Are you falling behind on your student loan payments and wonder if you can refinance your student loans?

When you refinance your student loans, you are basically renegotiating the terms of your loan. Most of the time, this involves consolidating your loans as well. When you refinance your loan, you are doing one or both of two things: lowering the interest rate, and/or extending your loan term.

Unlike student loan consolidation though, your credit score does affect how your loans get refinanced. Having a good credit history will help you increase the chances of getting lower interest rates. Also, a strong credit history will make your refinancing experience more hassle free with lenders.

You can refinance your student loans at most lenders or credit unions. It is important to make sure that whoever you decide to choose is a legit place. So when you’re looking at a bunch of lenders, you should do thorough research about the terms they want to give you. This way, you can choose what best fits your needs. You should be wary of small local lenders though. They can tease you with a really low rate when you find them online, but when you meet up with them in person, they might pressure you into refinancing with another rate instead. So do your homework, you’re trying to save money here, not get swindled.

Check out our student loan consolidatoin guide if you want to find out more about student loan consolidation.