Updated January 22, 2020
First off, congrats on your plans to get married! At Education Loan Finance, we celebrate life changes with our clients and exist for the primary purpose of helping them make educated financial decisions regarding those changes. As such, we urge you to press the ‘Pause’ button on your wedding dreams and even click away from this article for the two minutes it takes to apply for student loan refinancing. No, seriously, use this calculator and look into historically low student loan interest rates right now. Our customers have reported that they are saving an average of $309 every month and should see an average of $20,936 in total savings after refinancing their student loans with Education Loan Finance.*
Not only is it a brilliant idea to simplify one of the most financially stressful aspects of your life, we want you to have a general idea of how much you could be saving from now until your wedding date, just by refinancing your student loans. Also, by consolidating your multiple loans into a single loan with a lower interest rate, you can lock in your monthly payments and know exactly how much you’re going to save until you’re free from the shadow of student loan debt.
Knot you AND your student loans!
Sadly, a surprising number of young adults are extremely wary of tying the knot simply because of their student loan debt. While it’s noble to want to protect your partner from having to shoulder the burden, sweeping your debt under the rug is a recipe for disaster. But getting it out in the open and having real goals to work towards is the best thing you can do to set yourselves up for a financially free future.
Dream Big… Responsibly
Now, if we are in agreement that saving for a wedding and paying down student loan debt are not linear, we can approach both with grace and confidence. Hopefully, you’ve already refinanced your loans and are utilizing lower interest rates so that you have a very real number to work around.
The average cost of a wedding hovers somewhere in between $25-$35K, and there are a million and one blogs out there about the ways to cut costs on your wedding. We’ll let you explore those options on your own, but we would like to send you off with a few words of encouragement.
This is a time to celebrate and dream. Don’t let it get overshadowed by financial worry, and don’t feel guilty for wanting to have the perfect celebration. Simply enact a plan that will realistically and responsibly get you to there. The last thing you want to do is look back on your wedding day and feel guilty for not doing something you and your partner truly wanted to do. That being said, ask yourselves the tough questions that will help you flesh out what the perfect celebration would look like. If you want a four-tiered wedding cake instead of three, just do it. And if someone has a problem with it, order a fifth layer and smash it into their face at the reception. In all sincerity, plan your wedding (and your future) from your heart. If you truly want something, you’ll find a way to make it happen TOGETHER.
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* Average savings calculations are based on information provided by SouthEast Bank/ Education Loan Finance customers who refinanced their student loans between 8/16/2016 and 10/25/2018. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.