Student Loan Refinance Process

refinance student loans
refinance student loans

Now that you have made the decision to refinance your student loans, it is time to understand the student loan refinance process. Over the past five years, the process to refinance student loans has been simplified considerably. Gone are the days of piles of paperwork, long wait times, and bureaucracy.

So, what does the student loan refinance process look like? Here are 7 steps to make the student loan refinance process seamless for you:

1. Easy Application Process

2. Select Your Loan

3. Submit Your Loan Documentation

  • You can submit your documentation online
  • Some lenders will allow you to take a photo of your documents, or even submit via text
  • Key documents include your:

– Driver’s license or passport (or government issued ID)
– Transcripts / Diploma to verify your degree
– Payoff statement from your current lender (if refinancing)
– Monthly rent amount or mortgage payments
– Two most recent pay stubs or tax returns (or offer letter of employment)

4. Lender Underwriting Review

  • The lender will review your submitted documents and credit report
  • The lender will apply its proprietary credit model to ensure that you meet all its underwriting criteria

5. You’re Approved!

6. Review Disclosures & Sign Loan Documentation

  • Review truth in lending and other disclosure statements
  • Sign your student loan documentation

7. Your Student Loan Is Disbursed

Student Loan Refinancing – Best of the Best

LenderRates (APR)Loan Terms (Years)Get Your RateLearn More
2.75% - 7.35%5 – 152 minutesSTART SAVING
2.21% - 8.97%5, 10, 15, 202 minutesSTART SAVING
3.89% - 7.45%5, 7, 10, 15, 202 minutesSTART SAVING

Doc Benjamins is not a lender and does not make loans. We are a free, independent and unbiased website that helps empower borrowers so they can make more informed financial decisions. The rates, terms and other student loan information provided on this website do not legally bind Doc Benjamins or the lenders referenced herein. The rates, terms and other student loan information are estimates and may change periodically and/or differ from your final rate and terms, which may be based on your individual credit profile and other factors as determined solely by the lender. If you would like to apply for a loan, please visit the website(s) of each lender and carefully review their rates, terms and conditions for further information.