Use our calculator to see if refinancing can save you money. That means your interest charges could increase over time. If you’re on a tight budget and your loan payments eat up a big chunk of your salary, refinancing can help.
By refinancing, you can get a new loan with a fixed interest rate and guarantee a consistent rate for the life of your loan. In addition to getting a lower rate, you can choose a new repayment term.
Depending on your credit score and income, you may qualify for a loan with a lower interest rate.
Lowering your rate can save you a lot of money over time and allow you to pay off your loan faster. If you currently have private loans, you may have a variable interest rate.
Sometimes it might even cause you to miss payments.By taking out a Direct Consolidation Loan, you can minimize the stress of your debt while retaining your federal loan benefits.Often, Direct Consolidation is required in order to enroll in federal programs such as income-based repayment.Plus, refinancing is only available through private lenders, so you lose the federal benefits associated with any federal loans you refinance.The new, refinanced loan can have completely different terms, too.Consolidation simply makes keeping track of your loans easier since you’ll have just one loan to manage and one payment to make each month. If you refinance, you can consolidate several loans into one.