Consumer reports consolidating student loans session saveorupdate not updating

05 May

There are lenders that will help you refinance your federal parent loan in your child’s name.That means your child is responsible for their own debt, and that frees you up to rescue your retirement.Depending on your situation, you might be able to rescue your retirement by refinancing Parent PLUS loans.The CFPB report indicates that nearly 40 percent of older federal student loan borrowers are in default.

Our recent Student Loans for Parents survey found that 55 percent of parents repaying student debt have more than ,000 in student loans.

The fact that some of your income has been going toward paying on a child’s or grandchild’s student debt means that retirement probably hasn’t been the highest priority.

The CFPB reports that borrowers approaching retirement have less saved than their counterparts.

If you owe ,000 at 6.8% for 10 more years, dropping your rate to 3.2% and extending the loan term can save you money over time: It’s true that in this scenario, you end up with your federal parent loan for five more years.

However, you save more than ,000 in interest, and your monthly payment drops by 8.