If you’re a graduate student, your loans are more than you’d like. If so, refinancing them may be the answer for lowering payments and saving money on interest. So here’s what you need to know about refinance graduate student loans option.
Refinancing
Refinancing is a way to consolidate your existing student loans into one new loan. You can refinance your graduate study loans with a lower interest rate, or you may want to refinance them for longer repayment terms. Lantern by SoFi advisors suggests, “lowering your interest rate could result in major savings over the life of your loan.”
Online marketplaces
Online marketplaces are an excellent option for borrowers with a good credit score, as they provide borrowers with a wide range of loan options from different lenders. These online marketplaces typically match you up with multiple lenders and give you the power to choose which one will be your loan servicer.
They also make it easy to compare interest rates and repayment terms. This can help you choose the right type of financing for your needs, whether an income-driven repayment plan or refinancing into a lower interest rate.
Check the websites of your current loan servicer to see if there are options to help you lower payments.
If you have federal student loans and are having trouble making your payments, contact your current student loan servicer. Many services offer a variety of options to help borrowers lower their monthly obligations, such as:
- Payment plans (e.g., extended repayment plans)
- Debt consolidation or refinancing through a private lender
If you need help figuring out where to start or if there are no options available for you, talk to financial experts. They’ll do their best to help determine whether refinancing makes sense for your situation.
flexible repayment plans
You can also consider flexible repayment plans. These options allow you to repay your student loans on a schedule that fits your life and budget rather than being forced to make a fixed payment every month. Your lender may offer these plans if you’re having trouble making your payments or if they know you have another source of income coming in that will help ensure the payments are made on time.
Contact multiple lenders.
In addition to the federal government, you can refinance your loan through a private lender. If you’re considering refinancing with a private lender, try to find at least three lenders that offer student loan refinancing. Each lender will have different eligibility and interest rate requirements, so comparing them is important before deciding which company you want to work with.
Determining whether or not you should refinance your graduate study loans is a complicated decision. The process can be overwhelming, and the best way to get started is by talking with financial experts who understand your unique situation. So don’t hesitate to reach out if you have any questions!
»Ways to Refinance Graduate Study Loans«