Discover Refinance Student Loans

Description: Are you interested in refinancing student loans? Whether you have federal loans, private loans, or both, we can help! We offer the best rates and terms online, while providing our customers with the peace of mind knowing they’ve dealt with the right company to get them out from under their debt.

Discover Refinance Student Loans

How Do I Get A Refinancing Loan?

What IsRefinancing Your Mortgage (With An Adjustable Rate)?

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Discover Refinance Student Loans

What Is Refinancing?

Refinancing is the act of paying a loan at a lower interest rate. A refinance is not a new loan; instead, it’s the original loan paid off with a new loan at a different interest rate. So, if I have a $5,000 student loan balance at 10 percent interest per year, refinancing would bring me a new, lower-rate loan (maybe even 0 percent interest) for the same amount, making my total debt load go down. But how do you know if it’s worth it?

The answer comes down to two factors:

Your monthly payment.

How much money you’ll save over time.

So, let’s take a look. Here we go!

Calculating Your Monthly Payment

Your first question might be: “How am I going to find out what my current interest rates are?” Well, that’s where the magic happens. Let’s say you have a $10,000 loan with a 6.0 percent APR. That means your interest payments are around $60 each month. Now, let’s say you want to switch lenders and get a lower interest rate of 2.99 percent. You’re looking for an extra $30 in your pocket (assuming no other fees), right?

Well, simply taking the annual percentage rate (APR) and dividing it by 12 gives us our monthly payment. In this case, that would mean your new lender is charging $31.67 each month. If they offer a similar type of loan — only with a 1.9 percent APR — then your monthly payment is $19.89.

Now, remember that these numbers aren’t set in stone. There could be some fees associated with switching lenders, and there might be hidden costs involved. To figure those out, you’ll need to contact your old institution, discuss your options, and figure out what exactly you’re getting charged.

Comparing Payments

Once you’ve calculated your new monthly payment, you should compare it to your existing payment. We recommend comparing both the minimum and maximum payments offered by the two institutions (if applicable). Since the interest on a loan accrues daily, the math gets tricky here, so don’t worry about calculating exact amounts. However, it’s always good practice to make sure you’re actually saving money.

If you think you’ll save less than $50, consider waiting until you pay off your loan completely before switching. Sometimes refinancing isn’t worth it until the end goal is met. Remember, though, that the best way to decide whether or not to refinance is to calculate the difference between the two rates and see if you’d be willing to pay the additional money each month to break even faster.

Getting Your Cash Back

Discover Refinance Student Loans

No matter where you go in 2015, you’re bound to hear some version of “Happy New Year!” As we usher in the New Year, here at LoanDepot, we wanted to help you plan for your financial future, no matter what stage of life you’re in. Here at LoanDepot, our goal is simple – Connecting borrowers with funding for education. Whether you’re going back to school for graduate programs, trying to buy your first home (or second home), financing a wedding, funding a business idea, buying a car, paying off debt, or anything else, we want to make sure you have access to funding. Our community gives you the opportunity to connect with thousands of lenders and brokers who specialize in specific types of loans and credit cards. We’re happy to offer free guidance to anyone looking to refinance their student loans.

You may still have time to take advantage of great Federal Student Loan rates while they last — federal student loan rates are fixed until July 1st. That means you can borrow now at 4.29% for your Stafford Loan and 5.43% for your Perkins Loan while those rates drop to 3.86% and 6.31%, respectively, on July 1st. And after that date, interest rates won’t change for undergraduates. However, if you’re refinancing to take out a private student loan, you might want to start thinking about closing early.

While the average rate on a private student loan was just over 8% as recently as 2012, the average rate today is 10.8%. In fact, according to Sallie Mae, the average rate on a new Private Student Loan is 11.9%. If a college graduate were to get an identical amount of money at an interest rate of 11.9%, then she would pay $15,082 more over the course of ten years than she did at 7.6%. That’s a lot of extra cash for just a few months of added schooling.

Here at LoanDepot, it’s not uncommon for us to receive emails asking if there are any options for refinancing student loans. While you may have heard about the popular federal student loan consolidation program above, you probably didn’t realize that you could consolidate your federal student loans without having to use the government’s loan consolidation program. There are two reasons you should consider consolidating your federal student loans instead of using the federal loan consolidation program.

The first reason is flexibility. When you apply for a loan through the federal loan consolidation program, you aren’t guaranteed to get approved. Your chances are based on how much money you owe, your income, and whether or not you meet certain qualifications for the program. On top of that, you don’t always know how much you’ll save by consolidating. You may end up saving less than you thought, especially if you’ve been able to keep your payments consistent throughout the duration of your current repayment term.

On the other hand, if you choose to consolidate your federal student loans, you’ll eliminate your existing repayment terms and have the option to switch your repayment plans whenever you wish. If you decide to do so, you won’t need to worry about missing payments; the loan company will handle your monthly payments directly. Furthermore, if you want to switch payment plans before your original commitment ends, there’s always room to negotiate with your lender.

The second reason you should consider consolidating is security. Since federal student loans are backed by the US Government, you can rest assured knowing that you’ll never lose your money. Not only that, but because these loans are federally guaranteed, they’re protected from bankruptcy. No matter what happens in life, you can stay financially secure knowing that your federal student loans will always be paid back.

In addition to being more flexible and safer, there are plenty of reasons to consider consolidating your federal loans instead of applying for a federal loan consolidation program. However, it’s imperative that you read each provider’s terms and conditions thoroughly before making a decision. At LoanDepot, we’ll provide you with all the information you need to determine which type of loan works best for you.

Discover Refinance Student Loans

What Are Refinancing Student Loans?

Refinancing student loans means taking out a new loan based on the amount and interest rate of a previous loan. When refinancing student loans, you will have various options which determine your repayment plan. If you do not qualify under the original terms of your student loan, you may still be able to refinance without any fees. Refinancing student loans is a great way to lower monthly payments, pay off debt faster, or even make extra money without making additional purchases. When looking to refinance student loans, consider these factors first:

Your current balance

How much extra you want to borrow

Interest rates at different points throughout the year

Repayment plans available

If you have a federal Direct or FFEL Loan, you can apply online using our application tool. Once you have submitted an application for the loan program you wish to apply for, you will receive a decision on whether your request was approved or denied. You will need to submit payment information when approved. After submitting payment, your account will be automatically amortized according to the new terms.

For private lenders, there are steps you will need to follow:

Look for reputable lenders

Contact the lender directly

Read the fine print carefully

Understand how the loans work

Get legal advice if necessary

You should always get professional financial advising before applying for a loan. Refinancing student loan payments requires a certain level of financial stability. Always look for a lender who is willing to extend credit to students with good credit scores. To find reputable lenders, look for those who are members of the National Association of Consumer Bankers (NACB). NACB membership indicates a reliable company that follows industry guidelines. A reputable lender will not charge extra fees and will offer competitive rates.

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