Sentences with phrase «refinancing federal loans»

One tactic is refinancing their federal loans into a private loan, «which could offer lower interest rates and more flexible payment options,» he says.

My advice is to re-consider refinancing the federal loans despite the high interest due to the existence of these programs.

«The only two situations where refinancing federal loans makes sense is if you're on the standard 10 - year repayment plan, can easily make all your payments, plan to [continue] into the future, and you won't be applying for any type of forgiveness program,» says Robert Farrington, founder of The College Investor.

However, you can opt for a private lender by refinancing your federal loans.

This post has more information on the considerations for refinancing federal loans: https://www.sofi.com/blog/student-loan-smarts-consolidate-federal-private-loans/

You should only consider refinancing federal loans with a private student loan if there will be significant savings in both the interest rate and the monthly payment.

This blog post has more info on considerations for refinancing federal loans: https://www.sofi.com/blog/student-loan-smarts-consolidate-federal-private-loans/

If you are confident in your ability to repay your loans over your given repayment term and are seeking to maximize savings, and you also have a good credit score and healthy income, refinancing your federal loans could be a wise option.

Here's an easy decision tree to help you understand whether refinancing federal loans is right for you:

Refinancing federal loans, may cause the borrower to lose great Federal Program benefits, such as being able to participate in Income - sensitive programs, such as the Income - Based Repayment program (IBR) or the Pay - As - You - Earn (PAYE) program.

Megan, yes you can apply to refinance and consolidate federal and private loans together, but there are certain things to consider before refinancing federal loans — this post gives more information: https://www.sofi.com/blog/student-loan-smarts-consolidate-federal-private-loans/

If you're worried about losing some of the federal perks that you can't get with private loans, you may want to hold off on refinancing those federal loans.

You should also reconsider refinancing federal loans if:

Just to give you a general idea to really make sure you understand the possible implications of refinancing your federal loans:

However, I generally recommend not refinancing federal loans unless there is a significant need or other circumstances that you don't need to keep your benefits (like the example above).

Some lenders may include federal loans in the consolidation; however, remember that refinancing federal loans into private ones sheds the myriad borrower protections — repayment and forgiveness options and deferment, forbearance, and interest benefits — that federal loans carry.

Remember though, refinancing your federal loans could mean giving up your certain borrower benefits like deferment and forbearance, loan forgiveness, and income - driven repayment plans.

If you are dependent on an income - driven repayment plan then refinancing federal loans is likely out of the question.

If you are currently facing financial instability or see that as a likely part of your future, then refinancing federal loans may not be the best decision.

Anything that can save you thousands of dollars may seem like a no - brainer, but there are some risks that come along with the benefits of refinancing — particularly if you're refinancing federal loans.

Refinancing federal loans into a private loan means losing consumer protections specific to federal loans.

We strongly advise that you seek professional advice and examine our benefits and options before refinancing your federal loans.

Keep in mind, however, that refinancing federal loans with a private lender means giving up federal benefits such as income - driven repayment and PSLF eligibility.

That's because refinancing federal loans means forfeiting government protections such as income - driven repayment plans, deferment / forbearance, and some debt forgiveness programs.

Refinancing federal loans into a private loan means losing consumer protections specific to federal loans.

Refinancing federal loans turns them into private loans.

If you are confident in your ability to repay your loans over your given repayment term and are seeking to maximize savings, and you also have a good credit score and healthy income, refinancing your federal loans could be a wise option.

Remember though, refinancing your federal loans could mean giving up your certain borrower benefits like deferment and forbearance, loan forgiveness, and income - driven repayment plans.

If you work as a federal employee such as a teacher, or for a nonprofit, you may not want to refinance your federal loans since these occupations are more likely to be eligible for loan forgiveness after making regular payments for a set number of years.

After borrowers have graduated and established a good work and credit history, they may find that private lenders are more interested in helping them to refinance their federal loans to a lower interest rate.

If you refinance federal loans, you will no longer be able to take advantage of federal repayment programs or loan forgiveness.

You won't be able to take part in those programs if you refinance federal loans.

If you choose to refinance federal loans, you'll sacrifice some benefits including Income - driven repayment plans and Public Service Loan Forgiveness

For example, if you refinance federal loans, you'll lose out on access to IDR plans.

If you do decide you want to refinance your federal loans with your private loans, you will have to work with a private lender.

The biggest risk to keep in mind is if you choose to refinance federal loans into a private loan, you will lose the federal loan benefits.

For example, don't refinance your federal loans with your private student loans.

You can also refinance Federal loans into private loans, but that's typically not a good idea.

Does this mean it's wrong to refinance your federal loans into a private loan?

You can refinance your Federal loans into your private loans (but you almost never should).

You can refinance your federal loans, and any private loans you may have, through a refinancing agreement with the organization.

This option is not available through the federal government, only through private lenders; however, you can refinance your federal loans using a private lender.

While you can refinance your federal loan debt as well as private student loans, you might want to look at other options within the federal system first — especially if your application for a refinance was denied.

When you refinance federal loans into private loans, you will lose the protections you had on those federal loans.

You may refinance a federal loan into a private loan, but you will lose any benefits such as all of the repayment and forgiveness options discussed above.

He cosponsored legislation allowing student borrowers to refinance their federal loans claiming it would «help ease that burden» of student loans.

For example, if you refinance federal loans, you'll lose out on access to IDR plans.

If you refinance your federal loan with a private lender, all / most of these options will go away.

Stating that it was a potential grab to appeal to millennial voters, Limbaugh said she had already hinted at it when she stated she considered it outrageous that students have to take on so much debt to get a degree without the option to refinance federal loans.

Many students go to a private lender to consolidate their loan because the private lender offers a lower interest rate than the federal government, but it's important for students to realize that refinancing a federal loan into a private loan will cause them to lose the perks that come with federal loans»