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    How to decide when to refinance your student loans

    When should you go for refinancing?
    It is said by experts that a good credit score and financial stability make an application for refinancing appealing to the lender. If you are a student or someone who is unemployed, it is likely that you face more trouble to make an attractive application. Also, in the case that you are employed, you should ensure that it will last if in case you apply for refinancing. Consistency of income matters a lot when it comes to refinancing and so does the rates of interest. Also, every year the rates of interest for federal loans vary. So it is possible that you might have taken loan at a time when you got better rates than the incentives refinancing offers. Private loans may be variable or fixed and are based on credit score.

    The rate are continuously increasing so, whether you go for refinancing or not is based on your intuition or gamble about rate changes as in comparison with current interest accrues.

    What is the substantial amount that should be refinanced?
    Only those with a debt for which they have to pay for years and their payment includes thousands as interest is considered as a substantial amount for which refinancing should be considered.

    Refinancing is to be done once so it should be ensured that it is a good deal with long term benefits.

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    • She has written extensively about financial issues