It takes just seconds to find your rates, and a student loan refinance loan application generally takes less than 15 minutes to complete. If you like what you see and select a lender, you will be taken to their specific loan application. You can also try adding a cosigner, to see if you can qualify for an even lower rate. You can make an informed decision by comparing rates, terms, and monthly payments all in one easy, sortable chart. Plus, comparing rates with Purefy has no impact on your credit score. These rates are based on your credit score and borrower profile - no teaser rates to worry about. You’ll be presented with real, prequalified rates from a selection of quality, vetted lenders. It’s an easy way to compare lenders and find the best student loan refinance option. Simply share a few details about yourself and your debt, and you’ll be able to shop around without needing to visit each individual lender’s website and fill out multiple cumbersome applications. If you’re thinking of refinancing student loans, use Purefy’s rate comparison tool to view rates and terms from the best lenders convenient form. If you work for a non-profit organization or government agency and plan to do so for the next ten years, it may be a smart financial decision to pursue loan forgiveness rather than student loan refinancing. But after refinancing, you can no longer qualify for loan forgiveness. Some federal student loans are eligible for loan forgiveness programs such as Public Service Loan Forgiveness. Lose Ability to Qualify for Federal Student Loan Forgiveness If you work in a volatile field or have recurring health issues, it could be wise to maintain the option of placing your loans into deferment or forbearance if needed. Once you refinance, you will lose out on this federal benefit, although many private lenders do offer some degree of protection.

Under these programs, you can postpone making payments without entering into default which gives you time to get back on your feet. With federal loans, you can enter into deferment or forbearance if you experience a financial hardship like an illness or job loss. Lose Chance to Enter Loans into Deferment or Forbearance If you’re in a low-paying field or your income fluctuates from year-to-year, refinancing may not be a smart option compared to keeping your federal loans with an IDR plan. However, once you refinance your loans, you can no longer qualify for IDR plans. Income-driven repayment (IDR) plans extend your repayment term and cap your monthly payments at a percentage of your discretionary income - dramatically reducing your payments. Lose Access to Income-Driven Repayment Plans After refinancing, you will have just one loan to manage through one lender, and one easy monthly payment going forward. Refinancing can help streamline things for you by consolidating your student loans together. This method will increase your monthly payment, but you’ll also save money in the long run by reducing the amount of time for interest to accrue.ĭid you take out more than just one student loan? Or maybe you have a mix of both federal and private student loans? Juggling multiple loans, servicers, monthly payments, and due dates can be complicated.

Shortening your repayment term will also get you out of debt faster. You’ll save money while getting out of debt much more quickly. With more of your loan payment going toward the principal rather than interest, refinancing can help you pay off your debt ahead of schedule. Either way, you could be eligible for a lower monthly payment, freeing up more money in your budget to pursue other financial goals. Refinancing allows you to lengthen your repayment term, in addition to potentially lowering your interest rate.

With a lower rate, more of your payment goes toward the loan principal rather than interest, allowing you to save a significant amount of money over the life of your new loan. When you refinance, you may qualify for a lower interest rate.

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