Should I Refinance?

Every student loan situation is unique – find out if refinancing could be the right decision for you.

Guide to Refinancing Your Student Loans

Refinancing your federal and/or private student loans can be a great way to consolidate payments, and potentially save money on interest over time. However, refinancing may not be the best option for everyone. Check out the info below to learn more about the pros and cons.

Pros

  • Less paperwork and one easy payment
  • Potentially save money on interest and lower long-term debt
  • You could lower your payment to help with monthly cash flow

Cons

  • Potential loss of certain borrower benefits of federal loans
  • You could extend your payments over a longer repayment term in exchange for a lower month payment
  • You may increase your monthly payment in exchange for lower long-term debt

What to Know Before You Refi

 

 

 

  1. You will need to meet some basic qualifying criteria.
  2. You may be able to refinance both federal and private loans.*
  3. You may be able to refinance Parent PLUS loans into your own loan.
  4. You should be keenly aware of the federal student loan benefits that you will be giving up by refinancing.

     

    *Rates and refinancing options may vary by credit union and based on the terms of the loan.

3 Signs You Should Consider a Refi

 

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  • You're paying a high interest rate on your loans
  • You have multiple private student loans and/or higher rate federal loans
  • You have a good credit history or a strong co-signer

Continue Reading to Learn More

Refinancing your student loans can be a great way to consolidate payments and potentially save money on interest over time. However, refinancing isn’t the best option for everyone. Review these articles to learn more about the pros and cons, then visit our Student Loan Refinance page for more program details.

Find a Credit Union & Apply

Student Choice lending solutions are available from nearly 250 credit unions nationwide. Use our search tool to find a credit union near where you live or attend school, or click here to view our entire list of participating credit unions by state.

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