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Can student loan consolidation or refinancing help you?

                                

You may have more control than you think when it comes to managing your student loans. Here you can learn about whether consolidating or refinancing your loans would be right for you.

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Balancing debt and savings

2:39

 
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Welcome to our series on strategies for achieving long-term financial wellness.

For most people, building financial wellness is an incremental process. One goal leads to the next and the next. But as you make greater progress, it’s good to start thinking further ahead. And to start laying the groundwork for long-term financial security.

Addressing debt is a key part of that strategy. You tackle short-term, higher interest debt first, like credit cards. It’s helpful to set aside a little extra each month in order to pay more than the minimum due. Your monthly budget will tell you how much you can afford to set aside. Once you’ve got that under control, you can look towards shrinking lower interest, longer-term debt. Your personal needs may vary, but common examples of longer-term debt are auto loans, home equity loan balances, and student loan balances.

Speaking of student loans, T. Rowe Price has online tools and quick-read articles to help you decide whether it makes sense to refinance or consolidate current student debt. To get there from the homepage, open the Financial Wellness tab and select the Student Loan Center. 

For home equity, auto loans, and other debt, you may be able to save by refinancing, especially in a low interest rate environment. As always, just beware of refinancing costs. 

Next, if you’re getting outstanding loan debt under control, consider college savings. It’s a major concern for millions of American families. Reducing debt can help with that by improving your ability to save. A smart option is to take advantage of a 529 College Savings Plan. Contributing to a 529 Plan lets you save and invest for future education expenses while enjoying valuable tax advantages.

Finally, it’s a good time to revisit your workplace retirement plan savings. If you possibly can, increase your contribution amount to take advantage of any company match available to you—or to meet the maximum amount allowed by the IRS. Above all, don’t limit your thinking and planning for the long term. Be patient and continue to take those incremental steps toward your larger financial goals.

You can do this, and we’re here to help. 

In our next video, we’ll talk about envisioning your future and defining what success means to you.

Balancing debt and savings

                                

Paying off debt can feel like it should be your only priority—but it doesn't have to be. Find out how you can manage your debt while still saving for your financial goals.

Browse more tips for managing student loans