If you are on the market for a new student loan or have a current one that could help you save by refinancing, there's a new online comparison tool called Credible.com that could help you save.
"What we're able to do is, with our lending partners, provide you with multiple firm offers of credit in a transparent environment," explained Credible.com founder and CEO Stephen Dash.
"That means you can compare things like interest rate, monthly payment, and total repayment over the life of the loan in a single dashboard," Dash said. "So, we really believe in transparency, we believe in choice and we believe in simplicity of process."
Credible.com was founded in 2012 and the site states it has helped nearly 73,000 people save.
"On the student loan refi-platform, the average savings over the life of the loan is just under $12,000 dollars," Dash said. "That is obviously a significant number and what we find is people really aren't aware of the fact that student loan refinancing is an option."
Credit does play a factor in getting an offer from lenders through Credible.com, and borrowers in forbearance or deferment are not eligible to refinance.
The site is free to use.
For more information on Credible.com click HERE
For more information on student loan from the National Education Association click HERE
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