Can You Refinance Federal Student Loans?
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Is Refinancing Federal Student Loans Possible?
How to Refinance Federal Loans
Must Do It Through a Private Lender
Advantages of Refinancing Federal Student Loan
The biggest advantage is savings. You may be able to obtain significant savings if you pivot away from high-interest federal loans. You can compare student loan refinancing rates to see what your options are. Another plus is using a cosigner. Some refinancing lenders allow you to add a loan cosigner. If your chosen person has a strong credit rating, it will help you get approved and at a lower interest rate than you might have been able to get on your own. If you dislike your federal loan server, you may be in for a more pleasant experience with the new choice. Some private lenders offer career coaching and other benefits.
Disadvantages of Refinancing Federal Student Loan
If you refinance, you lose out on federal student loan forgiveness. Not only will you be unable to qualify for loan write-off programs tied to a public service career, military service or disability, you’ll be left out of any future programs the government creates. You might not qualify for a desirable loan. If you’re building your credit or you just suffered a financial setback, this might not be the optimal time to present yourself to a private lender. Refinancing could end up lengthening the amount of time you’re on the hook for student loans.
Should You Refinance Your Federal Student Loans?
How Much Can Refinancing Save You?
Do You Plan on Using Federal Repayment Options?
What Are the New Repayment Terms?
Does Refinancing Make Sense for You?
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