If you’re tired of making sky-high interest rate payments, student loan refinancing may be a good option for you.
Refinancing saves you money by replacing your existing student loans with a new, lower-rate loan.
Only refinance your federal loans if you don’t plan to take advantage of these programs.
At a minimum, lenders want to see that you have a stable job and a steady income, that you use credit responsibly and that you’ve been in the workforce for a little while.
We put together this guide to help you get information on all of the top student loan refinance lenders without having to jump around multiple websites.
After you are done, you will know how to refinance student loans and how to consolidate student loans.
Below we've ranked the leading student loan refinancing companies. In just 15 minutes you might be able to save ,000.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.Some lenders also prefer customers who have graduate degrees, especially if you have a lot of debt.This means refinancing isn’t an option for graduates who are struggling to pay their student loan bills. Borrowers often look for the lowest interest rate possible, but it’s worth checking out the various features each lender offers. When you refinance a federal student loan, a lender pays it off and issues you a new, private loan.That means you can’t repay the refinanced loan on an income-driven repayment plan, postpone payments using deferment or forbearance, or get loan forgiveness for working in public service.