If you are able to reduce the interest rate by re-financing, then you should consider the transaction.However, make sure you include the following in any decision: Many lenders have no fee, which is great news.
But, if you think you will pay it off in five years, you may want to take the bet.
Some providers with variable rates will cap them, which can help temper some of the risk.
You may be looking for ways to refinance your student loans at a lower interest rate, but don’t know where to turn.
We have created the most complete list of lenders currently willing to refinance student loan debt. Don’t worry about the impact on your credit score of applying to multiple lenders: so long as you complete all of your applications within 14 days, it will only count as one inquiry on your credit score.
To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners.
While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products." Are you tired of paying a high interest rate on your student loan debt?
We typically recommend fixing the rate as much as possible, unless you know that you can pay off your debt during a short time period.
If you think it will take you 20 years to pay off your loan, you don’t want to bet on the next 20 years of interest rates.
Magnify Money is an independent, advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site.
We do not let compensation from our advertising partners impact the order in which products appear on the site.
But there is a reason: you end up taking all of the interest rate risk. So, we know that interest rates will go up, we just don’t know when. Just remember, when rates go up, so do your payments.