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Consolidating College Debt
Introducing the U-Fi college debt consolidation solution. With Visions, you get a top student loan refinance and debt consolidation option.
If you're a young professional, chances are you've got student loan debt. Chances are also pretty good you've got a little more debt you'd like to refinance and consolidate.
At Visions, we understand that money matters to people – and people matter to us. We also understand that college debt isn't limited to student loans.
There are plenty of costs that federal and private student loans just don't cover. Books, food, that laptop – these things can add up when you're operating on a limited income. Visions is here to help you manage student loan debt and your budget.
Refinance your student loans and consolidate credit debt and with a single service delivered by experts who help develop the whole financial picture, whether you're just starting out or more than just a few years into your career.Learn How to Apply
At Visions, we understand that college debt is more than just student loans.
- You're not alone
The latest numbers place national student loan debt in the $1-to-$1.5 trillion range with more and more borrowers struggling to pay back that cash as college costs continue to rise. If you're like most of them, you're carrying around the average $37,000 of your total higher ed price tag, according to The Economist.
This can be a scary thing, especially for those just a few years into their careers. According to college finance think tank the Institute for College Access and Success, America's 44 million or so borrowers pay around $350 a month on average.
Federal guidelines suggest a student loan payment should be around 10 percent of your income at most. If you're looking at a larger percentage, refinancing might be your best option for paying off student loans.
- What is a student loan refi?
Much like with a mortgage refinance, a student loan refi is a way for recent graduates to lower interest, lower monthly payments, pay off the loan(s) faster or all of the above.
How does it work? Essentially you trade an existing loan or loans for a new one with a completely new term and different (preferably better) interest rate.
If you've got one or more private student loans with a high or variable interest rate, refinancing at a lower, fixed annual percentage rate (APR) can make a big difference. Lowering your interest can reduce monthly payments and reduce the time to pay off the loan.
It's slightly different than a "consolidation" in its truest sense, which is typically done with federal loans. You simply combine your individual obligations into one loan at a blended rate in those situations.
That can be a better deal for those who choose to leave low-rate federal loans out of the refinancing equation. Before a refi, you should consider that federal benefits like deferment, forbearance, and even forgiveness will no longer apply to those debts. However, you can elect to include them in your refi if it makes financial sense.
- What is a U-Fi loan?
The U-Fi from Visions Federal Credit Union takes student loan refinancing and consolidation a bit further, offering the opportunity to roll all those other college costs – books, gear, food – into your new loan.
It's not uncommon to rack up a little credit debt while in school when your income is limited. Perhaps you've used credit to fill the gaps as you started your career.
The U-Fi college debt solution was created for cases like these.
- Why refinance with U-Fi?
A student loan refi can save you thousands in the long run, especially if you're also consolidating other college debt.
Not only does the U-Fi offer the opportunity to lower interest, but you may also elect to shorten your term to keep that interest from compounding.
Think about it: less interest, lower monthly payments, fewer bills – the U-Fi is a top student loan refinance option for the young professional.
Plus, you'll be doing business with a name you can trust. Put all your banking in one place with Visions Federal Credit Union and take advantage of our financial literacy programs and personalized guidance from our experts.
Unlike web-based lenders, Visions has brick-and-mortar locations throughout New York, Pennsylvania, and New Jersey – places you can actually visit and engage with actual people who actually care.
Are you ready to U-Fi your college debt? Become a member or learn how to apply below.
U-Fi is exclusive to Visions members. To apply, simply follow the instruction below. If you're not yet a member, see if you qualify and apply here.
- 1 Log in using your VisionLine ID. Click here for online enrollment if you are a member without a VisionLine ID.
- 2 Click the "Loan Application" tab on your member dashboard and select "Apply Now".
- 3 Use the "Type of Loan" drop-down menu to select "Any Purpose Signature Loan".
- 4 Input your desired term and amount in the appropriate fields.
- 5 Click the "Select a Purpose for the Loan" drop-down menu and select "Education Debt Consolidation".
- 6 Fill out required fields in the online application and submit.