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    How to decide when to refinance your student loans

    Evaluation of present loan:
    To ensure the advantages of refinancing of loans, it is better to have a look at the private portal of loans or federal loan profile. Whether or not refinancing is in alignment with the personal goals of an individual is another thing that should be ensured. Some people prefer paying as monthly deposits whereas some might prefer a quicker way of paying the loans. The latter group would benefit from refinancing. It is also very effective when it comes to consolidation of loans. Keeping a track of all facts and the amount you owe and the process of repayment helps an individual to analyze whether or not you will receive the incentives you’re looking for through refinancing.

    How would refinancing impact loan forgiveness options?
    Refinancing federal student loans prohibits you from taking part in repayment plans which are based on federal income and programs of loan forgiveness such as Public Service Loan Forgiveness. If your long term goals are plans based on income or qualifying for Public Service Loan Forgiveness, then refinancing may not be the best option. Refinancing should be considered only when there is a steady and secure source of income. Refinancing might become a burden if your income is not steady, fluctuating or not enough for your monthly needs as here you lose the flexibility that comes along with federal payment plans.

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