The Benefits of Refinancing Your Graduate Loans

Published on Author Bethany SimsLeave a comment

A Workload That’s Worth It

It’s no secret that Graduate school has a reputation of making your undergrad years feel like a relaxing vacation. What was once a beaming glow of school spirit is now replaced with endless research and enough coffee to keep a military going. Besides the heavy workload along with the death of your social life, Grad school really is an exciting journey. Achieving a Masters or Doctorate has many advantages. Knowledge is power and employers recognize that. By earning a Graduate degree, you’re providing evidence of persistence, personal growth, and willpower. You open doors for future career opportunities, higher paying positions, and more credibility. However, the first thing someone attending Graduate school might mention is the cost. Feeling defeated by your debt? Refinancing your graduate school loans gives you your financial power back.


Getting those Degrees

The cost for Grad school certainly varies depending on location, university, and degree, however, there’s no argument that overall, it’s rather expensive. Graduate school on average is $30,000-$40,000 per year; with scholarships being less bountiful, a student working towards an MBA can easily owe $120,000-125,000 in student loans by the time they graduate. What you may not know, is that often in the business world, having a master’s degree is the standard level of education needed to advance in the field. Average tuition for an MBA exceeds $60,000 with no signs of dropping in the future. Federal rates are growing in size, and reset every year based on market conditions.

Planning on reaching a little higher? A Ph.D. is something to be very proud of; it can also cost as much as $28,000-$40,000 per year. Not too different from a master’s degree, right? Well, it also tends to take twice as long. The average student spends 5-7 years trudging through a Ph.D. program, meaning up to 10-15 years of college total. By refinancing your school loans, you don’t have to devote the same amount of time paying it off. Purefy offers 5, 8, 12, and 15-year terms that get you out of debt faster.


Making the Right Move

Here at Purefy, we understand the challenging work that goes into achieving those degrees and want to reward your accomplishments through savings. We also understand it may take time to break even or increase your earnings immediately after graduating. By consolidating your student loans, you have the comfort and convenience of only one monthly payment, a fixed interest rate, and updated terms that best suits your situation. At Purefy there’s no surprise pre-payment or application fees, just a predicted payment once a month. Graduate school can already be mentally, emotionally, and socially taxing; why should it leave you in lifelong debt as well? Being in the driver’s seat of your finances is a surefire way to save and budget more efficiently. Refinance your Graduate school loans and see how you can save money today.

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