The benefit of refinancing your student loans is that it can decrease the amount you pay over time. NerdWallet’s student loan calculator helps you estimate your savings.
When you refinance an existing loan, it’s replaced with a new one at a lower interest rate. To qualify, you typically need good credit and must earn enough to comfortably afford your payments.
You can refinance federal or private student loans. But if you refinance federal loans, they become private. That means you’ll lose federal borrower protections, including the ability to switch to an income-driven repayment plan or qualify for loan forgiveness.
Next steps
If you’re ready to refinance, you can compare all of your options on NerdWallet’s student loan refinance page and apply through each lender’s website.
Some of those lenders are available on Credible, a student loan refinance marketplace NerdWallet partners with. Click on the button below to fill out a quick form on Credible’s website. It won’t affect your credit, and if you qualify, you’ll immediately get personalized offers from multiple lenders. If you continue with the process, the lender you choose will run a credit check.
If you’re still not sure if refinancing is right for you, the following articles can help you make the best, most informed decision:
10 questions to ask before refinancing your student loans
Student loan consolidation vs. refinancing
How to choose the best student loan refinancing offer for you
Teddy Nykiel is a staff writer at NerdWallet, a personal finance website. Email: teddy@nerdwallet.com. Twitter: @teddynykiel.
This article was updated. It originally published March 8, 2016.
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