LACBA Update Back Issues - June 2015
Available for LACBA Members: Credible Student Loan Refinancing
Credible is a FREE service that will allow many LACBA members to quickly and easily refinance their student loans and save thousands.
Credible is a quick, three-step process:
1. Find out how much you could save. In 30 seconds, you can get an estimate of how much you can save by refinancing your student loans.
2. Receive multiple offers by filling out one form. Complete Credible’s simple offer request for responses and offers from multiple lenders.
3. Compare your offers. Easily compare your offers based on total repayment amount, APR, and monthly payment, and then select the loan that best fits your needs.
The average lawyer has $140,000 in student loan debt and saves $40,104 through refinancing. There are a number of factors to consider to be sure you get the best possible deal when you refinance.
Have a defined goal. For example, maximize your long-term savings, or minimize your short-term payments.
Refinance when interest rates are low. Lenders generally provide better offers when interest rates are lower (such as right now).
Comparison shop. Rates differ significantly from lender to lender, so use Credible to receive and compare offers side-by-side from multiple lenders.
Consider refinancing only your high interest rate loans. To maximize your savings, consider keeping your loans with very low rates (>4%) and refinancing the others.
Consider adding a cosigner. If your credit score is below 700, having a creditworthy cosigner can help you get a better rate.
To learn more about student loan refinancing, or to get a savings estimate in just 30 seconds, visit www.credible.com/partners/lacba