Loan Consolidation Directory

Student Loan Refinancing

Reduce your student loan payments

Refinance your student loans can reduce your monthly payments either by getting a lower interest rate, or by extending the duration of your loan. Getting a lower interest rate is a better way to go since you are also reducing your long-term student loan debt.

If your monthly payments are too high, extending the duration of your loan can be helpful in reducing the monthly payment. By extending the period over which you repay your loans each payment is smaller. Keep in mind though that longer loan terms usually mean higher interest rates, and more interest payments and thus increase your debt. In the long run you end up paying more, but the payments are more manageable and sometimes that alone makes it worth while.

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