Definition of «loan being refinanced»

The term "refinance" refers to the process of paying off an existing loan with a new loan, typically at a lower interest rate or with different terms. When someone takes out a new loan in order to repay their current one and replace it with new debt, this is known as refinancing. The phrase "loan being refinanced" refers specifically to the original loan that is being replaced by the new loan.

Sentences with «loan being refinanced»

Consolidation of loans is the refinancing of multiple other loans to combine them into a single larger loan. (nfcc.org)
The caveat here is that many federal benefits are forfeited when federal student loans are refinanced with a private lender. (lendedu.com)
However, once federal loans are refinanced with a private lender, you lose many of the protections and repayment plans offered to federal borrowers — such as income - driven repayment plans, forgiveness eligibility, and deferment and forbearance protections. (lendedu.com)
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