Here's why and what you need to know.Student loan refinancing rates now have dropped to as low as 2.06%.
Why? The Federal Reserve cut interest rates, and lenders have reduced student loan refinancing rates to a near-term low. That's great news for student loan borrowers who want to refinance student loans, get a lower interest rate and save money.Student Loan Refinancing: Should I Refinance Student Loans?, student loan refinancing is an effective tool. When you refinance student loans, you exchange your current student loans for a new, single student loan with a lower interest rate.
For example, let's assume you have a $100,000 student loan at a 7% interest rate and 10-year repayment term. If you refinance that student loan with a 3.0% interest rate and 10-year repayment term, you would lower your monthly payment by $195 and save $23,457 in total payments. If you are a doctor, dentist or pharmacist with a large student loan balance, your savings may be even higher.You can apply online for student loan refinancing. Most applications take 10-15 minutes to complete.
While each lender has its own underwriting criteria, the best candidates for student loan refinancing typically have the following:Stable, recurring monthly incomeWhat if you don't fit this profile? You can apply with a co-signer who meets this criteria. Your co-signer can help you get approved for student loan refinancing and receive a lower interest rate. Your co-signer will be equally financially responsible for the student loan.
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If you've ever considered refinancing your student loan, now is probably the right time to do itAccording to loan-comparison site Credible, interest rates for student loan refinancing have hit a 12-month low, making now a good time to refinance. If you consolidate, you will not be eligible for loan forgiveness in the future.
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