Top 10 Things To Know About Student Loan Refinancing

refinance student loans

You’re ready to refinance your student loans. You’ve done your homework. You’re well informed. You’ve got this.

Here is one more list to make sure you have everything on your list before you choose your student loan company and your student loan.

  1. Interest Rates Savings

    Compare the interest rates and loan terms of the student loans you have currently to the interest rate of your refinance loan, and determine if the interest rate and loan term match your financial profile and life goals.

  2. Fixed vs Variable Interest Rates

    If you are switching from a fixed interest rate to a variable interest rate, your variable interest rate could rise in the future and change your monthly student loan payments for the better (lower interest rates) or the worse (higher interest rates).

  3. Borrower Reward Benefits

    Look for borrower reward benefit programs, as these can help reduce the total cost of your loan.

  4. Repayment Terms

    While extending the repayment term may lower your monthly student loan payment, you may end up paying more interest over the life of your refinance loan.

  5. Hidden Fees

    Understand if there are any upfront, origination, prepayment or other fees, as they could add to the total cost of your loan.

  6. Co-Signer

    Determine if your student loan company permits co-signers.

  7. Co-Signer Release

    Determine if your student loan company permits a co-signer release option.

  8. Reputation

    Ensure the lender and servicer are reputable and financially strong. The servicer is the organization you will be making payments to and interacting with over the life of your student loan.

  9. Refinancing vs Consolidating

    Understand and evaluate the various features and benefits of your current student loans, and any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods.

  10. Student Loan Review

    Read our Reviews to choose the best student loan company for you.

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