If you are sick of juggling multiple student loan bills, think you are paying too much on interest, want to fix the rate on your variable rate student loans, or simply want to lower your monthly payments, refinancing your education loans may be well-worth exploring.
A refinancing loan allows you to combine any or all of your federal and private education loans into a new loan with one monthly payment, new terms, and a new interest rate. The reason why so many people are turning to this great option is because it can give you a lower monthly payment, reduce your interest rate, and allow you to make a single convenient payment each month.
A refinancing student loan has the potential to save you hundreds and maybe even thousands of dollars in interest charges. But refinancing isn't a good option for all borrowers. You must know the risks and benefits of refinancing before you take the plunge.
The infographic below breaks down refinancing into simpler terms, so that you can make the best decision for you. If you are still not sure if refinancing is right for you, download our Free Refinancing Guide. This guide covers FAQ, eligibility and even gives you savings examples.