The situation for student loans has drastically changed due to the impact of the coronavirus pandemic. Specifically, the government has suspended all federal student loan payments and halted all interest charges until the end of September.
As as result, Student Loan Hero recommends being very cautious as you consider refinancing your federal student loans, since you would no longer qualify for the payment suspension and other benefits. On the other hand, it may well be worth refinancing private student loans, now that interest rates have dropped to historically low levels — take a look at the information below and reach out to some of the lenders you’re interested in for more details.
In the meantime, you can visit the Student Loan Hero Coronavirus Information Center for new developments on how the crisis affects your student loans. Stay healthy and safe!
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If you’re ready to refinance your student loans, your search for your best lender is finally over.
We compared banks and lenders across the country to find ones with the best terms for student loan borrowers. The five below could help you refinance and consolidate both private and federal student loans. With this move, you could snag a lower interest rate, decrease your monthly payment, or both.
You might even get out of student loan debt ahead of schedule.
To qualify for refinancing, you’ll need to meet requirements for credit score, annual income, savings, and college degree (or certificate of enrollment if you’re still in school). If you can’t yet qualify on your own, you could apply with a creditworthy cosigner to improve your chances.
Ready to take control of your student loans? Here are our top recommendations for student loan refinancing and consolidation.