What Is Student Loan Refinancing?

Refinancing lets you replace your existing student loans with a new one at a lower interest rate or better terms. It can help you save money over the life of the loan.

Who Should Refinance?

If you have high-interest loans and a good credit score, refinancing could lower your monthly payments and reduce the amount of interest you pay over time.

Benefits of Refinancing

Refinancing may:

• Lower Your Interest Rates: Securing a lower interest rate can significantly reduce your total loan cost.
• Reduce Monthly Payments: Adjust your loan terms to make your payments more manageable.

Risks of Refinancing

Keep in mind that refinancing federal loans into private ones means losing federal protections, such as:

• Income-Driven Repayment Plans
• Public Service Loan Forgiveness