But think twice if you have federal loans.
You’re not stuck with your current student loan repayment plan. Just as the number of federal student loan repayment options has grown recently, so has the number of private lenders competing to refinance your debt.Below are five of the best-known companies that refinance federal and private education debts. The information in the chart was supplied by each company and not independently verified. As you’ll see, their average interest rate reductions and average amounts saved vary, in part because some companies favor borrowers with higher interest rates and debt loads.
To help determine which of these companies (if any) would be the best fit for refinancing your loan, try Credible’s calculator, where you can enter your personal details and see the loan terms each lender is likely to offer.
Finally, one big caveat: If you refinance a federal student loan with one of these private lenders, you will be giving up some consumer protections associated with federal loans, such as loan forgiveness for public service jobs and the ability to enroll in an income-based repayment plan.
5 Big Private Refinancers
These are five of the best-known companies that refinance existing student loans—and how much money they say they could save you.
. . .
Continue reading on Time.