How to Refinance Graduate Student Loans
You might be able to reduce your monthly payment or reduce your interest costs by refinancing your graduate student loans.
When compared to undergraduates, graduate students frequently accrue greater amounts of student loan debt. Your graduate student loans may be especially challenging to handle if they have high interest rates.
However, you might be able to cut your interest rate and save money on your loans if you refinance graduate student loans, which might help you pay them off more quickly.
The cost of graduate school can be high. The average student loan payment for borrowers on the ordinary repayment plan was $723 — higher than the national average payment of $393 — and the average graduate school debt for recent grads was $84,300.
You might be able to lower one or both of your graduate student loan’s high interest rate or high monthly payment by refinancing, which might end up saving you money over time.
Most lenders only provide you a few term length alternatives to pick from, but College Ave gives you a total of 16, ranging in duration from five to twenty years.
Remember that choosing a shorter term will result in smaller interest payments, whilst choosing a longer term will often result in lower monthly payments (though you’ll pay more in interest over time).
ISL Education Lending might be a suitable choice if you wish to refinance while enrolled in undergraduate or graduate courses. You are able to refinance $5,000 up to $300,000, but bear in mind that certain restrictions apply to California residents and borrowers who are still in school.
Additionally, ISL Education Lending has graduated repayment options, which may be advantageous if you anticipate an increase in your income in the future.
Private student loan repayment assistance, in contrast to federal student loan repayment assistance, is at the lender’s discretion. Additionally, the assistance provided by private lenders is typically limited to brief forbearance or postponement.
However, you will have the choice to enroll in Income-Based Payback (IBR), which is comparable to the federal repayment scheme, if you refinance with RISLA and experience financial difficulty. Your contribution will be limited to 15% of your discretionary income as a result.