How to Refinance your Student Loans | 10.08.12
When students take out private student loans for the first time, they usually have little to no credit history built up. This means, their interest rates probably weren’t ideal, or they applied with a cosigner. If you’re one of these borrowers with high interest rates, refinancing (consolidating) your student loans could save you money, especially if your credit has improved over time!
Refinancing student loans can be great for borrowers with high interest rates, or even who need to lower their monthly payments. To get started, here’s what you need to do:
Step 1: Do Some Research
There are a few different banks and lenders that are available to consolidate student loans. Compare your student loan refinancing options to see the different benefits and find which loan is right for you.
Step 2: Calculate your Potential Savings
The consolidation payment calculator at StudentLoanConsolidator.com can provide a good estimate of the amount you can save on your monthly payments by refinancing your student loans. Keep in mind that any calculator you use is an estime and to find out your actual interest rate and monthly payment, you’ll need to start the application process.
Step 3: Find your Options
Loans in default are not always eligible for consolidation, so to narrow down your available options, apply at StudentLoanConsolidator.com.
Step 4: Apply
Once you find a loan that suits your needs, apply through that bank or lender. Applications are quick, and you’ll learn exactly what the terms of the refinance are.
Refinancing your student loans is that simple! Keep in mind that while consolidation can be a great way to lower your interest rate or monthly payment, extending the term of a loan means you pay more interest in the long run. If you can afford to, paying more than the required amount each month can save you a lot of money over the years!
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