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*Loan proposals offered to UK residents only, subject to Lendwise terms and conditions.
You most probably got a student loan before you started your studies to cover your tuition fees and maintenance expenses or had to get one during your studies. The terms that you were quoted by a bank or other private student lender, took into consideration the younger version of yourself with lower credit history, little or no income, or what lenders call a “thin file”. Now as a young professional you have made significant strides in earning an income and proving creditworthy with utility bills, rent, overdrafts and credit cards. The rate you were quoted at the time of starting your course is no longer representative of your credit worthiness and you deserve to pay less for credit.
Frequently asked questions
Why consider a refinance loan?
Refinancing your student loan could mean one or more of the following:
- a lower interest rate
- a fixed interest rate instead of a variable one
- lower monthly loan repayments
- shorter repayment schedule
- savings on the total cost of the loan
When is the right time to refinance a student loan?
The best time to apply for student loan refinancing, is when you are in better financial standing than you were when you originally took out the loan for your studies. For most, this usually means that they have completed their degree and secured a stable income. This, in combination with a good credit score, can qualify you for better rates or better loan terms, saving you money on your monthly repayments and for the entire term of the loan.
What kind of loans can you refinance with Lendwise?
Lendwise offers refinance loans for student loans which were undertaken during your undergraduate or postgraduate studies for your tuition or maintenance expenses.
It is important to note that Lendwise does not refinance undergraduate loans whilst you are still studying.
How is a Lendwise refinance loan repaid?
When you refinance your student loan with Lendwise, your original loan provider will be paid off by Lendwise, allowing you to focus on your new loan with Lendwise. From this point on, your loan repayments will be made to Lendwise. Your new loan will be based on the new loan terms and interest rate that you agree upon with Lendwise.
Are you a good candidate to refinance your student loan?
If you have successfully completed your degree, are employed, and can demonstrate a healthy, responsible, and stable financial history, you will most likely be a strong candidate for student loan refinancing.
Is there a difference between consolidating loans and refinancing?
When multiple loans are combined into one single loan (therefore, one monthly repayment), this is called loan consolidation. Refinancing involves only one single existing loan. A new loan is applied for to cover the remaining balance of the current loan being replaced with a new loan, usually at a new interest rate and new loan terms.
Can student loan refinancing save you money?
Refinancing your student loan can potentially save you money provided you qualify for a lower interest rate that your current student loan. It is important to look at several aspects of your refinance loan terms though. For example, your monthly payment may be lower, but your total cost of repayment could end up being higher if your repayment schedule is extended rather than shortened.
How to choose a loan provider to refinance your student loan
Aside from reviewing the provisional loan agreement that will outline the main terms of your refinance loan, such as repayment amount, repayment schedule and interest rates, it is also important to make sure you know enough about your new loan provider, how they operate and the fees they charge.
Dedicated student finance platforms such as Lendwise offer student-friendly terms, fixed interest rates and no penalties for early repayments.
How can I learn more about Lendwise Refinance loans?
Lendwise offers recent graduates who have entered the workforce, the chance to free themselves of expensive loans that they took on as students. As professionals who are now under full time employment, they qualify for lower interest rates and better terms than they did prior to graduation.
If you are interested in refinancing your private student loan, we encourage you to complete a quick online application so we can offer you a no-obligation provisional loan proposal.