Q:

How do you refinance student loans?

A:

Quick Answer

To qualify for refinancing, students must apply for refinancing through the lender and provide any documentation requested by the lender before the application is approved. Refinancing or consolidating a loan may require several months to give applicants time to return the requested documents.

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Full Answer

  1. Apply for refinancing

    Many student loan providers offer consolidation services that allow students to refinance existing loans. To be eligible for refinancing or consolidation, it is necessary to complete the application provided by the lender. For instance, some students with federal student loans can visit the Student Loans website to complete an application. Students should contact a financial aid officer to locate an application to refinance federal loans.

  2. Provide any requested documentation

    In order to qualify for refinancing, students may be required to provide information documenting income and household size. Return the requested documents to the lender within the specified amount of time in order to qualify for refinancing.

  3. Repay the loans as specified

    Students must typically adhere to the repayment terms of the loan in order to be eligible for refinancing in the future. As of 2014, repayment terms may be as little as 10 percent of the student's income and may change to reflect changes in income.

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