Twenty million people, or nearly 45% of federal student loan borrowers, will see their debt wiped away through President Joe Biden’s student loan cancellation, according to an August press release by the White House. With student loan refinancing, borrowers replace their existing loan with a new one. Student loan refinancing rates have been rising, but borrowers with the strongest credit profiles may still find a lower rate. If you refinance, your federal student loans will become private and no longer eligible for federal benefits, like forgiveness and IDR. The article What to Do With Your Remaining Student Loan Debt originally appeared on NerdWallet.

Source: Forbes September 24, 2022 04:46 UTC