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Student loan borrowers can potentially save $5K by refinancing as interest rates set record lows

Student loan borrowers can potentially save $5K by refinancing as interest rates set record lows

Here’s how to calculate your savings with student loan consolidation

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Student loan refinancing rates on fixed-rate and variable-rate loans fell to record lows in November, giving borrowers the opportunity to save more money on their student debt. ( iStock )

Student loan debt is a heavy burden weighing on the finances of millions of Americans, making it difficult for borrowers to save money to buy a home or start a family. Fortunately, it may be possible to lessen the load of college debt by refinancing to a lower rate.

Refinancing your student loans may help you reduce your monthly payments, get out of debt faster and save thousands of dollars in interest over time. And since student loan refinance rates are near all-time lows, it’s possible for borrowers to save more money than ever before.

Student loan refinance rates set a new record low for the week of Nov. 22, reaching an average fixed interest rate of 3.35% for the 10-year loan term and a variable interest rate of 2.41% for the 5-year term. Although rates have risen marginally since then, there’s still never been a better time to refinance student loan debt.

Keep reading to learn more about student loan refinancing, including how to calculate your potential savings. You can browse current refinance rates from real private lenders in the table below.