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Student Loan Refinance Calculator – Can I Lower My Payment?

Of course. The rates of interest you see on this calculator might help you run situations. You can choose from completely different rate of interest choices to see how an Earnest rate of interest may doubtlessly affect your student loan funds. If you want to have extra management, there’s a customized possibility that lets you enter your most popular rate of interest. Please word that the rate of interest choices introduced within the calculator are meant for illustrative functions solely. The precise rate of interest we approve for you may be based mostly on a wide range of elements, together with your credit rating and credit historical past, and could also be increased than the choices proven within the calculator.

Here is how we got here up with rate of interest choices:

The Low Interest Rate possibility comes from the low vary of our present variable rate of interest, and it contains the Auto Pay low cost

The Average Interest Rate possibility is a little more complicated. We regarded on the common profile of an Earnest buyer who selected the identical loan time period as you probably did with a mounted rate of interest. That’s how we calculated this selection.

The Custom Interest Rate possibility is for individuals who wish to enter a selected quantity and run a extra custom-made situation. If you enter a Custom Interest Rate, the calculator will mirror a mounted rate of interest.

Please word that the accuracy of the calculator will probably be impacted by the rate of interest we approve for you, in addition to your alternative of a hard and fast or variable rate of interest upon approval. For instance, if you happen to select the Low Interest Rate possibility however we don’t approve you for that low fee, and/or if you happen to select a hard and fast rate of interest as a substitute of the variable rate of interest utilized by the calculator for the Low Interest Rate possibility, your loan settlement phrases and precise financial savings could also be completely different from what’s proven by the calculator. To perceive the distinction between mounted rates of interest and variable rates of interest, and the affect that distinction could have in your loan, please see “How do I decide between a fixed interest rate and a variable interest rate loan?” under.

READ:   34 CFR § 685.100 - The William D. Ford Federal Direct Loan Program. | CFR | US Law