
A - Z



Columns | Go Far With Kovar

Should I Refinance my Student Loans?

by Taylor Kovar

October 3 , 2023

Hi Taylor - I graduated college last spring with about $60,000 in student loans. My grace period is about to end and I have to start paying them back, and I'm wondering about all these email offers I keep getting to refinance. Should I look into refinancing? Is that worth it?

Hi Henry - Adulthood comes at you real fast once the student loan payments begin. In the right circumstance, I'm a big fan of refinancing the loans and saving yourself a little money. Over the life of the loan, you can save thousands and get the debt off the books much more quickly. Before you refinance, here are some things to consider.

1. Amount of debt. If you're looking at a $60,000 tab, that's going to add up to a lot of interest over time. Anything you can do to lower the interest rate will be a good idea. One thing to be careful of is making sure you check the rate on each loan in case you have multiple loans all bundled by the same lender. Some borrowers have a $7,000 loan with a rate of 4% and another $8,000 loan with a rate of 3%, so consolidating both of those at 3.5% isn't going to do you much good. Lenders can be a little tricky with their presentation, so you want to be very clear on your loan amount and how everything is structured.

2. Refinancer. Don't just go with the first loan consolidation offer that hits your inbox, because not all financiers are made equal. Even a reputable company might not be the best choice for you, depending on your loan amount and what your degree is in. For example, Splash Financial is a solid refinancing company that's especially good for people out of medical school. Whatever you're looking to do professionally, there might be an industry-specific consolidator you should look at. This is a really important decision and you owe it to yourself to do the research before pulling the trigger on some bank you've never heard of.

3. Don't stop at refinancing. Refinancing can definitely save you money. You know what saves you more money? Paying off the debt once and for all. Like I said, I'm a big advocate of lowering your interest payments, but you still have to make those monthly payments and do whatever you can to get the debt paid off as quickly as possible. I understand this is easier said than done—it's all but impossible to land a high-paying job right out of college. Whether it's working more or spending less, I encourage you to focus on paying that debt down and becoming financially free as soon as possible.

My guess is that you would do well to refinance. Check out Splash Financial and some other refinancing options and compare their offers, then go for it when you find something that's a good fit. Good luck, Henry!
Taylor Kovar

"Go Far With Kovar" October 3 , 2023 Column
Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.


Texas Escapes Online Magazine »   Archive Issues » Home »
TEXAS TOWNS & COUNTIES TEXAS LANDMARKS & IMAGES TEXAS HISTORY & CULTURE TEXAS OUTDOORS MORE
Texas Counties
Texas Towns A-Z
Texas Ghost Towns

TEXAS REGIONS:
Central Texas North
Central Texas South
Texas Gulf Coast
Texas Panhandle
Texas Hill Country
East Texas
South Texas
West Texas

Courthouses
Jails
Churches
Schoolhouses
Bridges
Theaters
Depots
Rooms with a Past
Monuments
Statues

Gas Stations
Post Offices
Museums
Water Towers
Grain Elevators
Cotton Gins
Lodges
Stores
Banks

Vintage Photos
Historic Trees
Cemeteries
Old Neon
Ghost Signs
Signs
Murals
Gargoyles
Pitted Dates
Cornerstones
Then & Now

Columns: History/Opinion
Texas History
Small Town Sagas
Black History
WWII
Texas Centennial
Ghosts
People
Animals
Food
Music
Art

Books
Cotton
Texas Railroads

Texas Trips
Texas Drives
Texas State Parks
Texas Rivers
Texas Lakes
Texas Forts
Texas Trails
Texas Maps
USA
MEXICO
HOTELS

Site Map
About Us
Privacy Statement
Disclaimer
Contributors
Staff
Contact Us

 
Website Content Copyright Texas Escapes LLC. All Rights Reserved