Refinance Student Loans Through Government

Instead you ll need to find a private lender.

Refinance student loans through government. Sofi has offered student loans since 2011. Through one of these private lenders you could refinance federal student loans or private ones for better rates and terms. Borrowers with a credit score as low as 650 may be approved. As student loan debt has turned into a full fledged crisis student loan refinancing companies have emerged to provide relief to student loan borrowers.

Consolidation through the federal direct program is a great option for borrowers with disparate student loans and can in some scenarios reduce monthly payments. You can consolidate federal student loans but federal consolidation won t lower your interest rate or save you money. Compare student loan refinancing rates for 2020 federal loan benefits you ll lose when you refinance. Unlike with consolidation you can refinance federal or private student loans or a combination of both.

Credit scores at least in the. You can apply for student loan refinancing online with sofi and get an instant decision. If you refinance a federal loan with a new private student loan you will no longer be eligible to participate in these federal loan forgiveness programs. Interest rates on federal student loans are fixed and set by the government so you can t refinance at a lower rate and keep it as a federal loan.

To qualify you ll need. That way you could take advantage of the lower rates potentially offered through a private student loan refinance while still maintaining your benefits on your federal student loans. But i want to stress that federal direct loan consolidation is different from refinancing through a private lender and you can privately refinance a direct consolidation loan. While refinancing can mean big savings especially on high interest private.

You can t refinance student loans through the federal government. However you can refinance your federal student loans into private loans with a new ideally lower interest rate. Student loan refinancing saves borrowers money by replacing existing education debt with a new lower cost loan through a private lender. The lender has served more than 250 000 borrowers with more than 18 billion in student loan refinancing.