Refinancing student loans online
Many banks, credit unions, and other financial institutions do not offer direct financing to students who are current on their federal education loans. However, they may work with third party companies that specialize in providing these services. These companies may allow you to shop and compare quotes to get the best interest rate possible. An internet search should provide plenty of results if you don’t know where to look.
Avoiding late payment penalties
One good way to avoid incurring late fees is to set up auto payments to cover part of the monthly bill. Your student loan provider will provide instructions on how to do this. If you miss a payment, your account could be placed on review status. If your account remains on review status for 14 days, the accountholder will automatically default and incur late fees. Be careful with how often you check your account’s status, especially during holiday seasons.
Consider alternative methods to repay student loans
Some people prefer to use cash advances instead of borrowing money to pay down student loans. Cash advances are short term loans with high interest rates. Generally, you would borrow between $200 and $500, depending on the amount of student loan you owe. Because they carry higher interest than standard student loans, using cash advances could end up costing you more over time. Before you decide to take out a cash advance, talk to your student loan servicer about any other options available and explore what APR might be associated with each method of repayment.
Refinance Student Loans At Lower Interest Rate
Find out how much money you need to pay off student loans each month, then calculate what rate you could get if you were to refinance your current loan(s) at your local bank.
If your interest rates go down, and you have additional funds to put towards your loan balance, use those additional funds to make your monthly payments bigger.
Use the calculated amount to find out how many months it would take you to pay off your loan if you had the lowest rate possible.
Once you know how long it would take you to repay your loan, work backwards to figure out what your total cost will be using both your original loan payment plus any extra cash you saved by refinancing.
Compare that number to the total cost of your student loan. If the total cost is less than what you want to spend per year, then refinancing may be worth considering.
Refinance Student Loans At Lower Interest Rate
Do Not Refinance Your Federal Loan(s)
If you currently have federal student loans and want to refinance them at a lower interest rate, do not do it. A Federal Direct Consolidation loan cannot be refinanced, nor can a private consolidation loan be converted to a Federal Direct loan. Additionally, if a borrower consolidates their debt under the Public Service Loan Forgiveness program, paying back their federal student loans becomes much harder.
Find Out If You Qualify
It is possible to find out if you qualify for refinancing your federal student loans before going any further. Simply go online to www.finaid.org/loans/student-loan-calculators/ and enter your information. Most likely, you’ll receive a list of questions that need answered before submitting your application. These questions should be asked while still waiting for approval. After answering them, you’ll know for sure whether or not you’re eligible for refinancing your federal loans. Remember: don’t apply until you’ve been approved!
Apply for Refinancing Online
You may now apply for refinancing of your federal student loans online. Next, follow the prompts to create your free account. Once you’ve created your account, start the application process by clicking ‘Start Application.’ Fill out the necessary info and submit. It’s best to complete this process as soon as you get the go ahead to avoid delays in processing once you’ve been accepted.
Be Careful What Documents You Provide
Make sure you provide sufficient documentation to prove who you are and where you live. Make copies of everything you have received and keep them handy in case you need them later. As always, make sure you read the fine print carefully and only sign documents that you completely understand.
Get Preapproved
After applying for refinancing online, wait until you hear back from your lender about your eligibility. Then, call your current servicer and ask if they have preapproval. If they say yes, then you’ll need to get a letter from your lender stating that it has preapproval. If you’re getting ready to buy a house, you’ll need something similar. You can use your savings statement to show how much money you have set aside for a down payment.
6.. Get Quotes From Several Lenders
Once you’ve received a response about your eligibility and gotten your preapproval, start shopping around. There are many websites that offer quotes for refinancing your federal loan at different rates. Before doing anything, however, make sure you talk first with your current servicer to ensure that they won’t charge you additional fees or increase your monthly payments after refinancing. Also, make sure that the quote includes all of your existing debt.
Choose One Lender Who Will Give You the Best Deal
Be careful when shopping around for the lowest rate, because some companies might try to trick you into signing up for a contract. When choosing a company, look for the following features:
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Related Links ▼
- Studentaid.gov/understand-aid/types/loans
- Salliemae.com/student-loans/
- Discover.com/student-loans/
- Nerdwallet.com/best/loans/student-loans/private-student-loans
- Money.usnews.com/loans/personal-loans/personal-loans-for-students
- Credible.com/blog/student-loans/personal-loans-for-students/
- Govloans.gov/categories/education-loans/
- Forbes.com/advisor/student-loans/best-private-student-loans/
- Navyfederal.org/loans-cards/student-loans.html
- Wellsfargo.com/goals-going-to-college/loan-options/
- Whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
- Ed.gov/category/keyword/federal-student-loans
- Myfedloan.org/
- Navient.com/
- Usa.gov/student-loans