Student Loan Refinancing
STUDENT LOAN REFINANCING is a common practice among graduates who are finding they can get lower rate loans after graduating than they could as students.
One great reason to refinance student loans is to consolidate them into a single monthly bill at a fixed rate of interest. This can extend time to repay and make monthly payments smaller.
For many students, federal loans are also a part of the loan picture. Legally, student loans subsidized by the government can only be refinanced following graduation. At that time it is a great opportunity to refinance and lock into a lower rate of interest.
If you are looking to refinance your student loans to fit your budget and save on interest payments there are loan professionals who can help. By extending your loan term your loan term it is possible to spend upwards of 50 percent less every month on your student loan payments.
It is typical for those who refinance student loans to benefit from a rate drop of one percent after couple years of on-time payments on the new refinanced loan. This provides another incentive for refinancing if you do not anticipate paying off your student loans in less than a couple of years.
Get started with student loan refinancing today. Your quote is a free no obligation estimate of how much you can save monthly by consolidating your loans to a new interest rate. Consolidated loans are calculated as the weighted average of your loans rounded up 1/8th of a percentage point and can be amortized over as long thirty years of repayment.
Common Student Loan Refinancing Questions:
1. How much can student loan refinancing save me monthly?
Obviously this will depend on the amount you are refinancing, however student refinancing and consolidating their student loans into a single payment can often spend half of what they would otherwise. This makes the bills much more manageable to pay monthly but extends the total time required to pay off the loan.2. How much lower will my student loan rate be?
Your new interest rate will depend on the rate of your old student loan. If you have multiple student loans you are consolidating the rate is typically determined by taking the weighted interest rate of your student loans.3. Can I consolidate all of my loans and refinance them?
Consolidation and refinancing can all be a part of the same process. The end result of which is a single loan that you make payments on monthly. If better interest rates are available than when you took out the loans originally you can save money over the life of the new loan with lower payments.