How Soon Can I Refinance My High Interest Private Student Loan?

Since many federal student loans do not pay the full cost of higher education, many students rely on a high interest private student loan as additional financial aid.

Why Refinance?

Private student loans have a higher interest rate and less flexible terms than most federal student loans. One way to reduce monthly payments on your high interest private student loan is to refinance it and lock in a lower interest rate.

Additionally, if your credit score is currently better (higher) than it was when you first received the loan, you may be eligible for a much lower student loan interest rate.

How Soon Can I Refinance?

You may refinance a high interest private student loan as soon as all loan funds have been paid. You may not refinance a loan if you are still in school and receiving loan funds. Once you've graduated and are ready to make loan payments, you may refinance your loan to take advantage of lower interest rates and more flexible repayment options.

Refinancing Facts

If you are considering refinancing as an option, it is important to be aware of the following facts.

  • You can consolidate and refinance multiple private loans, or you can refinance a single private loan.
  • The refinancing application and approval process generally takes about 30 days.

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