Student Loans Refinancing - Your Options!

Some of the basics you should know about Student Loan Refinancing in the US!

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By Ben Harper

You are looking at a recent statement from your student loan provider and thinking only if there's a way to reduce paying such high interest. In that case, refinance your student loans might be your best option!

What is Student Loan Refinancing?

Student loan refinancing is a process by which borrowers like you take their current loans and replace them with loans with lower rates and costs.

Here are your top options for refinancing your student loans: learn what is student loan refinancing

How Does It Work?

The concept behind student loan refinancing is quite simple.

If you have an existing loan and there's another loan being offered. If the existing loan has higher interest rates than the loan being offered, you can choose to take the new loan and use it to pay the balance from your existing loan.

What Does This Mean?

Given that you paid off the more expensive loan using the less expensive loan, you can now pay a lower interests on a monthly basis!

What do you Need to Qualify A Student Loan Refinance?

  • A fair to good FICO score (>610 would be ideal)
  • Stable income
  • A co-signor if you don't meet any of the above criteria

Reasons You May Consider Student Loan Refinancing

  1. To pay less in interest
  2. Reduce your monthly payment
  3. Longer loan terms

How Often Can you Refinance Loans?

Up to you! There's not really any minimum or maximum set. Some factors that may influence your decision to refinance is the current interest rate environment.

If the interest rates are lowering and lenders make these changes accordingly, it might be a good time for you to reconsider financing!

Student Loan Refinancing for International Loans

Let's say you are a student with international student loans. Yes, it is more challenging for you to refinance these loans in the US. It is still possible though! In order to be eligible for refinancing through some of the more reliable private lenders in the US, you will have to focus on the following:

  • Build a credit history in the US
  • Show that you have either stable income or a co-signor in the US

Some Notable Student Loan Refinancing Options

SoFi is a lender that helps students refinance their student loans

SoFi Student Loan Refinance:

One of the most notable private lenders in the US is SoFi.

SoFi's student loan refinance options are definitely an option worth looking into. The Fixed APR ranges between 2.99%-6.28%  while the variable APR ranges from 2.25%-6.28%.

Best Student Loan Refinance Lenders in the U.S.

Best Student Loan Refinance Options

Lending Partner APR Term
SoFi Personal Loans by SimpleDirect 2.99%-6.28% 5-20 Years Apply Now also offer good options for re-financing your student loans by Brazos:

This refinancing option is also definitely one you should consider if you have a credit score of more than 720. With one of the lowest APR options in the market, this option is suitable for graduated students with good credit and a stable income. Variable APR ranges from 1.92% to 4.84%.

In Conclusion:

Student Loan Refinancing is a good way to reduce some of the burdens you might be facing from your loan. Like with any other financial decision, look around and study your options thoroughly before making your decision.

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Ben Harper

Ben is a personal finance writer with SimpleDirect, where he focuses on topics such as personal loans, credit cards, and offering financing.

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