| These days, most students finish their education with a | | | | separately. Federal loans normally have a much lower |
| degree and a whole pile of loans to pay back. Usually, | | | | interest rate so if you join them with your other loans |
| there are multiple loans from more than one lender at | | | | you will lose money. |
| several different interest rates. If this is the position you | | | | Get a copy of your credit report. Loan companies |
| are in, you may want to look into student loan | | | | make part of their decision on what to offer you |
| refinance. | | | | based on your credit rating. If yours is not the best, see |
| When you refinance your student loans, you | | | | if you can improve on it before you get your |
| consolidate them into one, usually at a lower interest | | | | refinancing. You want to look like you are a good |
| rate. You may also pay back your loan over a longer | | | | credit risk. |
| period of time. Both of these will result in a lower | | | | As you are comparing different programs, ask about |
| monthly payment. Bear in mind, though, extending the | | | | what types of incentives they have. There are often |
| length of your loan repayment will result in you paying | | | | discounts available for making automatic payments. |
| more money when you are done. | | | | Paying on-time is another way you may be able to |
| Your loan grace period is the best time for refinancing | | | | save. Usually, there is a set number of on-time |
| student loans. This is the six months you normally have | | | | payments you need to make to qualify for and retain |
| after graduating until you need to start making | | | | the discount. |
| payments on your loans. Try to get your research | | | | Do you research carefully ahead of time, as you can |
| completed and decide on a company to refinance with | | | | normally only refinance your loans once. You need to |
| before these six months are up. | | | | be sure you have the best deal you can get. Also |
| There are many companies offering student loan | | | | observe the customer service you are receiving. |
| refinancing, and offers seem to be thrown at you daily. | | | | Some companies are impossible to get on the phone, |
| However, some of these companies are not reputable | | | | for example. |
| and may end up costing you more. Check that the | | | | It is all too easy to end school with an enormous |
| companies you are considering are licensed. You might | | | | amount of debt. Loans are so easy to sign for, and |
| also ask for recommendations from friends who have | | | | needed, while you are trying to finish your education. |
| already been through the process. | | | | But we do not think so much about the repayment, |
| Write down all the loans that you have and their | | | | which always comes far more quickly than we are |
| interest rates. The loan consolidation companies will | | | | prepared for. Help yourself and look into options for a |
| ask you for this information. If you have both Federal | | | | student loan refinance as early as you can. |
| and private loans, you will want to consolidate them | | | | |