If you have a good credit history and a consistent income, it’s a good idea to explore your student loan refinance options as soon as possible. Refinancing your student loans may lower your interest rate, consolidate multiple student loans into one monthly payment, and possibly reduce your total monthly student loan payments.
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Why explore student loan refinance options?
Student loan refinancing consolidates all of your federal and private student loans into one monthly payment.
Refinancing consolidates all of your individual student loans, with different servicers and due dates, into one easy-to-manage loan. Refinancing usually also reduces your APR and the total interest you will pay over the life of your loans.
Although anyone with at least $5,000 of student loans may be eligible to refinance, if you have a lot of student debt and/or high interest rates on some or all of your loans, you should definitely consider refinancing. Not only will refinancing make your life easier—you’ll have one student loan payment to consider, not dozens—it will likely save you a huge amount of money.
How much can I save by refinancing my student loans?
How much will refinancing save you? That all depends on a lot of factors, such as:
- Your existing loan balance(s) and interest rate(s)
- The interest rate at which you refinance
- The term of your refinance loan (how many years you’ll take to repay)
- Whether you make any early payments on your new loan
The lower your interest rate and the faster you repay your student loans, the less interest you will pay.
Student loan refinance calculator
Try our student loan refinance calculator to see how much you might be able to save by refinancing.