The Many Refinance Options For Student Loans

Graduates actually have a number of options for refinancing their student loans

The Many Refinance Options For Student Loans
May 18, 2016

College graduates often believe that they are stuck with their student loan debt, but there are refinancing options out there that can lower the interest rate on both government-backed and private student loans. These refinance options often let them cut their monthly payments significantly.

Many financial institutions will refinance student loans. These lenders may do more than simply offer lower interest rates, too. For example, the student loan lender College Ave Student Loans offers refinancing plans where graduates only pay the accumulating interest for two years after refinancing, plus they offer anywhere from five to fifteen year loans. Students with as little as $5,000 in loans qualify, and interest rates for a fixed loan are often below five percent.

Chief Executive Officer and Co-Founder Joseph DePaulo said the goal of the company is to help graduates refinance to meet their monthly budget and financial goals. In some cases, that means lowering the interest rate, while in others it means reducing the monthly payment to something the borrower can manage.

Experts do remind graduates that student loan options can't as easily be compared as mortgages or auto loans. The fact that some students have both private and federal loans can complicate matters. Federal loans have a number of benefits that private loans do not, and refinancing those loans means losing those benefits. Graduates should make certain they understand what they are giving up before they refinance.

Find out quickly at what rate you can refinance your student loan.


Photo ©iStock.com/zimmytws

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brittany.martinez530 | 05.18.16 @ 17:30
As a college student, this has always been a fear of mine. It's good to know that I have options.
Erin | 05.18.16 @ 17:31
This is great information that I will be keeping in mind as my kids start to head off to college. Anything that can help them manage the debt when they graduate could be useful.
Carla Truett | 05.18.16 @ 17:31
It is sad that it costs so much to get an education but I am glad that options are available to aid in the debt.
Steffanie | 05.18.16 @ 17:31
We will be keeping this for future reference as we have a son starting college. It may come in handy for him in a year or two.
Nancy | 05.18.16 @ 17:31
Some of these options sound like a great way to get the student loan debt into a more manageable loan. Good to know there are options.
Kyle | 05.18.16 @ 17:32
This is wonderful information to know when it comes to college and debt. It makes it out to be a little less stressful and not worry as much
Beverly | 05.18.16 @ 17:33
It's good to know there are options, most students don't realize this. But if Obama has his way, they will just be able to cancel the debt like it never happened.....continuing the "I'm not responsible for anything" attitude that is becoming more and more prevalent.
$commenter.renderDisplayableName() | 12.04.16 @ 06:28
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