Student Debt Diaries has promoted a variety of organizations within the student loan community since the website was launched over three years ago. I recently had a discussion with folks at Juno, a company that is part of the student loan refinancing space. For a variety of reasons, Juno can help with student loans, and student debt borrowers should check out this company in order to seek assistance with their student debt.
The main way that Juno can help with student loans is by offering student loan refinancing on terms that are advantageous to a variety of borrowers. Prior articles on this website have already discussed the benefits of refinancing student loans. Many people who borrowed student loans may have insanely high interest rates. Indeed, it is not uncommon for student debt borrowers to face interest rates of upwards of eight percent if they borrowed certain types of student loans.
For instance, although I had a variety of different student loans, I had some debt that had an interest rate close to eight percent. In fact, if I’m remembering my situation correctly, around half of my student loan debt load had an interest rate that hovered around eight percent. Dealing with this high-interest debt was a huge burden, since I had a difficult time paying off the principal of these high-interest loans and was mostly just paying off interest that accrued on this debt.
Refinancing student loans is when a company pays off your outstanding student loans, and then you pay that company instead of your original student loan lender. Refinancing companies oftentimes charge a lower interest rate than the original student loan lender that a borrower may have used. As a result, some student loan borrowers can save a substantial amount of money in interest over the life of their debt if they refinance their student loans.
Of course, refinancing is not for everyone. Refinancing student debt may change the characterization of those loans. This may be important if you wish to take advantage of income-driven repayment plans or other similar programs. As a result, if you work in a public service field, and wish to take advantage of public service loan forgiveness or other programs, refinancing may not be right for you. It is important that you do your research to determine if it makes sense to refinance your loans.
If refinancing is right for you Juno can help with student loans. The main difference between Juno and other student loan refinancing companies is that Juno uses the power of large numbers to negotiate solid student loan refinancing rates on behalf of applicants. There is an old expression that there is “safety in numbers” and it is usually true that people can band together to negotiate better deals than they could if they are working alone. This is because companies know the windfall they will receive from numerous people patronizing the business justifies providing an incentive that might not make sense for smaller groups of people.
Juno can help with student loans because the company has negotiation power that can lead to lower student loan interest rates. If student loan lenders know that they have access to numerous student debt borrowers, they may be incentivized to cut all of them a deal because of the impact all of those accounts will have on the lender’s bottom line. It is possible that the benefits of negotiation through Juno extend beyond interest rates, and costs of loan origination and other incentives may be obtained by Juno negotiating on behalf of many people.
The process of refinancing student loans through Juno is extremely easy and the process is conducted through seamless online interfaces. Borrowers may have to submit some information about their income and employment history in order to complete the refinancing process. It should be noted that not everyone is eligible to refinance their student loans. Indeed, it is important that borrowers who wish to refinance their student loans maintain solid credit scores and show that they can be depended on to pay off their debt. If borrowers have issues with their credit history, they may want to rehabilitate any negative information so that they are most eligible to receive the best offers to refinance their student loans.
Even though Juno can help with student loans, it is understandable how some borrowers may be hesitant to refinance their debt. However, there is no commitment to seeing the types of deals that you may be eligible for through Juno. As a result, Student Debt Diaries suggests that everyone seeking to refinance their student loans check out Juno to see the types of deals available to them. If you use any of the links for Juno on this article, we might get an incentive that can help us keep the lights on at Student Debt Diaries! It doesn’t hurt to at least learn more information, so we suggest that you check out Juno if refinancing your student debt would be advantageous to you.
All told, there are tons of companies in the student loan refinancing space, and it may be difficult to decide which company to use when refinancing your student debt. However, Juno can help with student loans, and the power of negotiation might make Juno advantageous to many student loan borrowers.