July 9, 2010, Newsletter Issue #178: Refinancing More Than Once

Tip of the Week

Prior to July 1, 2006 you could refinance student loans more than once to take advantage of the most recent interest rates if they were better than your original one. This is no longer the case. There are, however, some circumstances that would allow a second refinancing.

If, for example, you have multiple consolidation loans from different lenders you can apply for a new loan to bundle them all into one payment.

You would also be able to refinance more than once if you have new student loans that were not part of the original consolidation. Check the Web site of your lender for a list of eligible student loans for a second student loan refinance.

If you fall into one of the above categories a second refinancing would be in your best interests. This is a perfect reason for keeping tabs on financial aid news and rate changes even after graduation. There are always new opportunities popping up to save more money. Why not take advantage of as many as you can?

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