Student Loan Refinance

Refinancing your student loans may be a good way for you to save thousands and reduce your monthly payments.

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Student Loan Refinance Options

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The average college graduate has more than $30,000 in debt and it can take decades to repay. Student debt could impact your ability to save for retirement, have disposable income or qualify for other loans, including a mortgage. Dealing with long-term debt can be difficult, but having a strategy and tools can help. Consolidating or refinancing student loans are two popular options that could help you manage your payments, save money and open up additional options for loan forgiveness and repayment. This guide provides an in-depth explanation of the differences between federal loan consolidation and private loan refinancing, the pros and cons of each and insight into which options are best for different situations. There are a variety of private lenders that offer student loan refinancing, each with different potential interest rates, loan terms, and features. U.S. News compared private lenders to come up with recommendations for different kinds of borrowers.

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How you can refinance your student loans

Student loan refinancing allows qualified borrowers to adjust the interest rate and repayment terms on their private and federal student loans by taking out a new loan that pays off some or all of their existing education debt. Borrowers may refinance student loans through a number of private lenders. As each lender's rates and criteria vary, it's important to shop around to find the best lender for you. Creditlief makes it easy to compare multiple lenders in just a few minutes. Depending on the interest rate and the number of years it will take to pay off your new loan, refinancing can reduce your monthly payment, your total interest paid, or both.

Why you should refinance your student loan

Refinancing student loans can lower your interest rate, saving you thousands in total interest and enabling you to make monthly payments that pay off your loans faster. It can also give you peace of mind by allowing you to reduce your monthly payment, lock in a fixed interest rate, or remove a parent as the cosigner of a private loan.

Refinance vs consolidation

But borrowers who refinance federal student loans also give up benefits provided by federal loans, including access to income-driven repayment programs that may qualify them for loan forgiveness after 10, 20, or 25 years of loan payments. Some lenders will accommodate borrowers who have temporary difficulties repaying their loans, but few offer income-based repayment plans or loan forgiveness. Consolidating federal student loans through the government provides the convenience of a single monthly payment, but will not lower your interest rate. However, you could lower monthly payments by qualifying for income-driven repayment options that stretch out your payments over a longer period of time. Borrowers who do not qualify for student loan forgiveness may end up paying considerably more in interest payments.

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