What is a Student Loan Refinance?
Students often get multiple low-interest student loans from the government or private entities. These loans either become too much of a hassle to keep track of or become too expensive to pay off. Therefore, students prefer to aim for student loan consolidation through refinancing. This way, they can easily keep track of their only loan.
Why Lend Me Money for Student Loan Refinance?
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In short, student loan refinance is a process that enables you to take out a completely new loan that pays off or replaces all your previous student loans in a single loan refinancing transaction. You can use refinancing strategies for both federal and private student loans.
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What to Consider When Refinancing Your Student Loan?
In the USA, before you refinance your student loan, you must look at the various student loan repayment plans. These plans are available to students who face hardships in meeting their required payments on time.
Such methods include changing your standard 10-year repayment plan to a different one. For example, the income-based one, where your payment is based on your income. The graduated plan offers you a gradual increase in your repayment schedule or the extended program, which has a longer repayment term.
Students who are incapable of meeting their regular payments may want to consider putting in a request for forbearance or deferment, which will give them some extra time to meet the set deadlines for their required payments.
In specific circumstances, such as by means of the Teacher Student Loan Forgiveness program, a complete waive-off of the federal student loan debt is possible. When you decide to refinance a federal student loan, it no longer remains the same but is considered a private loan, as it has now been deprived of all the benefits of a federal student loan.
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Common Student Loan Refinance Questions
“Lend Me Money” gives you the opportunity to browse and select from a large catalog of student loan refinance service providers. We are not lenders ourselves, but we have a large catalog of affiliate refinance service providers. Here, you can compare multiple student loan lenders to find the right interest rates, payment terms, and installment amounts.
We have no eligibility criteria for student loan refinancing as we are not money lenders ourselves. However, our affiliate money lenders do have their own individual criteria. As every lender has their own unique checklist for loan approval, you will need to verify through their individual service listing.
“Lend Me Money” is not a money lender. However, we are the right website to visit to easily find a low-interest student loan provider. We have affiliations with many reputable federal and private student loan providers. You can compare their benefits and rates on our website. Compare their features, benefits, public reviews, and overall online reputation to make a better decision for your education.
“Lend Me Money” does not offer private or federal student loans. Thus, we do not have our own student loan process. However, we can share many student loan tips to ensure your experience goes pleasantly with our affiliate student loan providers. Basically, student loan refinance is a great way to combine all your student loans into one and reduce interest rates. Helping them save up by reducing interest rates. Each student loan provider has their own process and different requirements.
To be eligible for refinancing, you need to fulfill the following criteria:
- Your current student loan must be in good standing. Meaning that all previous installments must be paid.
- You need to have all official documents prepared. For example, loan application, social security number, and other documents required by the loan provider.
- You must have a FICO score of 600 or above.
- The debt-to-income DTI must be less than 50%.
- Your waiting period after financing must be over before your refinance.
Refinancing is a great tactic for reducing your costs and improving your chances of getting debt-free faster. If you have great financial advice at your side, refinancing can work as student loan forgiveness. By refinancing your student loan, you find another loan with lower interest rates. With that money, you pay off the student loan, and now you just need to pay off the lower interest rate loan in a longer term.
“Lend Me Money” has no fees for refinancing as we do not lend money by ourselves. However, our multiple affiliate student loan resources do have their individual fees. Through the LMM platform, you compare our affiliate loan providers and see their fees side by side. With our platform, you can choose the right service provider for you.
Typically, a credit score of 600 or above is required for student loan refinancing. However, many loan providers accept lower credit scores on the basis of higher interest rates. Additionally, the opposite of this statement is also true. If you have a credit score of more than 600, then you may get lower interest rates and quick approvals as well.
Yes, student loan consolidation is certainly possible. Students often refinance their student loans and combine them into one single loan, thus reducing their number of payments, interest rates, while also extending their term. If you get counsel from a great financial advisor, you can turn your loan into an investment.
As “Lend Me Money” is not a lending company, we do not set any student loan repayment terms of our own. Our affiliate service providers do have their repayment options, and they vary from lender to lender. The options are typically dependent on 5, 10, or 20 years. You can use our student loan calculator to determine the right repayment amount and term.
