| Once you have been in college for one or two years, | | | | deferment, and you should be able to pay that |
| you may start getting offers to refinance student | | | | monthly without penalty. |
| loans. The offers will all sound tempting, but you | | | | 3. Ask the company or lending institution when |
| should definitely get your facts straight before going | | | | payments will be expected to start. In most cases, |
| through with anything. There are many things you will | | | | you should be given at least six months from the |
| need to discover and compare. | | | | date of your graduation before you have to start |
| Refinancing is generally a good idea at any stage of | | | | paying on your student loans. However, when you |
| your education. You can save a lot of money on | | | | refinance student loans the rules can change. Good |
| interest and finance charges by consolidating into one | | | | companies will still give you the six months grace |
| loan. However, you want to be careful that you do | | | | period. |
| not actually make things more difficult for yourself in | | | | 4. It can be beneficial to you to refinance your loans |
| the long run. | | | | every year or two, keeping them consolidated and |
| 1. You need to keep track of the interest rates being | | | | with one company. Additionally, you will definitely |
| offered. Know what the interest rates on your | | | | want to refinance when your education is complete |
| current loans are, and what interest rates may be | | | | to make the loans more manageable. Make sure that |
| offered in the future. You should also be aware of | | | | the terms of the refinance do not exclude this |
| the current average interest rate so you can be sure | | | | option. |
| the rate you are being offered is fair. Additionally, | | | | 5. Try to choose a company that can work with you |
| find out if the interest rate being offered in the | | | | over time to continue refinancing until your education |
| refinance is a fixed or adjustable rate. | | | | is complete. When that time comes, you may need |
| 2. Find out what the payment terms will be. If you | | | | to make additional arrangements as you seek out |
| are still enrolled in college, you should be able to | | | | employment in your new career. The company |
| continue holding off payments on the principal until | | | | should also be willing to accept early payment of the |
| you have graduated. This is called an economic | | | | loans without penalty, in case you find yourself able |
| deferment. Interest will likely accrue during the | | | | to pay ahead, or even pay off the loan early. |