Consolidating sallie mae signature student loans

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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.

Like any form of debt, your goal with a student loan should be to pay as low an interest rate as possible.

Check the Federal loan repayment estimator to make sure you see all the Federal options you have right now.

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.

Just beware that they might only show you deals that pay them a referral fee, so you could miss out on lenders ready to give you better terms.

Below is what we believe is the most comprehensive list of current student loan refinancing lenders. FICO says there is little to no impact on your credit score for rate shopping as many providers as you’d like in a single shopping period (which can be between 14-30 days, depending upon the version of FICO).

Think hard about the chances you won’t be able to make payments for a few months.

Once you refinance, you may lose flexible Federal payment options that can help you if you genuinely can’t afford the payments you have today.

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If you are able to reduce the interest rate by re-financing, then you should consider the transaction.This is particularly important if you have Federal loans.Don’t refinance Federal loans unless you are very comfortable with your ability to repay.More Magnify Money readers have chosen So Fi than any other lender.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.

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