If you’re saddled with student debt and worried about making payments on your federal loans during the coronavirus pandemic, you can breathe a sigh of relief. An executive action in August pauses payments on federal loans and sets interest rates at 0% through the end of the year. Private lenders may offer their own special relief programs, or you can refinance your private student loans to save money.
Whether you have federal, private or both types of student loans, consolidating or refinancing them might help you reduce your student debt, better manage payments and work toward other financial goals. Too much student debt can affect your ability to save for retirement, increase disposable income or qualify for other loans, such as a mortgage. This guide explains the differences between refinancing private student loans and consolidating federal student loans, the pros and cons of each, and the best options for different situations.
- How can you refinance student loans?
- How soon can you refinance student loans?
- Is there a downside to refinancing student loans?
- How can you choose the best student loan refinancing company?
The Best Student Loan Refinance Companies of 2020
Methodology: National student loan refinance companies in this guide are selected based on consumer ratings and availability of products.
No student loan refinancer is perfect for every borrower. These lenders are a good starting point for most people, but you should read student loan reviews and research each company on your own.
- Loan types: refinancing
- Minimum FICO credit score: 660
- Co-signer accepted: yes
- Better Business Bureau rating: A-