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Here鈥檚 how to refinance student loans,in a nutshell:Find lenders that will offer you a lower interest rate. Compare them. Apply. If you鈥檙e approved,the new lender will pay off your existing lender. Going forward,you鈥檒l make monthly payments to the new lender.
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What do you need to know before refinancing student loans?
The first thing you need to do if you want to refinance your student loans is to know how much you owe 鈥?whether those loans are federal or private, or both 鈥?and what interest rates you鈥檙e paying on those loans. You can do this on a piece of paper or in a spreadsheet like Excel or Google Sheets.
Should you refinance your private student loans?
But if you鈥檙e already in a private student loan and have the chance to refinance into a lower interest rate, Clark鈥檚 advice is clear: 鈥淚f you can do it, do it!鈥?You can also take a quiz like this one at Student Loan Hero to find out if refinancing might be right for you.
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.
When do federal student loan payments restart?
Federal student loan payments restart after Jan. 31, 2022. Consider all options before you refi. Here鈥檚 how to refinance student loans, in a nutshell: Find lenders that will offer you a lower interest rate. Compare them. Apply. If you鈥檙e approved, the new lender will pay off your existing lender.