These days, most students finish their education with a degree and a whole pile of loans to pay back. Usually, there are multiple loans from more than one lender at several different interest rates. If this is the position you are in, you may want to look into student loan refinance.
Refinancing your student loans can help you by consolidating them into one loan, often at a lower interest rate. Another way to save money is by extending the length of time for repayment. Either way, you will normally also be able to reduce your monthly payment. However, if you are extending the time to payback, you will ultimately end up paying more over the life of the loan.
The best time to refinance your student loans is while you are still in your grace period. You will generally have six months upon graduating before you need to start paying your loans back. Do your research and
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There are also many companies advertising this service online. With so many choices, it is difficult to make a choice. Be sure to look over any offers very carefully. Some are less reputable than others, and may cost you money. All companies should be licensed properly. You also might ask for personal recommendations from people who have already gone through the process.
Write down all your loans and their corresponding interest rates. This information will be needed for your refinancing application. Should you have both Federal and private loans, these are best consolidated separately. The interest rate is too low on the Federal loans to save money when lumped with the other type.
Find out what your credit history looks like. There are many places you can get a free credit report, or at least a low cost one. Decisions on what type of payments and interests rates to offer you will be made partially on what kind of credit risk you are perceived as being. Try to improve your credit rating beforehand if