Think hard about the chances you won’t be able to make payments for a few months.
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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).
Variable interest rates will almost always be lower than fixed interest rates.
But there is a reason: you end up taking all of the interest rate risk. So, we know that interest rates will go up, we just don’t know when. Just remember, when rates go up, so do your payments.
Other than a mortgage, you will likely never have a debt as large as your student loan.
If you are able to reduce the interest rate by re-financing, then you should consider the transaction.
Some providers with variable rates will cap them, which can help temper some of the risk.
If you go to other sites they may claim to compare several student loan offers in one step.
And, in a higher rate environment, you will not be able to refinance to a better option (because all rates will be going up).