What does it mean when you refinance a student loan?

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asked Mar 9, 2018 in Financial Aid by Dialmj (310 points)
What does it mean when you refinance a student loan?

1 Answer

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answered Mar 9, 2018 by Larry S (42,350 points)
When you refinance the student loan you're essentially taking out a new loan with different payment terms and sometimes a lower interest rate.

All student loans usually have a 10 year repayment term to pay back the student loans. It's only good to refinance your student loan if you can get a lower payment and lower interest rate on the student loan.

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