This tells lenders that you should be able to repay your student loans without an issue. To be eligible to refinance your student loans at a better interest rate, you’ll typically need a good credit score and steady income. Learn More: How To Find Your Student Loan Balance To find your private student loan balance: Check your credit report to find your private lender, then contact them or log in to their site to view your balance.To find your federal student loan balance: Check your dashboard on or with your school’s financial aid office.Here’s how you can check this information, depending on the type of loans you have: The first step to deciding if refinancing is right for you is knowing how much you owe and what your interest rates are. Here are two key factors that can help you decide whether you should refinance your student loans: While refinancing could be the best choice in some cases, it isn’t right for everyone. Monthly payment: While the monthly payment will populate automatically after you add the interest rate and loan term, adjusting the amount will show you how increasing or decreasing your payment could affect your loan term and overall cost.Ĭompare offers from top refinancing lenders to determine your actual savings.Ĭhecking rates won't affect your credit score How to decide if you should refinance your student loans.Interest rate: In the interest rate fields, enter the interest rate for your current loan and enter the potential interest rate you might have after refinancing your student loan.Terms on refinancing loans generally range from 5 to 20 years, depending on the lender. New loan term: This is the repayment term you’re considering for your new loan.Remaining term: This is the number of years left on your current loan term.Keep in mind that you can choose to refinance some or all of your student loans. Loan balance: This is the amount you want to refinance. If you know the terms of your loans, you can enter them into the student loan refinancing calculator below to see how much money you might save through refinancing. A good FICO credit score is usually considered to be 670 or higher. If you have a good credit score and a steady income (or you have a cosigner with a qualifying score and income), you are a great candidate for refinancing. By refinancing your student loans, you can typically secure a lower interest rate, and you can save money over the life of your loan. NMLS # 1681276, is referred to here as "Credible." Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Our goal is to give you the tools and confidence you need to improve your finances.
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