Thinking of refinancing your student loans? Watch this first.

The video discusses the current state of student loans, including President Biden's efforts to cancel them and the upcoming resumption of payments. It explores the pros and cons of refinancing, focusing on interest rates, credit score requirements, and the lack of protections in private loans. The video also highlights the potential impact of refinancing on loan forgiveness eligibility, especially for certain professions. Viewers are encouraged to evaluate their financial situation and consider all options before making a decision.

What major event affected President Biden's plan to cancel student loans?

• A decision by the Supreme Court

• A new law passed by Congress

• A change in the Department of Education's policy

• An executive order by the President

Why might private student loans offer lower interest rates than federal loans?

• They have longer repayment terms

• They are fixed and set by Congress

• They are subsidized by the government

• Lenders compete for customers with good credit scores

What is a significant risk of refinancing federal loans into private loans?

• Higher interest rates

• Longer repayment period

• Increased monthly payments

• Loss of federal loan protections

Which type of employment is relevant for loan forgiveness programs?

• Freelance work

• Nonprofit and public service jobs

• Self-employment

• Corporate jobs

What should borrowers consider before deciding to refinance their student loans?

• The availability of new federal loans

• The interest rates of credit cards

• The current stock market trends

• The type of employer they have