How Parent Plus Loan Refinancing Works to Save You Money

How Parent Plus Loan Refinancing Works to Save You Money https://youtu.be/Js_gHO-tIlE Parent Plus loan refinancing is about more than saving money and you must know your options before refinancing a student loan. The Direct Parent Plus Loan program is a great way to help pay for your kid’s education but you don’t want these loans on your credit. The problem with Parent Plus Loans is the interest rate and what that thirty-grand in loans does to your credit report. Not only are you held back by the burden of monthly payments for decades, keeping you from saving for your own goals, but the high interest rate on Direct Loans means you pay tens of thousands in debt. That’s why I’m teaming up with Splash Financial to look at the different Parent Plus Loan repayment options. We’ll look at two Parent Plus refinancing ideas people are using, the pros and cons of each and which might be best for your situation. Checking your rate on a Parent Plus Loan refinancing doesn’t affect your credit and takes less than a few minutes. Get a rate quote instantly with the link here, http://bit.ly/2W8Yj9v We talked last time about student loan refinancing but there are also millions of parents caught in the trap of student loans. Worse is that Parent Plus loans have higher rates and no deferment period for most schools. If you’re a graduate with student loans, don’t miss last week’s episode on the seven student loan repayment options you MUST know about, https://youtu.be/znW1wdgxdao I’ll start by showing you what are Parent Plus loans and comparing the rates on Direct Loans versus other interest rates. We’ll then look at an example of how much those Parent Plus loans cost you in interest and missed time saving. Finally, I’ll reveal two options for Parent Plus Loan refinancing and how to decide which to choose. We’ll look at another example to show you exactly how much you can save by refinancing student loan debt. 1:40 What are Parent Plus Loans? 3:00 What are the Rates on Parent Plus Loans? 4:40 Two Options for Parent Plus Loan Refinancing SUBSCRIBE to create the financial future you deserve with videos on beating debt, making more money and making your money work for you. http://bit.ly/2Lt2cxt Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps. Let's Talk Money! with Joseph Hogue, CFA