Best Student Loan Refinancing Offers
Refinance your student loans and compare lenders by APR, terms and borrower benefits. See real rates from vetted lenders, updated daily. Comparing options here has no impact on your credit score.
Complete Guide to Student Loans & Refinancing
Federal vs. Private Student Loans
Federal Loans: Funded by the government. Offer fixed rates, income-driven repayment (IDR), and potential forgiveness (PSLF). Generally, you should max these out first.Private Loans: Funded by banks/online lenders. Based on creditworthiness (often require a co-signer). Offer fewer protections but can have high limits for covering gaps.
Who Should Refinance?
Student loan refinancing involves a private lender paying off your existing loans and issuing a new one with a new rate and term.Good candidate: You have a stable job, good credit (680+), and high-interest private loans.Bad candidate: You rely on federal benefits like IDR or are pursuing Public Service Loan Forgiveness. You cannot undo refinancing federal loans!
Interest Rates & Fees
Federal rates are set by Congress annually. Private rates are determined by credit score and market conditions (SOFR + margin). Most student loans do not have origination fees if they are private (federal loans do have small fees).Variable vs. Fixed: Variable rates can start low but rise; fixed rates offer security.
Impact on Credit Score
Refinancing requires a hard credit check. However, consistent repayment is one of the best ways for young adults to build a thick credit file.Co-signer Release: Some private lenders allow you to remove a co-signer after 12-36 on-time payments, which helps the co-signer's credit utilization.
Common Borrower Mistakes
- Refinancing federal loans carelessly: Losing access to federal forbearance and forgiveness is a massive risk.
- Choosing the longest term: A 20-year term lowers payments but can double your interest cost compared to a 10-year term.
- Missing recertification: For federal IDR plans, you must update your income/family size annually.
Legal Regulations & Borrower Rights
Higher Education Act: Governs federal loan programs.TILA: Requires private lenders to provide a 30-day acceptance period for loan offers and a 3-day right-to-cancel period after signing ("rescission period"). Borrowers have the right to request debt validation and accurate credit reporting under the FCRA.
Student Loan Guide
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