But, if you are going to be paying your loan for a long time, a fee may be worth paying.
Variable interest rates will almost always be lower than fixed interest rates.
You can see the full list of lenders below, but we recommend you start here, and check rates from the top 4 national lenders offering the lowest interest rates.
If you can afford your monthly payment, but you have been a sloppy payer, then you will likely need to demonstrate responsibility before applying for a refinance.
But, if you can afford your current monthly payment and have been responsible with those payments, then a refinance could be possible and help you pay the debt off sooner.
But, if you think you will pay it off in five years, you may want to take the bet.
Some providers with variable rates will cap them, which can help temper some of the risk.
Although So Fi initially targeted a very select group of universities (it started with Stanford), now almost anyone can apply, including if you graduated from a trade school.
The only requirement is that you graduated from a Title IV school.Don’t refinance Federal loans unless you are very comfortable with your ability to repay.Think hard about the chances you won’t be able to make payments for a few months.Here are more details on the 5 lenders offering the lowest interest rates: So Fi (read our full So Fi review) was one of the first lenders to start offering student loan refinancing products.More Magnify Money readers have chosen So Fi than any other lender.But there is a reason: you end up taking all of the interest rate risk. So, we know that interest rates will go up, we just don’t know when. Just remember, when rates go up, so do your payments.