YFP Planning Lead Planner, Kelly Reddy-Heffner, discusses commonly asked questions regarding refinancing student loans.
Key Points from this Episode
- An introduction to Kelly Reddy-Heffner, and recapping her previous YFP episode.
- How it's a complicated decision to choose the right repayment plan for you.
- The two distinct categories of who refinancing is not a good fit for.
- A reminder that refinancing is a one-way street from federal to private.
- Do checking rates impact my credit score? Be aware of the language used!
- Unpacking the option of refinancing more than once.
- Reading the fine print on what happens to the loan in the event of death or disability.
- Picking a time horizon and monthly payment amount that's doable.
- Fixed-rate or variable? Kelly recommends what to do in the current climate.
- We break down the difference between consolidation and refinancing.
- Pursuing income-based repayment options, and some challenges with private loans.
- Hear about a partial refi of a federal loan.
- We reflect on some of the past rates etched in Tim's mind from his repayment journey.
- Thoughts on the upcoming end of administrative forbearance and unlikely extensions.
- Kelly shares some parting advice for December that we all need to hear!
Links Mentioned in Today's Episode
