When you refinance student loans, it’s to reduce the interest rate on your loan and your actual monthly payment.
How to Refinance College Loans?
Refinancing student loans offers a lot more options. For example, you don’t just have to rely on banks. You can check out credit unions or companies that specialize in refinancing.
Refinance student loans approval is dependent upon the lender. Each one has a specific set of criteria they look for, though there are standards that the majority of lenders seek:
- Proof of income
- Credit Check
- FICO Score
- Tax Returns
- Income and Expenses Report
Before refinancing – as frustrating as this is – it’s important to know whether or not you’re in a solid financial position. Additionally, if you are refinancing federal loans, that’s different from refinancing private loans. Say you’re unable to make your payment and want to reduce it for a month or you can’t play at all, you won’t get the flexibility you need. Try to anticipate, as best you can what the next 12-24-36 months look like for you financially.
Consider running a credit check before you approach lenders to see if you have any outstanding payments or unpaid bills. Afterward, think about your current payments and if you’re making them on time. If so, refinancing approval is that much easier.
Your goals with this endeavor are the following:
- Reduce your interest rate
- Reduce your monthly payment
Bear in mind that you’re objective is to remain fiscally healthy!
IT ONLY TAKES ABOUT 10 MINUTES TO SEE IF YOU QUALIFY!
Call us at (800) 940-8911 or fill out the form on this page to speak to one of our representatives. It’s 100% free to see if you qualify for student loan forgiveness, and only takes a few minutes.