Refinance My Student Loans

Apply for Direct Subsidized Loan

You should apply for direct subsidized student loan if you meet any of these three qualifications:

You have less than $25K total debt, b) Your parents’ income does not exceed $60K, or c) You are enrolled full-time at an eligible school (usually a 2 year or 4 year college).

Be Aware of Interest Rate Changes

Interest rates change frequently. When they do, make sure you’re aware of what’s happening. If you don’t know how much interest your loans accrue each month, check out www.studentloans.gov/calculators/compoundinterest.

Refinance to Lower Annual Percentage Rate

The best way to lower your interest rate is to refinance your student loan into a fixed rate loan. This is possible because the federal government offers special programs for refinancing. If you qualify, the government lowers your original interest rate to around 5%. See the link below for more information about this program.

Ask for Discounts

Each lender offering subsidized student loans provides discounts to borrowers based on certain criteria. Many lenders offer a discount for having low balances, high earnings, or both. 5. Don’t Forget to Pay!

After applying for your loans and getting approved, you still need to pay attention to them. Make sure you pay on time and keep track of your payments. If you need help with paying off your loans, use our website or call us at 1-888-503-8188.

Refinance My Student Loans

Student Loan Consolidation

If you’re looking to refinance your student loans, consider consolidating them. You can use your existing lender or search around for multiple lenders for lower rates. Look at different loan options including federal consolidation, private consolidation, and direct consolidation loans.

Federal Direct Consolidation Loan

Federal direct consolidation, or “Direct Subsidized” consolidation loans are offered through the Department of Education. In order to qualify, you need to meet certain criteria, including having no late payments on previous loans. If you do have any past-due balances, then you may not be eligible. Your total debt amount should not exceed $100K for undergraduate students.

Private Consolidation Loans

Private consolidation loans allow borrowers to choose their own option among several lenders. Searching online will help identify a wide variety of lenders who offer loan products for consolidation. Borrowers should look for a low rate and flexible terms.

Refinancing Your Current Loan

If you already have a student loan with your current bank, credit union, or financial institution, you can consolidate or refinance. To refinance, you can try to adjust the interest rate on your loan to a lower rate or negotiate a lower payment with your current lender. However, if you want to consolidate your loans, you can ask your current borrower either to lower your monthly payment or reduce the principal balance.

Refinance My Student Loans

Credit score

Your credit score is the first thing lenders look at before deciding whether or not they want to loan money to you. If you have a low credit score, then chances are that you’ll receive higher interest rates than someone with a good credit history. To get your credit score, visit myFICO.com and enter your information. You can check your score free online once per year. Your score ranges between 300-850 and most people should aim for 780 while applying for a student loan.

Income

If you have a bad income history, you might not qualify for a certain amount of student loans. For example, if you make less than $20,000 yearly and have a bad credit record, you may not be eligible for any federal loans. However, private lenders may still give you loans despite the fact that you don’t meet their criteria. In order to qualify, however, you’ll need to show proof that you earn enough to pay back the borrowed funds in time. Most banks will require about 10% of your monthly paycheck to repay debts each month.

Refinancing

Another way you can reduce the cost of your student loans is to refinance them. When you refinance your debt, you essentially become the owner of the loan, and you can lower the rate at which you borrow money. The best way to do this is to shop around for different lenders. Compare the rates offered by various companies to find the lowest APR possible.

Repayment plan

You can also decide to take out part-time jobs to help pay off your student loans faster. However, this means sacrificing your studies and taking on extra work outside school hours. Make sure you choose a job that you’re passionate about so that you won’t regret it later on down the road. Also, consider the potential risks associated with working while attending college. It’s probably wise to avoid jobs that involve high levels of risk, especially if you’re just starting your career.

Borrowing habits

Lastly, try to keep a responsible financial habit. Don’t spend more than you make; it will only add to your debt burden. If you are struggling to pay your bills, you might want to think about consolidating your loans. Consolidation is a great way to save money and reduce the total amount of interest you owe. By paying off your debts, you can also boost your credit score.

Refinance My Student Loans

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