Nonetheless would introduce a simple, no-dilemma process to loan cost

Nonetheless would introduce a simple, no-dilemma process to loan cost

Next a buddy (a fellow money-nerd) known us to CommonBond. Ultimately, I came across an option that actually works for my situation.

These are not entitled to mortgage forgiveness

Particularly, it shorter my personal rate of interest from the more step one%. Really don’t must be a math genius observe that which is a good $step 1,one hundred from inside the appeal spared this present year by yourself. #amirite?

My monthly student loan payment is now smaller by about $100. Even assuming I don’t pay extra (which I do), I’ll be finished paying years earlier than I would have on the federal plan. And you will I get to chip away at my balance even faster because they’re saving me so much in interest.

One freedom I was these are? CommonBond enables you to place your money inside the deferment for many who see hard times. For me personally, it was the last piece I desired to pull the brand new lead to.

Therefore i did. And you will without a doubt, I have had only positive things to say. I’ve had to help you email their service cluster once or twice for some questions (I’m very Kind of Good regarding my personal finances today), and you can they’ve always responded in a simple, useful manner.

He’s numerous refinancing arrangements offered. They don’t currently have a living-mainly based fees plan, however, I am steady with my earnings and so i was not such as interested in one single.

To keep flexibility, I went for a longer repayment window (15 years) instead of a loan till payday Cordova TN more aggressive 5 or 10 year plan (Note: CommonBond has agreements for as long as twenty years). If you do this, your interest rate will be a little higher, but your monthly payment will be a lot lower. The lower monthly payment gives you flexibility. You can always pay extra. You can aggressively pay your loans as if you’re on a 10 year plan, but have the peace of mind of knowing that if you fall on hard times you can reduce your payment.