How To Refinance Private Student Loans

Student loan refinancing can save you thousands but it is not always the right choice. Don t refinance federal student loans unless you re sure your job isn t at risk and you won t need these options. For example let s say you.

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Receive a new rate and payment with a 5 7 10 15 or 20 year term view apr examples based on the amount of your loan and the credit qualifications of you and your cosigner if applicable.

How to refinance private student loans. Instead you ll need to find a private lender. To refinance your student loans talk to your current lender to see if they re willing to lower your interest rate or extend your loan period to lower your payments. Undergraduate graduate mba law dental medical parent refinancing parent refinancing. Today there s a tremendous opportunity to refinance federal loans at a lower interest rate.

A new private company typically a bank credit union or online lender pays off the student loans you. Student loan refinancing helps you to consolidate your existing federal or private student loans or both into a new single student loan with a lower interest rate. Here s how it works. Unlike with consolidation you can refinance federal or private student loans or a combination of both.

Refinance both federal and or private student loans from any lender. Student loan refinancing can mean big savings in the right circumstances. However keep in mind that you ll likely need to provide proof of employment and have good credit to show that you can pay off your loans. The best reason to refinance private student loans is to save money.

At one time there was no option to refinance public federal loans although you could always refinance private loans. Student loans have evolved. On the other hand refinancing private student loans has minimal downside. For starters student loan consolidation which is included in the student loan refinance process simplifies the management of your monthly payments into a single loan.

Choose from a competitive fixed or variable interest rate option. Lowering your interest rate can decrease your monthly payments the amount you repay overall or both. Student loan refinancing allows you to consolidate both your private and federal loans including parent plus loans select a repayment term that makes sense for you and often get a lower interest rate. You can apply for student loan refinancing online with sofi and get an instant decision.

5 to 15 years for private student loans 5 to 20 years for student loan refinance. Your refinanced loan isn t obtained through the federal government since the department of education doesn t offer a refinancing option.