| So many of us turn to private student loans to | | | | No lender is going to give you the time of day if your |
| finance our graduate and undergraduate education. | | | | student loans are in default status. Your loan MUST |
| It’s how many of us survived through those | | | | be current, with no outstanding payments due. Loans |
| humbling college years. But when school is over, we | | | | that are in deferment, forbearance, or in a grace |
| are faced with the enormous tab that we racked up | | | | period are all considered to be in an acceptable |
| over the years. This can be overwhelming for a new | | | | status. If you are paying on your loans and are not |
| graduate just starting out on his/her own. The | | | | behind, you definitely have the thumbs up to apply |
| refinancing and consolidation of your private student | | | | for refinancing. It’s also important to note that |
| loans may alleviate some of the stress. | | | | federal and private student loans cannot be |
| Making The Decision to Refinance Your Private | | | | refinanced or consolidated together. If you have both |
| Student Loans | | | | types of loans, you’ll need to refinance them |
| In deciding whether or not you should refinance your | | | | separately. |
| student loans, it’s important to weigh the | | | | Getting Started |
| benefits. One advantage of refinancing your private | | | | To get started, you need to first assess whether or |
| student loans is that if you have many loans, you can | | | | not your loan is in an approved status. Check your |
| consolidate them all into one monthly payment. That | | | | credit report and call your current lenders to verify |
| way, you don’t have to worry about keeping | | | | this. Once you’ve determined that you are |
| track of multiple due dates. Another advantage of | | | | eligible to refinance your private student loans, begin |
| making the decision to refinance your private student | | | | doing research online to find private student loan |
| loans is that you can save money by securing a | | | | consolidation programs and lenders. Check with the |
| lower interest rate. When you initially took out your | | | | major financial institutions, such as Chase, Wells |
| education loans, your interest rate may have been | | | | Fargo, and Citibank. You may also stumble upon |
| higher because of the market at that time or | | | | smaller lenders that are equally able to provide the |
| because of your credit rating (or lack thereof). Well, | | | | same sort of quality service. Be sure to only settle |
| now things have most likely changed for the better. | | | | with a lender that has a good reputation, which is |
| Taking advantage of lower interest rates now can | | | | verifiable through the Better Business Bureau. |
| save you thousands of dollars over the life of the | | | | For more private student loan consolidation |
| loan. | | | | information or other great articles, visit the Private |
| Student Loan Eligibility for Refinance | | | | Student Loan Consolidations website. |