Hello, I would like to reduce my monthly payment on my approximately $50,000 in private student loans with Discover. I can’t possibly try to live on what I’m paying right now.
2 Likes
Refinancing student loans can save you money by lowering your interest rate. The best lenders for 2024 offer competitive rates, flexible repayment options, and no origination or prepayment fees. Top picks include SoFi, MEFA, and Citizens Bank. Your best option depends on your credit score, income, and specific needs.
1 Like
To obtain rates from multiple lenders at once, use an aggregator like as Credible or Studentchoice.org. Check which one suits your needs the best.
1 Like
Hi, Connel. You could refinance your debts with most private lenders if you have a decent income, a good credit score, and a co-signer who also has a good income and a strong credit history. Refinancing private loans is nearly always a good choice if the mathematics work in your favour and you can save money through lower interest rates. Refinancing federal student loans is more complicated, and I’ll explain why.
1 Like
This is the boilerplate for refinancing: The standard recommendation for private student loans is to attempt to refinance every 12 to 18 months in order to pursue lower interest rates while making a concerted effort to pay them off. When considering your application, lenders typically look for a completed degree, a manageable debt-to-income ratio, a high credit score, and a few months of timely payments. To obtain a list of third-party companies to refinance with, you can use a third-party aggregator website (such as Nerdwallet, Credible, etc.) or apply straight through the website. Applying to at least three firms will allow you to compare offers and choose the one that provides you the lowest fixed rate.
1 Like