Want to refinance your student loans? Now may be the right time
Here's why and what you need to know.Student loan refinancing rates now have dropped to as low as 2.06%.
Why? The Federal Reserve cut interest rates, and lenders have reduced student loan refinancing rates to a near-term low. That's great news for student loan borrowers who want to refinance student loans, get a lower interest rate and save money.Student Loan Refinancing: Should I Refinance Student Loans?, student loan refinancing is an effective tool. When you refinance student loans, you exchange your current student loans for a new, single student loan with a lower interest rate.
For example, let's assume you have a $100,000 student loan at a 7% interest rate and 10-year repayment term. If you refinance that student loan with a 3.0% interest rate and 10-year repayment term, you would lower your monthly payment by $195 and save $23,457 in total payments. If you are a doctor, dentist or pharmacist with a large student loan balance, your savings may be even higher.You can apply online for student loan refinancing. Most applications take 10-15 minutes to complete.
While each lender has its own underwriting criteria, the best candidates for student loan refinancing typically have the following:Stable, recurring monthly incomeWhat if you don't fit this profile? You can apply with a co-signer who meets this criteria. Your co-signer can help you get approved for student loan refinancing and receive a lower interest rate. Your co-signer will be equally financially responsible for the student loan.
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