Each year, Americans all across the country rely on TurboTax software to file their taxes.
But that’s not all TurboTax has to offer. A new benefit for TurboTax users is student loan refinancing.
Find out how completing your taxes with the TurboTax efile option can connect you with the best student loan refinancing offers that will help you save thousands.
TurboTax efile and Earnest: taxes and student loan refinancing
About 28 million people are using TurboTax. And approximately five million of those have student loans, according to Intuit. Since those with student loans can benefit from refinancing, TurboTax had an idea.
In December 2016, TurboTax announced a partnership with refinancing company Earnest. Now you can file your taxes and save money on your student loans all in one place — if you want to.Start Using TurboTax Today
How it works
Once you’ve filed your return with TurboTax, Earnest steps in. You’ll be asked for permission to have student loan options shared with you.
If you agree, Earnest will use information from your return to give you a refinancing estimate. It will also show you how much you could save over the length of your loan by refinancing. This will be a soft inquiry on your credit report.
If Earnest’s offer works for you, you can complete the application with them. They’ll do a hard credit inquiry before giving you a concrete loan offer.
The goal is to give you options to improve your finances all in one place.Check Out Earnest’s Refinance Interest Rates
Benefits of refinance loans
If you use another tax preparation application, you’re not stuck with your current loans. You can still refinance your student loans even if you don’t use TurboTax.
While Earnest is a reputable lender, they’re not your only option. If you’re considering refinancing, compare offers from multiple student loan providers. This will ensure you get the best interest rates and repayment terms.
Refinancing can help you save hundreds or even thousands of dollars over time. It can also make your payments more manageable.
Find out how much you can save by entering your information in our refinancing calculator:
Student Loan Refinancing Calculator
If you have multiple loans from several different lenders, refinancing can simplify your payments. So instead of managing multiple due dates and servicers, you can consolidate into one easy payment. This will make managing your loans much easier.
Other options for your student loans
Whether you use TurboTax efile or not, refinancing might not be the right option for you. If you have federal loans, refinancing can help you save money. However, you also give up federal benefits and protections.
For example, borrowers with federal loans can sign up for income-driven repayment (IDR). While there are four distinct IDR plans, the basics are the same:
- Monthly payments cap at a percentage of your discretionary income
- Repayment term is extended
- Amount owed each month is reduced
If you have federal loans, you can also sign up for student loan deferment or forbearance. This allows you to put payments on pause without going into default. This can be a huge help when you’re going through an emergency or financial hardship.
However, if you refinance, you lose out on IDR plans, forbearance, and deferment options. Whether it makes financial sense to refinance is a decision you should make carefully.
TurboTax efile makes refinancing convenient
For many struggling with student loan debt, these refinancing estimates and savings quotes can be helpful. It can make sure you’re aware of options you might not have known you have.
Refinancing can save you a lot of money. But before proceeding with your application, make sure you’re financially secure.
If you want more information on refinancing, check out these 10 crucial questions you should ask before refinancing.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Rates (APR)||Eligible Degrees|
|Get real rates from up to 4 Lenders at once
Check out the testimonials and our in-depth reviews!
|2.63% – 7.75%||Undergrad & Graduate||Visit SoFi|
|2.57% – 6.32%||Undergrad & Graduate||Visit Earnest|
|2.80% – 7.02%||Undergrad & Graduate||Visit Laurel Road|
|2.68% – 8.79%||Undergrad & Graduate||Visit Lendkey|
|2.57% – 6.65%||Undergrad & Graduate||Visit CommonBond|
|2.62% – 8.69%||Undergrad & Graduate||Visit Citizens|