Refinancing student loan debt is similar to refinancing a mortgage–individuals simply get a new loan, with better terms, pay off their existing student loans and then begin payments on the new loan. At the same time, they can also consolidate multiple loans so that they don’t have to worry about multiple payment dates each month and can save thousands of dollars of interest over the term of the loan.

Having just one student loan payment will simplify life, enabling the loan holder to more accurately budget their money, knowing that they only have to account for one payment. It’s also easier to keep track of making sure the payments made it to the lender and were processed on time. People with several student loans may sometimes find that they incur a late fee for a payment that got lost in the mail or was forgotten about amongst all of the person’s other monthly payment obligations.

Most lenders will not refinance federal and private loans together in the same loan, but the team at Student Consolidation Aid has searched far and wide to create a team of financial institutions and lenders who will help student loan holders refinance both their private and federal loans into one payment. Many people spend years working with two different companies, but this hassle can be easily avoided by working with a lender who will take on both types of student loans.

Before Starting the Refinance Process

One of the main factors in getting excellent terms and conditions on a student loan refinance is by having a good credit score. Some simple ways to improve a credit score are:

  • Make payments early, or on time, each and every month.
  • Don’t open new credit cards or lines of credit.
  • Don’t close out the oldest credit card on the credit report.
  • Pay off consumer debt.
  • Check the credit report and have errors, if any, removed immediately.

During the Refinancing Process

Once a person is approved to refinance their student loans, the lender will complete the necessary paperwork and send it to the person for approval and their signature. Upon receipt of the paperwork, the lender will draw up a new promissory note which will be sent to the person for their signature. After returning it to the lender, the refinance will be processed and payment on the loan can begin.

US College Assistance is Here to Help

If you’re ready to start the refinancing process, Student Consolidation Aid guides loan holders through the process and gives them helpful assistance. Thousands of people have saved time by not having to invest hours into learning the exact steps to refinancing their student loan, and they’re matched with a lender that works with them every step of the way. Contact Student Consolidation Aid now by filling out the form on the right. You’ll get a free quote with no obligation!

Find out how much you can save by consolidating your student debt:

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