With a rising rate environment approaching, anybody holding a student loan should consider refinancing, said Brendan Coughlin, president of consumer lending at Citizens Bank (CFG). 'Students should act now to try to lock in low interest rates because with a 15 or 20 year loan, you are going to be dealing with this loan for the rest of your life,' said Coughlin. Coughlin said the price of college continues to rise much faster than the rate of inflation even though the costs of other things like housing and technology have dropped. He said 55% of families do not do any financial homework before sending their child to college. As a result, they are not aware that the return on investment might not be favorable at the school they ultimately select. 'Students should figure out what major they want and understand the commensurate income they are going to make coming out of school before making those big ticket decisions,' said Coughlin. 'Otherwise they will wake up four years later with a lot of debt and buyer’s remorse.'
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