Refinance Your College Loans

Refinancing student loans allows you to manage the costs of your student loans by reducing your monthly payments. This can be done in a number of ways, so long as you fit the lenders' requirements.

Refinancing Requirements

Most lenders have the following student loan refinancing requirements:

  • No "in-school" refinancing: If you are currently attending college, you cannot use student loans to pay for it.  

  • Good credit history: Be sure to fix any problem with your credit before you apply for student loan refinancing.

  • Minimum balance: Before you apply, make sure the balance on your student loan is above the minimum required by your lender.

For more information about refinancing requirements for your student loans, go to your lender's website.

Refinancing Methods

There are many ways you can refinance your student loans. They include:

  • Consolidating your student loans into a single loan. Be sure to consolidate federal loans and private loans separately. Otherwise, you will be stuck with a larger interest rate then you started out with.

  • Getting a lower interest rate on your student loan.

  • Extending the duration of the loan. This allows you to pay less every month. 

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