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Tip of the Week

August 28, 2019

Student loan refinance

Although it's somewhat unpredictable at this point, interest rates continue to be low enough that some borrowers are considering refinancing their student loans to a lower interest rate.

However, anyone considering refinancing should determine how a refinance will impact their repayment by using Mapping Your Future's new student loan refinance calculator.

Mapping Your Future's calculators enable students, parents, and others to manage their money and student loans. Two new calculators were recently released to help student loan borrowers determine if refinancing their students loans is good for them.

• The Refinance calculator allows users to compare monthly payments and total interest paid for their current loan(s) to those amounts with a refinancing offer.
• The Weighted average interest rate calculator is offered in conjunction with the Refinance calculator to allow users to first calculate the average interest rate of their loans.

Mapping Your Future calculators can be an important tool in a school’s default prevention plan or in-person loan counseling.

Schools are encouraged to link to the calculators from the school's website. Schools who are Participating Members or located in a Sponsored state can take the calculators to another level by integrating the calculators into their website, if desired.

Contact the Mapping Your Future staff at feedback@mappingyourfuture.org or (800) 374-4072 with any questions or to request documentation on integrating the calculators.

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Mapping Your Future^®, Inc.
P.O. Box 2578, Sugar Land, TX 77487
(800) 374-4072