Borrowers should avoid these 13 common errors when paying back federal and private student loans.
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Home » Student Loans » Student Loan Refinance
Student Loan Refinance
Editor's Picks for Student Loan Refinance
The best student loan refinance company for you is the one that offers terms that align with your goals. Current interest rates are as low as 4.47%. Compare student loan refinancing lenders.
The SAVE Plan expects to replace the REPAYE plan. Any borrowers who were previously repaying under the REPAYE plan will be automatically placed in this plan once loans re-enter repayment. This plan is expected to offer the lowest monthly payments of all IDR plans.
Learn how to get student loans forgiven, such as Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness.
Most Popular Student Loan Refinance Articles
Federal Student Loan Repayment Plans
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Before you borrow, it’s important to consider how to pay back student loans. This repayment guide will help you understand the options for paying back your federal student loans, including Direct Subsidized and Unsubsidized Loans, and PLUS Loans, even if you’ve already graduated.
5 Reasons to Refi Your Student Loan
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Student loan refinance can save money, lower your monthly payments, release a cosigner and more. Learn why you might want to consider refinancing your student loan.
Managing Student Loan Debt
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Student loan debt has become a prevalent issue, with millions of people burdened. It's a responsibility that can last for decades, impacting every aspect of one's life, from career choices to significant life events. Hence, managing this debt effectively is critical.
Student Loan Repayment
Dealing With Financial Difficulty
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Student loans provide numerous options for dealing with financial difficulty, such as temporary suspensions of the repayment obligation, alternate repayment plans and more permanent cancellation of the debt through loan forgiveness and loan discharge.
The U.S. Department of Education has significant power to force borrowers to repay defaulted federal education loans. Borrowers should learn about the potential consequences of default before taking out the loans.
Federal Student Loan Deferment Options
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A deferment is a temporary suspension of payments on a federal student loan. Learn more about the terms and conditions of different deferment options.
Total and Permanent Disability Discharge
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Borrowers who are totally and permanently disabled may be eligible for a discharge of their federal education loans and, perhaps, private student loans.
Learn about the five types of false certification discharge for federal education loans, including identity theft and ability to benefit.
Federal Student Loan Forbearance Options
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A forbearance temporarily suspends or reduces a student loan payment. Learn about forbearance types and eligibility requirements for federal student loans.
Locating Student Loans and Loan Servicers
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Borrowers sometimes lose track of their student loans and loan servicers. There are several tools that borrowers can use to find a list of their loans, lenders and servicers. These tools can also be used to check the status of the loans or gather information for student loan refinancing or consolidation.
Federal Student Loan Repayment Plans
Updated on
Before you borrow, it’s important to consider how to pay back student loans. This repayment guide will help you understand the options for paying back your federal student loans, including Direct Subsidized and Unsubsidized Loans, and PLUS Loans, even if you’ve already graduated.
You can expect to be paying student loans off for 10 to 25 years, depending on the kind of loan you choose, and the repayment terms you and your lender agree to.
Student Loan Repayment
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Your student loan repayment options available to you will depend on the type of student loans you have, federal or private. There are quite a few options to choose from. While it’s great to have choices, it may feel overwhelming to understand which one is best for you.
Borrowers should avoid these 13 common errors when paying back federal and private student loans.
Student Loan Discounts
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Some lenders offer discounts, such as interest-rate reductions, to borrowers who make their monthly loan payments automatically through a direct debit from the borrower's bank account. Not only do automatic payments yield auto-debit discounts, but they help borrowers avoid being late with or missing a payment.
Forbearances are temporary suspensions of the obligation to repay a loan, often appropriate for short-term financial difficulty. However, interest continues to accrue during the forbearance period and will be capitalized if unpaid, increasing the size of the debt. Some private student loans offer partial forbearance as an option, where the borrower makes interest-only payments during the forbearance period to keep the loan balance from growing larger.
How to Pay Off Student Loans Fast
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There are many ways you can pay off your student loans faster. Make more than the minimum payment, enroll in automatic payments, make bi-weekly payments and among other strategies.
Repayment Plans for Private Student Loans
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Repayment plans for private student loans include everything from interest only payments to a flexible number of years to repay. Our lender partners provide multiple options to choose from.
How to Save Money on Student Loan Payments
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Borrowers can reduce the amount of money spent on student loan payments by following several strategies before taking out loans and during repayment.
Most student loans have a six-month grace period. During this time, you do not need to make payments on your loans, however interest will still accrue.
When are Student Loans Due?
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Most student loans enter repayment six-months after you graduate or drop below half-time attendance. You can expect your first monthly payment to be due at the end of your grace period.
Managing Student Loan Debt
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Student loan debt has become a prevalent issue, with millions of people burdened. It's a responsibility that can last for decades, impacting every aspect of one's life, from career choices to significant life events. Hence, managing this debt effectively is critical.
Federal Student Loan Servicers
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When it comes to managing federal student loans it’s important to know about student loan servicers. A student loan servicer is a company that handles the billing and other services for your loan on behalf of the federal government.
Student Loan Refinance
5 Reasons to Refi Your Student Loan
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Student loan refinance can save money, lower your monthly payments, release a cosigner and more. Learn why you might want to consider refinancing your student loan.
The best student loan refinance company for you is the one that offers terms that align with your goals. Current interest rates are as low as 4.47%. Compare student loan refinancing lenders.
How to Refinance Parent PLUS Loans
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Can you refinance a parent PLUS Loan? Yes! You can refinance for a lower interest rate, to consolidate loans, or to transfer a parent PLUS Loan to the student.
