Refinancing your student loans can lead to substantial savings by securing a lower interest rate and adjusting repayment terms to better fit your budget. Typically, a credit score in the high 600s and stable income are required, though a creditworthy cosigner might help those who don’t meet these criteria alone. Before proceeding, it’s crucial to compare rates from various lenders to ensure that refinancing benefits outweigh any potential losses, especially for those with federal loans who might lose certain protections. This process involves checking your credit, choosing which loans to refinance, researching lenders, and completing applications to potentially consolidate multiple loans into a single, more manageable payment plan.
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