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29 Sep

Dealing with high debt loads and a high interest rate with parents nearing retirement age can be a tough combination. Many banks are starting to offer refinancing for Parent PLUS loan borrowers — big news, considering that parents could potentially save thousands of dollars in interest through refinancing.Through refinancing, parents are eligible to get a better interest rate and not be stuck at the higher-than-average rate of 7.21%. No wonder we've been trusted to fund over billion in loans to date.We’ve written a lot about how college graduates can pay off their student loans faster or even refinance their loans.If you’re still paying off Parent PLUS loans, you could be overpaying. We offer a range of options so you can optimize your monthly payments, lifetime cost, or payoff speed.Save money and simplify your payments by consolidating Federal Parent PLUS loans with So Fi. There are no origination fees in most states or prepayment penalties. Two other consolidation alternatives are a home equity loan or a cash-out refinance.

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You only have to track one monthly payment, and that payment may be lower if your repayment term is lengthened (the maximum in the Direct Consolidation Loan, discussed below, is 30 years).The consolidation loan is a new loan, so the borrower needs to complete an application and a promissory note.The borrower lists on the application all of the various loans to be consolidated.The rate is determined by calculating the weighted average of the loans being consolidated.Find out what your interest rate will be if you consolidate your federal student loans.