why refinancing is a bad idea

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So is refinancing student loans a good idea or a bad idea? In many cases, refinancing is a savvy move, but there are some scenarios when the cons could outweigh the pros. If you’re relying on federal repayment plans or forgiveness programs, for instance, turning your debt private wouldn’t be a good move.

Refinancing can save you lots of money over the life of your loan – if it lowers your interest rate. Let’s say your loans have an average weighted interest rate of 7% and you have nine years left of repayment. By refinancing, you lower the interest rate to 5% and choose a 10-year plan.

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It may be tempting to refinance your home mortgage to free up cash to pay off credit card debt. However, this is never a good idea. Here are reasons why.

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Home mortgage refinancing can sound quite attractive to homeowners, but it is not always a good idea. depending on the circumstances, it can either save you money or get you into trouble. While the lure of lower interest rates and monthly payments may look good, it is important to understand the risks.

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Refinancing your student loans is a bad idea if it doesn’t add up financially, and won’t save you much money. Worse, some refinancing scenarios could lead to higher fees and higher payments, and take some much-needed leverage out of the equation.