How Do You Refinance Student Loan Payments?
Student loan payments can become a real financial burden to recent graduates, especially if they are unable to find work in their field of study. Fortunately, there are ways to lessen the hardship; student loan refinancing, consolidation, and various federal loan options are available. Refinancing can re-negotiate the duration of the loan, the interest rate, or both. Consolidation rolls several small loans, along with their payments, into a single, larger one. Often, a combination of these two methods, along with the right lender, can greatly reduce your monthly payments. Much, or all, of the research leading to a lower monthly payment can be done online. Here’s what to look for. Refinancing can be done through most banks or credit unions, but they each have their own requirements. Check out various lenders and their services. Most have minimum loan amounts, and require that the loan(s) are in the “grace period”, or that you are currently paying off the loan. Check each institution’s r
