[Infographic] Should You Refinance Your Student Loans?

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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Refinancing with Earnest

Refinancing rates from 2.57% APR. Checking your rates won’t affect your credit score.

Check out Earnest

At $1.4 trillion and counting, national student loan debt has been steadily increasing. Fortunately, refinancing companies are helping some borrowers get out of debt faster.

By refinancing your student loans, you could snag a low interest rate and pay off your debt well ahead of schedule. Are you having trouble making your payments? Refinancing could help with that, too, by extending your repayment period to lower your monthly student loan bill.

Though student loan refinancing is a lifesaver for some borrowers, the process isn’t always the best idea for everyone. To see if you could benefit from refinancing your loans, make your way through the flowchart below.

refinance student loans infographic

Should I refinance my student loans?

Before making any changes to your student loan plan, make sure you understand the pros and cons of refinancing.

One of the biggest benefits of refinancing is lowering your interest rate. Use this refinancing calculator to see how much you could save by nabbing a lower interest rate.

You could even choose a shorter repayment plan to get out of debt faster, or you could extend your repayment period to 15 or 20 years to lower your monthly payments.

But federal student loan borrowers, beware: Refinancing federal loans means you turn them into private debt. Doing so means you lose access to federal programs like income-driven repayment plans and Public Service Loan Forgiveness, so make sure you won’t need these options before you refinance.

In the end, deciding to refinance comes down to whether or not you’d benefit from the process. Whatever move you make is a means to conquering student loan debt once and for all.

If you’re considering student loan refinancing, see if you’re eligible to refinance with these top lenders.

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
LenderRates (APR)Eligible Degrees 
Get real rates from up to 4 Lenders at once


Check out the testimonials and our in-depth reviews!
2.57% – 6.32%Undergrad
& Graduate
Visit Earnest
2.80% – 7.02%Undergrad
& Graduate
Visit Laurel Road
2.51% – 7.80%Undergrad
& Graduate
Visit SoFi
2.76% – 8.54%Undergrad
& Graduate
Visit Lendkey
2.57% – 6.65%Undergrad
& Graduate
Visit CommonBond
2.75% – 8.69%Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.