To refinance your student loans,call up a lender and ask them to walk you through their loan application process. The lender will assess your financial portfolio and background; if they like what they see they鈥檒l extend an offer. The higher your income and credit score, the better shot you have at locking in a lower rate.
People also ask
What happens when you refinance student loans?
When you refinance, a lender pays off your existing loans with a new one at a lower interest rate. That will save you money in the long run 鈥?and from the very first payment. When to refinance student loans depends on whether you鈥檒l find a rate that makes a difference in your life.
What should I consider before refinancing student loans?
Consider all options before you refi. In a nutshell, student loan refinancing is when a private lender pays off your existing loans and gives you a new loan with new terms. It usually costs nothing to refinance student loans, and you can save a lot over time by lowering your interest rate.
How do I compare student loan refinance rates?
You can compare rates from multiple student loan refinance lenders at once, or visit each lender鈥檚 website individually. As you shop, some lenders will ask you to pre-qualify 鈥?supply basic information to give you its best estimate of the rate you might qualify for.
How long does the student loan refinancing application process take?
The student loan refinancing application process can be relatively quick. Once you have the documents you need ready, many lenders say their applications can be completed in about 15 minutes. Here are the steps to refinance student loans and secure a competitive interest rate. Not everyone will qualify to refinance student loans.