Best Refinancing Rates For Student Loans

Our mission is to provide help and hope for student loan borrowers. We understand what it takes to become debt-free. Get the best rates at LoanXpress using our free service.

Finding the right refinance rate for your student loans makes financial sense. On average, students who refinanced enjoyed savings of over 25 percent, compared to those who continued to pay their original interest rate.

In today’s fast paced world, people generally need financing to make major purchases — a home, a car, college funds, etc. WhiteRockNation was founded by Morten Rand-Hendriksen, a Norwegian immigrant who moved to the United States, where he started a successful real estate company before becoming a full-time angel investor.

When Morten saw Americans struggle to get affordable credit to purchase homes, his first thought was, “I should do something about this,” and after years of saving and investing his thoughts became action. He developed a revolutionary approach to lending that was based on the truth of America—that anyone can succeed if given the opportunity and assistance to develop themselves; that everyone deserves equal access to credit regardless of income level, assets, or personal history.

The result? A fair financial system that helps families build wealth, community investment and businesses thrive.

Today, WhiteRock Nation continues to pioneer new ways to offer its customers more choices including Cash Out Refinances, no prepayment penalties, zero origination fees, and no application fees.

If you’re looking to invest in some of the biggest companies on earth, choose wisely. That’s according to Douglas L. Fosler, author of “New Money Management.”

Best Refinancing Rates For Student Loans

This video was posted post-July 2017. We have since edited the content to fit our themes, but by no means modified the information included in the original video. There may be some minor formatting changes (like wording) but nothing that hasn’t been accounted for. Please make sure to check out our previous videos though! Thank you for watching, subscribing, sharing, liking, commenting, and supporting BlackTreeLife™! 🙂

BlackTreeLife is here to provide free educational materials that can improve people’s lives. Our business model is based on partnership with distributors and retailers world-wide. We want to help them become financially self-reliant. After we have complied and compiled our content, we allow our partners to sell it at affordable prices.

In time, we also bring these products directly to consumers by making them online available at www.blktreemagazine.net

Follow Us:

Best Refinancing Rates For Student Loans

Your credit score affects your loan interest rate. You need a good credit score of at least 700 to get the lowest possible rates. If your score is below 680, expect to pay about 2% more than if your credit was perfect.

Don’t wait until the last minute to sign your loan documents – you’ll likely end up paying higher fees and penalties.

Keep track of your payments; don’t let them fall behind. Paying late could increase your rates.

Shop around before refinancing. Find out what your current lender charges, then shop around for loans with lower rates.

A low starting rate doesn’t necessarily mean you’re getting a bargain. If you go with a rate that’s too high, you might not save much money.

Refinance at the best time: The first quarter of each year. By that point, you should have paid off any student loans you had accrued by the previous fall (so they won’t count). But if you refinance during the summer, you may incur additional fees.

Consider switching lenders. To find out whether your current lender offers lower rates, check your credit report online, look for competitor ads, or ask friends and family for recommendations.

Get rid of old debt. If you’ve already repaid some or all of your student loan, consider using the extra cash to reduce the amount you owe on your existing loan(s). It could help you qualify for a lower rate. Plus, having a smaller outstanding balance will make making monthly payments easier.

Take advantage of consolidation options. Consolidating your federal student loans means repaying just one monthly payment instead of several. So if you currently have four different student loans, consolidating can cut the total amount you owe in half. And depending on what type of consolidation option you choose, you could walk away with less-expensive repayment options.

Avoid private student loans. Private student loans can carry higher interest rates, often as much as 20%. Interest rates vary widely based on borrower credit history and loan type.

Work closely with your lender. Find out how well your lender handles problems and complaints, and keep close tabs on your account. If something seems fishy, call the school or bank where you got your loan.

Don’t assume low rates automatically mean bad terms. Many people think that because their loan provider advertises a low interest rate that it’s a great deal. But if you find yourself saddled with hidden fees, high monthly payments, or other harsh conditions, you could be losing out on a better deal.

Be patient. You’ll need time to build your credit score and avoid defaulting on your student loans.

Make sure you understand your contract. Read the fine print carefully.

Best Refinancing Rates For Student Loans

Private student loans

Private student loan refinancing companies provide lower rates than banks. You may qualify if you have an excellent credit history, high FICO score, low debt-to-income ratio, and no recent foreclosures, bankruptcies, late payments, repossessions, or collections. The government offers subsidized Stafford Loans; these loans are free from private lenders until you graduate college. If you do not qualify for direct federal aid, then you may want to consider private student loans, as they do offer competitive interest rates.

Federal student loans

Federal student loans are offered directly by the U.S. Department of Education. These loans are guaranteed, meaning your lender pays the difference between the interest charged and the rate Congress sets. Your loan payment is fixed and does not change based on your income. However, the interest rate changes annually. After 10 years, you generally need to make a minimum payment toward principal of at least $50 per month. At 20 years, you must pay back the entire amount borrowed.

Consumer finance company (CFC) student loans

These student loans are paid off over time, rather than being fully repaid upfront. To qualify for CFC loans, you must meet certain financial criteria. A good way to find out whether you qualify is to visit CFCLoans.org and apply online. Also, many universities offer their own CFC loans.

Veterans loans

If you are a veteran and receive Social Security, pension, or disability checks, you may be eligible for VA loans. You should know that even though these loans are provided by the United States Department of Veteran Affairs, they are regulated by the Department of Education. Visit VAVeteransAffairs.gov to learn more about VA loans.

State grant programs

Many states offer grants to assist students who cannot afford tuition costs. Check with your state’s education department or scholarship office to determine eligibility.

Best Refinancing Rates For Student Loans

How do I refinance my student loans?

You could go through several options if looking for refinancing rates for your student loan. You could either: (1) consolidate your federal student loans; (2) get a private lender to refinance your student loans; or (3) work with a third-party service who specializes in refinancing student loans. Here is a guide to help you choose the best option for your student loan refinancing.

Consolidate Your Federal Student Loan

If you’re currently paying more than 8 percent interest on your federal student loans, consolidating them may be worth considering. While consolidation will not allow you to lower your monthly payments, it will eliminate debt over time, giving you peace of mind. This is especially helpful if you have defaulted on any of your previous loans. If you’ve consolidated before, you likely already know what steps you need to take in order to complete the process again.

Get A Private Lender To Refinance Your Student Loans

Another way to reduce your student loan burden is to get a private lender to offer you a lower rate on your existing student loan(s). Unlike government sponsored lenders, private lenders cannot use income based repayment plans, and their programs are only open to borrowers who qualify. However, they often offer lower rates than those offered by federal student loan providers. This might be a good alternative if consolidating doesn’t make sense for your situation.

Before you start shopping around for private lenders, check out these links to find out about the pros and cons of borrowing money from private institutions.

Work With Third Party Service Providers

A third party service provider is someone who specializes in helping people negotiate the terms of a loan. These services are usually provided by companies that specialize in loan servicing and negotiation. Because they focus solely on this type of business, third party servicers are able to provide a wide range of services including negotiating lower rates on your federal student loans.

There are several advantages to using third party service providers. First, you can save between $100-$400 per year in fees. Second, you’re probably familiar with the company offering the services since you’ve worked with them in the past. And finally, they’ll tell you exactly what you owe, rather than leaving information off.

Here’s how to search for third party service providers:

►HEY, we’ve got more valuable information here: ►CLICK HERE LOANS FOR STUDENTS◄

►Cloud of related items ▼

►Loans For Students◄

 

bloque1x