What You Need to Know About Refinancing a Law School Loan
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Should You Refinance a Law School Loan?
Downsides to Refinancing Law School Student Loans
Paying More Over the Life of Your Loan
Affects Credit Score
Loss of Borrower Benefits
When Should You Refinance a Law School Loan?
How to Refinance Law School Loans and Get the Best Deal
1. Assess Your Circumstances: Evaluate your job security and existing savings to determine whether you could reasonably make your monthly student loan payments if your income suddenly decreases. This is critical, because private lenders have different relief options compared to federal loans. You’ll want to make sure you can keep up with your refinance loan payments before proceeding. 2. Manage Your Credit: It’s also a good idea to request your credit report from each credit bureau. Since your refinancing rates are partly based on your credit, you’ll want to ensure that your credit record has no errors that might be lowering your score. 3. Consider a Cosigner: Some refinance lenders let you add a cosigner with strong credit to your loan agreement, if your credit doesn’t meet its minimum requirements. A cosigner is legally liable for making payments on the loan if you’re unable to pay. If you fail to make on-time payments, their credit is also affected. Before proceeding, talk with your potential cosigner about their repayment expectations as this is a major responsibility they’re accepting. 4. Compare Offers: When you’re ready to browse law school loan refinance offers, see what rate and terms you qualify for across a handful of lenders. Comparing student loan refinance offers can help you find a competitive refinance option. 5. Choose the Best Loan for Your Payoff Goals: Consider the goal you’re ultimately trying to achieve by refinancing your student loans. The loan you choose should take your personal situation into consideration and be based on your payoff objective. For example, if you’re refinancing to get out of student debt ASAP, you might decide on a shorter repayment term in addition to choosing an offer with the lowest interest rate.
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