When student loan debt starts to feel overwhelming, many individuals toy with the notion of refinancing.

Oftentimes, however, this process may seem daunting, and those looking for the right option for them may not know where to start.  Refinancing may not always be the right answer, but it can be extremely beneficial in certain situations. For a quick key to see if refinancing may be right for you, follow the infographic from Fidelity Investments below.

 

 

Important: If you refinance federal loans, they become private loans (permanently) and you lose access to federal loan benefits, including subsidies, income driven repayment plans, and forgiveness programs like Public Service Loan Forgiveness (PSLF) and teacher and military loan cancellation. Also, if you’re thinking about going back to school, or are uncertain about your job security, federal loans typically have more flexible provisions to allow for deferment or forbearance for extended periods of time.
*Public Service Loan Forgiveness (PSLF) is a federal program created for those in public service jobs, offering the opportunity to have their federal loan balances forgiven after 120 qualifying monthly payments—tax free! The information provided here is for educational purposes only and is not intended to provide financial or legal guidance.

Representatives offer products and services using the following business names: Summit Group of Virginia LLP – insurance and financial services | Ameritas Investment Company, LLC (AIC), Member FINRA/SIPC – securities and investments | Ameritas Advisory Services (AAS) – investment advisory services. AIC and AAS are not affiliated with Summit Group of Virginia LLP, or Fidelity Investments. Products and services are limited to residents of states where the representatives are registered. This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction. As with any security, request a prospectus from your representative. Read it carefully before you invest or send money. A representative will contact you to provide requested information. Representatives of AIC and AAS do not provide tax or legal advice. Please consult your tax advisor or attorney regarding your situation.