Your senior year is the most important one when it comes to refinancing your loans. Most people wait until they have graduated and are already in their grace period before considering their options. This gives them less time to absorb large quantities of information and make an informed decision.
Start looking into your options at the beginning of your senior year in college. This will give you plenty of time to get a handle on the intricacies of refinancing and the implications it holds for your future.
There are too many steps and too much information to soak up in the grace period between graduation and repayment. Starting early allows you to take it one step at a time and pace yourself.
That is not to say it takes a full year to complete the entire process, but there is no reason to cram it into a few days at the end of the year either. Some students get what people call “senioritis” and slack off during their last year of classes. Do yourself a favor and don't let that happen with refinancing student loans.
|Jennifer Mathes, Ph.D.|