Refinancing your student loans could help you pay off your debt sooner and potentially save you money with a lower interest rate or shorter term.
Published June 30, 2022
Refinancing your student loans could help you pay off your debt sooner and potentially save you money with a lower interest rate or shorter term.
Refinancing your student loans could help you pay off your debt sooner and potentially save you money with a lower interest rate or shorter term.
You can refinance federal and private student loans—even if you’ve consolidated or refinanced before—but each lender has different rates and criteria for eligibility.
A strong credit score is a big plus. Typically, the higher your score, the lower the new rate. If you’re struggling with credit, look for ways to improve your score, or consider adding a co-signer that has excellent credit.
Showing that you have a stable income, a low debt-to-income ratio, and a good debt repayment history should also help you qualify.
In most cases, you’ll also need to have graduated or be close to graduating from an accredited Title IV U.S. school.
Be aware that if you refinance federal student loans, you’ll lose access to the federal repayment and loan forgiveness programs they offer, so be sure to review these benefits at <a href=”https://studentloans.gov/”>studentloans.gov</a> before you decide.
To learn more about the benefits of student loan refinancing, visit laurelroad.com.
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This information provided is for informational purposes only and does not substitute consultation with a legal, tax or investment professional for important financial decisions. Laurel Road assumes no liability for loss or damage incurred by use of the information provided. Please visit laurelroad.com for full product details, terms and conditions.
All Laurel Road lending products are subject to credit approval.