Student loan refinancing: Refinancing is when a student loan lender buys out your existing loans, and gives you a single new loan with a potentially lower interest rate.
So if you feel like your interest rate is too high, refinancing could help.
This process will also combine all the loans you refinance into one convenient payment.
While a lower interest rate is good news, your new loan may not come with all the borrower benefits associated with government loans.
For example, borrowers with federal student loans can take advantage of federal income-driven repayment programs, or benefits like loan forgiveness, which borrowers with private student loans typically don’t have access to.
Today, the answer to that question is probably yes!
Over the last couple years student loan refinancing and consolidation has become a hot topic in the United States.However, our team also researched other institutions and found some good alternatives for people that want to consider all options before they begin the process of refinancing or consolidating student loans. If you’re concerned about lowering your monthly loan payments, consolidation could be a good option for you.You can find each lender below, along with information on rates, terms, and other key details. But remember, lowering your monthly payments could mean that you end up paying more in interest overall.With just a few exceptions, you get only one chance to consolidate with the government loan programs.WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.7 out of 10 graduates are now graduating with some form of student loan debt.