How Do You Refinance A Consolidated Student Loan?
If you have already consolidated your student loan, you may not know you have the opportunity to refinance again if interest rates fall. In the case of a federal student loan, your refinancing opportunities are limited. You can only refinance if you are adding new money to the federal loan. But private student loans can be refinanced after they have already been consolidated. Improve your credit score. There should be a marked difference in your credit score if you are refinancing privately. Ideally, it should have gone up 50 to 100 points since you consolidated your loans. Check the current interest rates. Call a lender to see what the interest rate would be to refinance. Rates for refinance programs on student loans typically change yearly, around July 1. Since the interest rate will likely be based on your credit score, you will have to provide your Social Security number for a credit check. Compare rates from several lenders. Although the organizations base the rates on credit scor
