Compare Student Loan Refinance Rates Save Thousands Instantly
Factors to Consider Before Refinancing
While refinancing can offer significant savings, it's crucial to consider several factors before making a decision. These include:
- Credit Score: A higher credit score can qualify you for better rates. It's advisable to check your credit report and improve your score if necessary before applying.
- Loan Terms: Be mindful of the new loan's terms, including the interest rate type (fixed or variable), repayment period, and any fees involved.
- Federal Loan Benefits: Refinancing federal loans with a private lender means losing federal benefits such as income-driven repayment plans and loan forgiveness programs.