Student Loan Refinancing

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Guide to Student Loan Refinancing

If you aren't a lender, deciding when student loan refinancing would be most beneficial to you can be a difficult task. You want to make sure you get the best interest rate possible and you want to make sure you combine all the loans that need student loan refinancing into one loan to pay on after you finish school. So where do you start? When do you start? Student loan refinancing is actually a fairly simple process if you follow these few tips.

Why get student loan refinancing?

The best reason to get student loan refinancing is to save money. You might be able to save on your interest rate and you will probably save money just by wrapping all of the loans up into one.

Consolidate your federal student loans

A lot of college students opt for one of the loans in the federal loan program. Student loan refinancing is very simple with these types of loans. You can consolidate all of the qualifying federal student loans and often save money by doing so. By doing your student loan refinancing, this way you are in essence throwing all your eggs in one basket. In other words, all your loans, no matter what types of terms they had, will be repaid with one single loan with its own terms and repayment schedule.

Private student loan refinancing

Private student loan refinancing works basically the same way. However, the rule of thumb is that if all of your loans are through the same lender, you must consolidate with that lender as well. That is unless they do not offer a repayment option based on income. It's very important that you have that option available to you when you get out of school because you may not be making the big bucks right out of school.

 

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