Refinancing student loans is a suitable way to save money. The
process is simple, but it's helpful to know what's involved before you start.
Compare Rates
The next step is to compare student loan refinance rates from multiple lenders. The best way
to do this is by using an online personal loan comparison calculator, which
allows you to enter the information needed for all of your loans, including the
interest rate and the number of months left on each debt.
Once you've entered your details into the calculator, it will
give you an idea of what kind of rate you can expect for your student loan
refinance based on the total amount borrowed and other factors like a credit
score. The best part about using this tool? It will also tell you which lenders
are offering those rates so that it's easy for you to decide who has the best
deal when comparing them side by side.
According to Lantern by SoFi, "Personal loan offers
provided to customers on Lantern do not exceed 35.99% APR."
Collect Your Documents
You may need a copy of your IRS tax return, proof that you're
employed (and earning enough wages or salary), and copies of any additional
financial obligations listed on your credit report, like child support payments
or alimony payments.
Once you've collected all the necessary paperwork, contact your
loan servicer or servicer of choice and find out how to get them sent
over—either electronically or by mail—so they can be included in your
application. If possible, try getting everything together at once; otherwise,
expect multiple rounds of document collection, as new lenders require
additional documentation before processing each stage of their approval
process.
Apply Online
Once you have decided to refinance your student loans, the next
step is to apply. This can be done online whenever you want. However, it's best
to plan ahead and start early if you're going to do this. The process takes a
few steps, and many things could happen in between each step. First, you'll
want all the information about your loans written down before starting so that
nothing gets missed along the way!
Get Approved
Once you've submitted your application, the lender will review
it to determine whether they can provide you with a loan. If they approve your
application, they'll send you documents to sign and a letter with instructions
on how to pay off your student loans. If they decline your application, they
will explain why in writing. It's best to look into other options if this
happens—you might have been approved before and need more information or proof
of income.
Sign Your Loan Docs
The signing documents process is a one-time ordeal you'll never
have to do again. Instead, the lender will guide you through the steps, but
they should be simple.
After submitting your application and documentation through the
lender's website, an account executive will review your information and request
additional documents if needed. Once all the paperwork is submitted
successfully, an email confirmation will be sent to confirm that your loan has
been submitted for processing. The lender will contact you with an approval
decision within 24 hours of receiving all required documentation.
