What is student loan refinancing? Student loan refinancing is a way to lower the interest rate on your student loans. It’s not a new concept, but it’s getting more popular as students and parents wonder if they can get a better deal than what their credit union or bank offers.
So the answer is yes – and maybe even no—depending on your situation.
Student loan refinancing is a process that allows you to lower your monthly student loan payments and save money on interest.
Student loan refinancing can be done in two ways:
You may want to refinance your student loans if:
You can check for a license with the Federal Trade Commission. You can also look for complaints about the lender, such as on the Better Business Bureau website.
If you see any reviews with negative comments, there’s a good chance that the lender is not reputable and should be avoided at all costs. “Lantern by SoFi makes it simple to find lenders and compare such loan refinance options.”
If you are applying for a loan and your credit score needs to be better to be approved, it is possible that the lender will require a cosigner.
A cosigner is a person who signs your loan agreement with you, agreeing to pay the loan if you do not. In other words, this person offers his or her good name and credit standing as security for repayment of your debt.
With variable interest rates, the lender sets a minimum rate that can change at any time. Your monthly payment will fluctuate with the market, but you’ll only pay what you agreed to in your contract.
In short, this type of loan gives you more flexibility than fixed-rate loans. It allows you to take advantage of any changes in the market without having to worry about paying a penalty fee or any other fees associated with refinancing.
There are many variables to consider when deciding whether to refinance your student loans. However, this article must have given you a solid understanding of what it is and how you can use it to find the best deal for yourself and your family.
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