Breaking Free from Student Loan Debt
My Personal Struggle
I still remember the day I graduated from Ramapo College Of New Jersey with a degree in graphic design/visual communication design. I was excited to start my career, but I was also burdened with roughly $30,000 in student loan debt. Fast-forward four years, and I’ve made progress in paying off my loans, but I still have about $18,777 left to go.
The Reality of Student Loan Debt
My husband and I are not alone in our struggle. He graduated with a staggering $120,000 in student debt. For many, this would be a daunting task, but we’ve resigned ourselves to dealing with it. We’ve had to make sacrifices, but we’re determined to pay off our loans and start fresh.
Finding Ways to Make it More Manageable
We’ve looked into ways to make our student loan debt more manageable. For my husband, refinancing at a lower interest rate and shrinking the payback period from 20 years to 10 years has been a game-changer. For me, my goal is to lower the total amount I’ll pay over the life of the loan.
Enter Credible
I recently discovered Credible, a student loan refinancing marketplace that allows you to compare different options all at once. I decided to give it a try and see if I could find a refinancing option that suited my needs.
My Experience with Credible
From the start, I found the Credible site easy to navigate. The background is a calming shade of blue, which helps to reduce stress levels. The landing page has three main options: student loan refinancing, applying for a private student loan, and applying for a personal loan.
What I Liked About Credible
I was impressed by the animated video that explained student loan refinancing, and the information is chunked out into different sections, making it easy to follow. I also appreciated the solid reviews from users, with an A+ rating from the Better Business Bureau and a 9.4 from Trust Pilot.
The Refinancing Process
I decided to go through the student loan refinancing track, which was the most relevant to me. I had to provide some personal information, including my annual income, which was a bit tricky as a small business owner. However, I was pleasantly surprised to see that there were little highlighted click-through answers to some of my questions.
Important Considerations
When exploring student loan refinancing options, it’s essential to keep in mind that each person’s situation is different. For example, I have a mix of federal subsidized and unsubsidized loans. Refinancing from a federal loan program to a private student loan program might mean losing some protections offered by the federal loan.
My Takeaway
Overall, I found Credible to be a useful tool in my journey to pay off my student loans. I appreciated the ease of use and the ability to compare different options. If you’re serious about student loan refinancing, I recommend checking out Credible. Just remember to do your research and consider the potential impact on your loan details.
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