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Refinance Student Loans

How to Refinance Student Loans

How to Refinance Student Loans

In order to refinance student loans, lenders need certain information from you. Providing complete, accurate information, in a timely manner, to your chosen consolidation lender is key to having your loan approved quickly. To keep your important loan documents and information organized and at your fingertips, consider making a folder to hold all of your loan paperwork.

 

Apply to Refinance Student Loans

To complete your Federal Consolidation Loan application, you need to know the current balances and interest rates on all of your current student loans. Keep in mind, that only your federal student loans can be consolidated. Despite the fact that your private and institutional loans cannot be included in your Federal Consolidation Loan, you should still include this type of loan debt on your application. This is to enable your lender to consider all of your loan debt when calculating your maximum allowed repayment term.

When you apply to refinance student loans, you will need to provide your lender with the names and addresses of all the companies that hold your student loans. You will need to provide this information for any companies that service your loans as well. A loan servicer is a company that oversees billing, deferments, and collections for your student loans.

If you are employed when you apply for a consolidation loan, you will be asked to provide information about your employer, such as your employer’s name, address, and telephone number. You will also need to provide the name of your school and the names and addresses of at least two personal references. Check your lender’s loan application materials to determine other required information.

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