When interest rates drop, you may consider refinancing a student loan that has already been consolidated especially if it has a high rate of interest. If you have the option to lower your interest rate and maybe change your repayment terms at the same time, then this may be worthwhile to consider. Ask upfront for an estimated monthly payment and find out how much interest you will pay over the life of the loan. If it meets you needs then discuss with your lender other terms that you need to know before you complete an application.
|Jennifer Mathes, Ph.D.|