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Tuesday, February 24, 2009

Tips on Refinancing Your School Loan

By Mishaun Taylor

If you're one of the millions of students who have taken out loans to finance their college education and find upon graduation that you can't pay them back, you are not alone. Many people, just like you, are having a difficult time repaying their student loans. Instead of defaulting, you may find that you can refinance those loans instead. Well, in this article, I will provide you with specific tips on refinancing your school loan. Let's begin.

Know the benefits of consolidating. Many students have more than one loan and many of these have different interest rates. Therefore, by consolidating, you can transfer the higher interest loans to smaller ones. This lower interest rate will make your monthly payments lower and lower the total amount you will pay in the end. In fact, refinancing multiple school loans has saved students thousands of dollars.

Be smart about refinancing your school loans. There are several things to consider before refinancing student loans:

- Take a look at your credit report. In order to get a good student loan refinancing rate, you need good credit. Take care of any issues that would improve your credit score.

- Check your payment history on your existing school loans. It will be difficult to refinance your student loans if you have a poor payment record.

Apply baby, apply. You will then need to apply for student loan refinancing. There are several ways to do this. Many students choose to refinance through there bank or credit union, but an online lender has recently become a more popular option. Many online lenders offer very competitive refinancing rates.

No matter where you decide to go to refinance your student loans, make sure you take time to research all your options. Compare lenders, rates and the terms of the loan so you ensure you are getting a good deal. If you do not scrutinize all your options, you may end up getting a bad deal and it could make paying off those students loans even more difficult and costly.

In conclusion, refinancing your school loans is a very smart decision. To do so, simply follow the above mentioned tips and you'll be well on your way to making one of the best financial decisions you've ever made! Good luck!

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