Our goal is simple, find student loan refinancing options with an excellent interest rate, consolidates all types of private and federal student loans and offers a repayment term that is flexible for students.
Were searching for deals that would fit this requirement:
- Low fixed and variable interest rates
- Consolidate both private and federal student loans
- Loan term of that were 20 years plus
- Unemployment protection
- Reduced payments with pre-authorized payments
- Co-signing programs if you need it
With these criteria in mind, we have organized a group of Banks and online lenders.
What You Will Need to Apply
- Current credit score
- Are you employed now or do you have a job offer and if so when do you start
- What is your annual income
- Certificate of enrollment if you are still in school
- College degree type
If you do not meet the qualifications, you can still apply with a co-signer.
Why Refinance
Refinancing your student loans is one option that you will want to seriously consider. Some of the benefits of refinancing your student loans are:
- One payment
- Shorter or longer-term depending on your circumstances
- Save thousands of dollars in interest over the life of the loan
- The opportunity to release co-signers from your original student loan
Risks in Refinancing Student Loans:
Some federal student loans come with benefits such as loan forgiveness in certain career paths. If you refinance, you would lose the benefits of the federal loans.
You cannot consolidate private and federal loans under the Federal Direct Consolidation Loan Program but Federal and Private student loans can be refinanced by a private bank or lending institution.
Should I Refinance My Student Loan
Here's what your looking for when refinancing or consolidating student loans:
- Lower interest rates
- No additional fees
- Consider the tax consequences. Your new refinanced loan may not be considered a student loan for the purposes of the student loan interest tax deduction. If you regularly claim this deduction, be sure to consider whether the new loan will allow you to continue to do so.
Should I refinance my federal student loan into a private student loan with a lower rate?
If you are considering this option should also be aware of the following risks:
- If you’re switching from a fixed to a variable rate loan, watch this carefully as interest rates are on the rise
- The lenders should warn you about the benefits you are giving up when refinancing out of a federal student loan. If you are in a good financial position, have strong credit or have a willing co-signer with great credit, refinancing may be the right thing for you.
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