FAQs

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When to refinance private student loans?

 

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Refinancing your student loans can lower your interest rate, potentially saving you thousands of dollars over the life of your loan. At Alt Lending everyone can qualify to refinance student loans with or without a cosigner. Consider refinancing in these circumstances:

  • You are overwhelmed with student loan debt. It may seem that the best option to pay the loans down as much as possible to reduce the amount of interest but consider refinance your private student loans instead. Take action today to Check My Rate, providing you with a new monthly payment option and low fixed interest rate, without impacting your credit.
  • You have student loans with high variable interest rates. It can be difficult to predict payments with a variable rate loan, and even loans with low variable rates can get more expensive to repay. Before they rise, consider refinancing to lock in a low fixed rate.
  • Your student loans are delinquent or in collections. Again, it can be difficult to manage private student loans that are delinquent or in collection. Consider refinancing private student loans, into an affordable single monthly payment, and stop collection calls. Consider a fresh start.

 

Benefits of refinancing private student loans?

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  • Refinancing may lower your interest rate/amount, and monthly payment to meet your current financial goals. Lowering your interest rate will save you money over the life of the loan.
  • Refinancing may change your monthly payment from variable to fixed amount each month.
  • Refinancing may assist with debt management, consolidating multiple loans into a single manageable monthly payment.
  • Refinancing may offer you additional loan benefits, such as positive credit impact, skip a payment, cosigner release, or no prepayment penalties.

 

What is the difference between variable and fixed interest rate student loans?

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  • A variable interest rate student loan, your interest rate rises or falls in response to changes in the market.
    • Most variable rate loans tend to have lower interest rates at first (introduction rate).
    • Your rate and monthly payment will adjust, up or down based on the market, but could be riskier choice option for borrowers.
  • A fixed interest rate student loan, your interest will remain the same for the life of the loan.
    • Payment. You will know what your monthly payment will be every month.
    • Stability. If interest rates change, you won’t have to worry about your rate increasing.
    • Easier budgeting. Easy to calculate your total monthly cost while managing your monthly expenses.

 


 

How does Alt Lending student loan refinancing work?

See if you can lower your payment or interest rate.

  • Low Fixed Rate APR
  • Flexible Payment
  • No Hidden Fees

 

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Get your rate, prequalified in minutes and no fees required.
Take action today to Check My Rate. Instant credit decision, with NO impact to your credit score.

Or us call today (844) 258-5363 to speak with a student loan advisor!

 

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Complete a secure online application. A quick application that is easy to understand, with a few simple questions.

 

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Guides & Updates

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