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How to Get the Lowest Interest Rates While Refinancing Education Loans
Refinancing education loans can seem complicated. However, it doesn’t have to be. Refinancing is just another option to help you save money by consolidating multiple student loan balances into one new loan. The new education loan has a lower interest rate and reduced monthly payments to help you repay the loan amount smoothly. Before getting approved for refinancing, however, it’s crucial to strategize. You need to have a game plan to help you strengthen your case and take advantage of the lowest possible interest rate. Here’s how to get started.
- Assess your cost of living
Some cities have a higher cost of living than others. Likewise, living alone or with a roommate can significantly affect your expenses. You need to understand that cost of living is an important aspect to consider for refinancing companies. So, it’s better to make lifestyle choices that will help you free up more money. You can start by renting a smaller apartment or a cheaper car if you want to pursue higher education in a city like Manhattan. Likewise, if you’re moving to a cheap city, it’s best to apply for refinancing at least two months after your move. This is an important step because refinancing companies prefer candidates who have a life budget that allows them to have a stable cash flow each month to pay their loan payments rather than those who throw away their savings.
- Check your credit score
There are many refinancing companies that consider the borrower’s credit score as a criterion. A good credit report helps secure a low interest rate on both secured and unsecured education loans. You can significantly improve your credit score by paying all bills in advance in general. It’s also helpful to reduce your credit card usage for a few months before applying for a new student loan. There are several websites, such as annualcreditreport.com, that can help you evaluate and improve your score.
- Provide a complete history
Most refinancing companies require you to provide a comprehensive overview of your educational qualifications and relevant work experiences. So if you studied science, math, engineering, or business at a reputable school, it will always help your case to include that information. The same goes for practical skills and total work experience because generally everything makes you attractive as an applicant who can continue to make the payments. Also, if you have a job offer in hand, be sure to include the offer letter with your application.
- Show all sources of income
Before you submit your application, make sure you provide information about each and every source of income and not just earnings from work. You can list dividends, bonuses, interest earned, and any other money-making opportunities. Remember, with a higher income, you’ll be able to put more cash into the refinancing equation. So it helps to keep proof of income such as tax returns and interest statements. Also, make sure you have a current driver’s license and that your private education loan statements are correct.
- Be flexible
If you have multiple student loans and you’re not getting the best possible rate, it’s best to refinance just a couple of the loans. There’s a chance you can take advantage of lower interest rates with a smaller refinance balance. You always have the option to apply for the full balance later when you have better sources of income or move to a cheaper place. Adding a co-signer also helps improve your chances of approval.
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