If you’d like to know how to refinance a Discover student loan, just follow these steps:
Find out if you qualify for refinancing.
The first step in refinancing your student loan debt is finding out if you qualify for a federal loan discharge. You may not know whether you’re eligible until after you have already applied for a loan discharge program. Students can apply for most government-backed programs online at www.mystudentloans.gov or by calling 1-800-MYLOAN (668-6966).
Apply for a loan discharge
Once you find out whether you qualify for a loan discharge, log onto myStudentLoans.gov and follow the instructions to complete an application for a loan discharge plan. Once approved, expect to receive a letter confirming your eligibility and detailing what services and fees might be associated with the refund period.
Refinance your student loans.
After receiving approval, you’ll need to get ready to make payments. If you’re currently making monthly payments on your loans, you’ll want to choose a payment option that works best for you. Remember that while you may use a standard income-based repayment, the amount you pay each month will depend on your credit score. 4. Monitor your progress.
While you wait for your loan to be paid off, keep track of how much money you save by switching to a lower interest rate. Also, consider using your newly freed savings to start saving for college—saving early means less of a burden later.
Learn more about refinancing your student loans.
Refinancing your student loans doesn’t have to take a lot of time or effort. In fact, you could easily do it over the phone. Call 1–888–995–8498 to speak with a loan specialist who can walk you through different repayment options. Or, contact your lender directly at 1 (866) 974–0221.
Then pay attention to the following information.
1.Open up a savings account
The first step to getting out of debt is saving money. If you have a lot of credit card debt or private student loans, start putting money away now. You should set aside at least 10% of your monthly income for savings.Also, open a separate checking account just for your loan payments. That way, you’ll pay off your balance faster and not carry the rest around with you.
2. Put together a budget.
Once you’re saving money, you need to get organized. A budget can help you determine how much money you’ll spend on groceries and utilities this month and how much you can afford to put toward your loan payment. You may even want to draw up a list of ways you could cut back if necessary. Getting a budget together might take some time, but you’ll feel less overwhelmed once you know exactly where you stand financially.
3. Determine a loan repayment strategy.
You might have to make several small payments over a long period of time before you can begin paying down your principal. Depending on your lender, you may also choose to skip certain months. Your financial institution or lender probably has guidelines about which type of loan you can qualify for. Ask them what they recommend.
4. 4. Apply for consolidation
If you already have several loans, you might be able to consolidate them into one manageable amount. Consolidating means finding a single company that helps you manage all of your accounts and payments. Be sure to shop around to find the best deal for your situation.
5. Create a payment plan.
Your lender may offer different options depending on your situation. Do some research and look for plans that work well for your lifestyle. Before making any decisions, ask yourself if you can afford to make monthly payments for the next thirty years.
6. Review your strategy on a regular basis.
It’s important to review your plan periodically to stay on top of things. Make sure you understand any changes or additions that your lender may require. Check your interest rate and whether your service provider offers additional services. If you miss a payment, contact your service provider right away to ensure that your account doesn’t go into default.
7. Make timely payments
Finally, pay on time. Missing a payment or two won’t hurt your credit score — unless you continue to fall behind. On the other hand, missing a payment will likely result in fees and higher interest rates on your loan.
What about just refinancing a student loan?
Refinancing Student Loans—How to Get Started?
Refinancing student loans is not only simple, but is also a great way to reduce interest rates and pay down balances faster. However, refinancing student loans requires planning and preparation before getting started. Before starting the refinance loan application process, make sure to understand the steps involved. Also, consider whether refinancing student loans is right for you. If you have any questions regarding how to get started, let’s take a quick look at some of the factors to keep in mind.
How To Find Out About Refinancing Student Loans
The first step to figuring out if refinancing student loans is the best option for you is to determine your current interest rate. You should know what you owe, including principal, interest, and fees. You will need the exact amount owed to calculate your monthly payment. Take note of your monthly payments, then compare them to your expected monthly payment after refinancing student loans. You should expect lower monthly payments after refinancing student loans, which means you will save money over time.
If you don’t want to do math, check your credit score. A good score indicates you have a solid history of making repayments on debts. Your credit score can help determine your eligibility for refinancing student loans and will be reflected in the interest rate you will receive. An ideal FICO score is between 700 and 850. While many lenders offer refinancing student loans to those with scores below 680, they may limit loan amounts or increase the interest rate.
Consider repaying first.
Some people opt to start their repayment plans before they have enough funds in savings to cover the initial balance. Others choose to begin paying off student loans early to avoid high monthly payments. As long as you keep to the terms of your plan, your lender will approve you for refinancing student loans.
You should have good credit.
Having a good credit score is the biggest factor in determining whether refinancing student loans works for you. Having good credit means having no late payments on bills and keeping your debt under control. Lenders generally require borrowers with strong credit histories to apply for refinancing student loans, and vice versa. Those who don’t have a good credit score may be denied, which could lead to higher monthly payments and interest charges.
Consider all of your options.
In addition to looking at your finances, you should weigh the pros and cons of refinancing student loans with your financial advisor. Depending on your situation, you may be eligible for different types of financing options. These include income based repayment, extended repayment, and consolidation. Many students can benefit from refinancing student loans, but before you proceed, it is important to fully understand all possible options.
There are several ways to finance your education. Each type of financing comes with its own set of advantages and disadvantages, so it’s important to think about each of these options carefully before deciding if refinancing student loans makes sense for you.
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