Can I Refinance My Private Student Loan

The goal of refinancing is not only to get one big loan to repay existing debt but also to reduce the interest you pay by qualifying for a new loan with more favorable repayment terms. Student loan refinancing can mean big savings in the right circumstances. When you refinance student loans you take out a new loan from a private lender to pay off one or more of your old loans.

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This means that for many borrowers private student loan interest rates can be quite high.

Can i refinance my private student loan. Some borrowers who have graduated obtained a job and have excellent credit may be able to qualify to refinance their existing private student loans with a new private loan at a lower rate. Unlike with consolidation you can refinance federal or private student loans or a combination of both. If you qualify you could snag a lower interest rate on this new loan. You can also choose new repayment terms to pay off your debt faster or lower your monthly bills.

Deciding if you should consolidate or refinance your student loans can get pretty confusing. There s little downside if you qualify for a lower interest rate. Find 2020 s best options for private student loan refinancing which offers many benefits including cutting your monthly payment and getting a lower rate. Refinance private student loans to save money change repayment terms or switch lenders.

A new private company typically a bank credit union or online lender pays off the student. Here s how it works.