But like most money moves, refinancing student loans should be carefully thought out to ensure it’s the best option.
Ask these 10 questions as you refinance your student loans to make the best decision.
The more you earn each month, the more you can afford to pay.
The first thing you need to decide is what outcome you’re hoping for by refinancing student loans.
There are some great reasons to refinance student loans.
When heading into the refinancing process, you need to know what your credit score is and what it means to private lenders.
If you know your credit score, you can see what kind of interest rates and terms you might qualify for.
If you have higher student loan balances, you might want to choose a longer repayment period to keep monthly payments manageable.
With a lower balance, a shorter term could help you save on interest. Answer a few questions below and we’ll help you find the right solution! Whether new student loan payments will be affordable will depend mostly on your income.
Refinancing your student loans can be a smart strategy.
You can secure a lower interest rate, reduce monthly payments, or otherwise renegotiate the terms of your debt.
Take a look at your budget and add up your bare-minimum monthly living costs.
Any money left over is discretionary income, which you can decide what to do with.
If you want to get a lower interest rate, you need to first figure out what your current rates are.