How do you refinance student loans?

To qualify for refinancing, students must apply for refinancing through the lender and provide any documentation requested by the lender before the application is approved. Refinancing or consolidating a loan may require several months to give applicants time to return the requested documents.

1. Apply for refinancing

   Many student loan providers offer consolidation services that allow students to refinance existing loans. To be eligible for refinancing or consolidation, it is necessary to complete the application provided by the lender. For instance, some students with federal student loans can visit the Student Loans website to complete an application. Students should contact a financial aid officer to locate an application to refinance federal loans.

2. Provide any requested documentation

   In order to qualify for refinancing, students may be required to provide information documenting income and household size. Return the requested documents to the lender within the specified amount of time in order to qualify for refinancing.

3. Repay the loans as specified

   Students must typically adhere to the repayment terms of the loan in order to be eligible for refinancing in the future. As of 2014, repayment terms may be as little as 10 percent of the student's income and may change to reflect changes in income.