Refinance Student Loans
Save thousands by refinancing through credit unions and community banks.
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Is there a catch to refinancing student loans?
You still have to qualify for a loan to refinance. However, the idea is that over time your credit score has improved and you are now bringing in a steady income with the degree you got. A better credit score could mean more attractive loan terms and rates. With a steady income, you would also be viewed as a lower-risk refinancer.
You would need to carefully consider when refinancing federal student loans though because they often come with benefits, such as loan forgiveness in certain career paths. When refinancing, you’d lose those student loan benefits—so decide whether or not you’d use any of them before refinancing.
Starting the Student Loan Refinance Process
Depending on the type of loans you have, there are two options when refinancing your student loans. If you have only federal student loans, refinancing is usually done through the Federal Direct Consolidation Loan Program offered by the government. If you have private student loans, you’ll have to go through a private lending institution such as a bank or credit union. Finally, federal and private student loans can both be combined into a single new loan with better rates, better terms and one easy-to-keep-track-of bill to pay every month. However it must be done through a private bank or credit union. Keep in mind that refinancing federal student loans will eliminate the benefits that come with them.
Check out our student loan refinancing calculator to see how much you could be saving. When you’re ready to get started, we are here to help with your student loan refinance through our network of lenders!