Contents
Introduction
You’ve graduated college, got a job, and are ready to start your life as an adult. But before you can do so, there’s one more thing you need to take care of: student loan debt. And no matter how much fun it was partying with friends (read: drinking) at college, that debt is going to hang over your head for a long time if you don’t take action now. The good news is that it’s possible to refinance student loans and get better terms on your loan payments! In this article, we’ll show you how it works and why refinancing might be worth considering for your situation.
How to Refinance Student Loans
To get started, you’ll need to find a student loan refinancing company that suits your needs. Here are some ways to do this:
- Use online search engines such as Google or Bing to look up “student loan refinancing companies” and then choose one that seems right for you.
- Check out sites like NerdWallet (link) or Student Loan Hero (link), which have lists of companies that offer student loan refinancing services.
Once you’ve identified some potential candidates, it’s time for the fun part: filling out their application forms! In order to qualify for their programs and receive any kind of financial aid from them, most lenders will require applicants to provide personal information such as income level(s), debt history, the credit score(s) and education history through an online form – typically a PDF file created by the lender itself but sometimes also hosted on another website or app (such as Quicken Loans). Once submitted, these forms generally take about two days for lenders to process them manually before responding back with whether they approve or decline them based on their qualifications criteria (or vice versa).
How to Get the Lowest Interest Rate
You can get a lower rate by choosing a lender with the lowest interest rate and best terms. The best way to find out which lender offers the lowest rates is by comparing them. You can do this by looking at the rates offered by different lenders, what their fees and terms are, how many reviews they have, and how long each has been in business.
Make sure you shop around for your loan because there are many different types of loans available and some may offer better rates than others depending on your credit score or income level
Lender Reviews
If you’re looking for a new lender, consider the following factors:
- How many student loan refinancing companies are out there?
- How many of them allow you to get your student loans refinanced through your bank account?
- What is the average interest rate on student loans?
- The more answers you have to these questions, the better.
Chloe Davis is a former Student Loan Hero blogger and writer who writes about education, tools and getting started with your finances.
Chloe Davis is a former Student Loan Hero blogger and writer who writes about education, tools and getting started with your finances.
Chloe’s prior experience includes writing for publications such as The Guardian, Bustle, and Money Magazine. She has also been published by Huffington Post and Business Insider.
You can refinance your student loans by going to one of several different companies online.
What does student loan refinancing do?
When you refinance your student loans, you’re taking out a new loan from one lender to pay off your existing debt. The money from the new loan is used to pay off what you owe—and then some. When you refinance your loan this way, it means that you’re not paying interest on both loans simultaneously; rather, only one of them is being paid with the new funds. And depending on which company or organization issues the new loans and how much they charge in interest rates, this could save you quite a bit of money over time.
Conclusion
After reading this article, you should have a better idea of how to refinance your student loans. You’re not alone in your struggle to repay debt and manage finances. But with these tips, we hope that you feel more equipped to handle the challenges ahead with grace.