ST. LOUIS - Aug. 31, 2019 - While many industry sites which help student loan borrowers better understand their refinancing options typically offer readers anywhere between 5 to 10 questions or items to check off before they begin submitting refinancing applications, PeppyWallet has recently revealed a checklist of 18 key questions student loan borrowers should consider before applying to refinance their student loans with private lenders.
Refinancing student loans isn't a simple decision that an individual can make in an hour, and would usually take several days or so in order for someone who understands the refinancing application process to understand whether or not they would be a good candidate, and if they should ultimately end up refinancing their student loans, since it doesn't make sense for everyone. The more questions the student loan borrower can ask themselves before they begin the application process, the higher the odds are that they are able to maximize their refinancing savings from reducing interest costs over the term of the loan.
If a borrower has federal student loans, they could lose protections and certain benefits by refinancing. Federal student loans provide borrowers with loan forgiveness programs and various income-driven repayment plans. Additionally, a borrower's personal income may be too low to refinance as an individual signer or the individual's credit score might not be good enough to qualify, even if they feel comfortable with the monthly payments under the new terms. In this case, adding a co-signer who better understands the student loan borrower's spending habits is ideal, especially if they have a strong credit history.
Student loan borrowers should ask themselves a wide variety of questions pertaining to their current income, co-signer relationships, origination fees, school or degree eligibility and more.
For the complete checklist, view the resource:
https://peppywallet.com/blog/18-key-questions-to-ask-before-you-refinance-your-student-loans/
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