But, regardless of my opinion, refinancing is used for a variety of purposes.
In some cases, it leads to a lower monthly payment.
Other than a mortgage, you will likely never have a debt as large as your student loan.
If you are able to reduce the interest rate by refinancing, then you should consider the transaction.
Student loan refinancing is an aid needed by students who have some problems paying their Student loan on time.
A student may consider refinancing student loans when he/she cannot handles payments with multiple loans.
I have a good job, but I have more than 0,000 in college loans from different banks coming due in two months. A: First, check to see if you have any federal loans, like Staffords.
I need to consolidate them but have not found a bank willing to do so. Even if they came through a private lender, you can consolidate them through the Federal Direct Consolidation Loan program, which offers different repayment schedules that are meant to help you take control of your debt.
And while that’s great, the opposite is true for private loans.In general, I am skeptical of “refinancing” because it’s a term (and proposed solution) that gets thrown around too loosely.In my opinion, it’s not a cure-all for our financial illnesses.Americans now owe more on student loan debt than on credit card debt.And they're getting smarter about dealing with that debt.While I think refinancing is overused, in the case of student loans it is becoming more of a need for consumers, particularly those with private student loans.