Refinancing Student Loans

If you got a letter stating that you re pre selected for a sofi loan you re in the right place. Refinancing a student loan in order to score a better interest rate requires taking out a new loan with a private lender and losing federal benefits in the process. To help determine if refinancing is right for you use our student loan refinancing calculator below.

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Refinancing your federal student loans will disqualify you from any forgiveness programs.

Refinancing student loans. Here s how it works. Student loan refinancing private student loans personal loans home loans sofi relay or just create an account. Fixed rates from 2 99 apr to 6 28 apr with autopay. Received a mailer from us.

You can refinance student loans through many private lenders. Student loan refinancing is different from student loan consolidation but many people use the terms interchangeably and it can be confusing. Get started by entering your confirmation number below. Variable rates from 2 25 apr to 6 28 apr with autopay.

Student loan refinancing can mean big savings in the right circumstances. To qualify you ll need. Interest rates on variable rate loans are capped at either 8 95 or 9 95 depending on term of loan. Student loan refinancing allows qualified borrowers to adjust the interest rate and repayment terms on their private and federal student loans by taking out a new loan that pays off some or all of their existing education debt.

However if you are ineligible for loan forgiveness a refinance is the best way to lower your payments. Student loan consolidation is a special program offered by the department of education to simply combine all your federal student loans into a single federal student loan. Refinancing student loans doesn t make sense if student loan consolidation is a better choice. Student loan refinancing saves borrowers money by replacing existing education debt with a new lower cost loan through a private lender.

Credit scores at least in the. Student loan refinancing has several advantages including a lower interest rate single monthly payment fixed or variable interest rate flexible 5 20 year loan repayment term one student loan. A new private company typically a bank credit union or online lender pays off the student. Consolidation does nothing for your interest rate but it does make your loans easier to manage says travis hornsby founder of student loan planner a consulting firm that helps borrowers manage student loans.