How to Refinance Student Loans
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Private Student loans can be refinanced to offer lower interest rates, different repayment terms, and other revisions to help manage student loan debt.
Should You Refinance Federal Student Loans?
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The decision to refinance federal student loans requires thoughtful consideration of all the pros and cons. What you decide to do ultimately depends on what best suits your needs.
Why should you refinance or consolidate your student loans? You could lower your monthly payments, and you may even qualify for a reduced interest rate. Cosigners can also be released through a refinance. We work with top lenders to offer you the right solution.
You took out loans to help your child pay for college, but now that they are independent, you’d like them to assume responsibility for paying the money back. We explain your options.
Having a cosigner when you refinance your student loans may help you qualify for a more competitive interest rate. Understand what it means to ask someone to cosign. Look for options like cosigner release.
You may consolidate federal student loans even if you have bad credit, however consolidating private student loans with bad credit will be more difficult and will require a creditworthy cosigner.
Federal Student Loan Consolidation
This step-by-step tutorial will help you calculate the weighted average interest rate on a new federal consolidation loan so you can estimate your payments.
Federal Student Loan Consolidation
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Learn about Direct Loan Consolidation including which loans are eligible. Compare to private student loan consolidation as an alternative to find the best option for you.
Interest rates on federal consolidation loans are fixed for the life of the loan. The rate is determined by calculating the weighted average of the loans being consolidated. Find out what your interest rate will be if you consolidate your federal student loans.
How to Consolidate Student Loans
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For students with multiple loans, consolidation can help simplify the repayment process. Learn the steps and considerations of student loan consolidation.
Loan Forgiveness & Discharge
Spouses and parents of 9/11 victims who died or became totally and permanently disabled may qualify for discharge of remaining federal student loan debt.
Find out more about alternative repayment for federal student loans. If other repayment plans are unsuitable, modifications can be made to meet your needs.
Bankruptcy Discharge of Student Loans
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Student loans are almost impossible to discharge in bankruptcy except if the borrower can demonstrate undue hardship in an adversarial proceeding.
Closed School Discharge
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Federal student loans may be discharged if the student's school closed while the student was enrolled or within 120 days of the student's withdrawal.
Collection Charges
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In addition to paying late fees, the principal balance and accrued but unpaid interest, borrowers with defaulted federal education loans must pay reasonable collection costs, which include attorney's fees, collection agency charges and court costs.
Death Discharge
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Federal education loans are discharged upon the death of the borrower or the student on whose behalf a Federal Parent PLUS loan was borrowed.
How to Apply for Student Loan Forgiveness
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Student loan forgiveness isn’t available to everyone, but for those who qualify it can remove some if not all of your student loan debt. Understanding program eligibility requirements and various application processes can be confusing, learn how to navigate the process.
Learn how to get student loans forgiven, such as Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness.
Parent PLUS Loan Forgiveness
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Public Service Loan Forgiveness is an option to Parent PLUS Loan borrowers who consolidate their student loans with a Direct Consolidation Loan. Learn how to qualify for this program.
Student Loan Forgiveness for Nurses
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Nursing school can be costly but thankfully there are several programs to help with the cost, including some that will forgive all or part of your loans.
Student Loan Forgiveness for Teachers
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Teachers may be able to have all or some of their student loans forgiven if they apply and are approved in select programs.
Student Loan Discharge
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Loan discharge cancels a debt because the borrower is unable to repay the debt (e.g., due to death, disability or bankruptcy) or because the borrower demonstrates that he or she is not responsible for repaying the debt (e.g., due to identity theft, unpaid refunds or other false certifications).
How to Avoid Student Loan Forgiveness Scams
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Student loan forgiveness can be achieved but beware of student loan forgiveness program scams. Learn what red flags to watch out for.
Is Private Student Loan Forgiveness Real?
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Does private student loan forgiveness exist? Or is this an urban legend? Get the facts and learn how you can get a handle on your private student loan debt.
Can You File Bankruptcy on Student Loans?
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While not impossible it is extremely difficult to discharge student loans in bankruptcy. If you are considering bankruptcy, read on to understand your options.
Military Student Loan Forgiveness
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As a member of the military, you have a few options if you are considering military discharge or loan forgiveness as there are special student loan benefits, forgiveness, and repayment options available to you.
Learn how teachers can reduce their student loan debt with Teacher Loan Forgiveness, Public Service Loan Forgiveness, state forgiveness programs.
Student Loan Refinance
The answer to this question is “it depends.” If you’re looking at saving money each month on the amount of your student loan payment, you will likely be able to reduce your monthly obligation by extending your repayment term. However, extending your repayment term may cost you more overall in interest paid over time, but can help to reduce your monthly expenditures.
Interest rates on private refinance loans vary by lender, and may be variable or fixed. Typically, the interest rate is based on the credit score of the borrower and the cosigner (if applicable).
A private student loan refinance repayment terms vary by lender, and can be anywhere from 5 to 20 years. The Standard Direct Consolidation Loan repayment period is determined by your total education debt, which considers both federal and private student loan debt. In your application you can report the amount of your private student loans, even though you can't include the actual loans in your consolidation.
If you do not satisfy a lender’s credit criteria, a cosigner may be required. Recent college graduates may not have a long enough credit history or work history to qualify without a cosigner.
When we refer to consolidation, we are talking about the federal student loan consolidation program. This program is only available for federal student loans. Private student loans may not be included.
To refinance your student loans, you need to find a lender that offers student loan refinancing. If you choose to combine your loans into a Direct Consolidation Loan, you will need to submit an application to StudentLoans.gov.
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