When should I begin refinancing?

[Anne]

I have a loan for $30k with an interest rate of 16%. I know, it’s absurd, but I had to get the money for school immediately and no other place would take me. Do I have to start making payments right away after my program ends, or can I refinance before I even have to start making payments?

[Tracy]

Typically, federal student loans have a grace period after you graduate, leave school, or drop below half-time enrollment. During this grace period (usually six months), you don’t have to make payments.You can explore refinancing options even before your grace period ends.Keep in mind that refinancing may affect your eligibility for federal loan benefits

[Claire]

@Anne

I have a loan for $30k with an interest rate of 16%. I know, it’s absurd, but I had to get the money for school immediately and no other place would take me. Do I have to start making payments right away after my program ends, or can I refinance before I even have to start making payments?

High-interest student loan. Payments start after graduation but refinancing for a lower rate is an option.

[Iris3]

Consider refinancing when interest rates drop significantly below your current rate, your credit score improves, or your financial situation changes. Evaluate costs and benefits, and consult with a financial advisor to ensure it aligns with your long-term goals.