If your loan balance is too low to qualify for refinance, consider adjusting your budget to pay off your loans faster.Pay a little more than the minimum due each month, and ask your servicer to put the extra toward the principal so it lowers your balance.To find out what type of federal government loan you have, visit the National Student Loan Data System (NSLDS).
Prior to July 2010, there was also a federal Family Education Loan Program (FFEL), also known as the guaranteed loan program.
These loans were made by private lenders and guaranteed by the government.
Different people have different reasons for wanting to finance, not to mention the dozens of different types of student loans out there.
It’s a complex issue, and there’s no one-size-fits-all answer.
This is the question many people ask when faced with mounting student debt or multiple student loan payments.
While it’s true that refinancing student loans is often a practical idea that may even save you money, it’s also a big financial decision to make.Many of the terms and conditions for the FFEL and Direct loan programs are the same.However there are some differences in repayment options.Even so, the decision to refinance your student loans absolutely must be an individual one.Like most financial matters, student loans are highly personal.By Brianna/Mc Gurran/Nerd Wallet It's a cruel fact of life that paying off your loans doesn't just mean repaying the amount you borrowed.