If you are a law student, or know someone who is, then this blog post is for you! Refinancing your law school loans can help save money and consolidate debt. In this article we will discuss five easy steps to saving big on refinancing your law school loans. If you’re considering refinancing your law school loans, then make sure to read this article before going through the process of doing so!
Get a free quote
Do you know where to get a free credit score or how to get a free debt consolidation quote? It’s pretty simple, just log into Equifax and then to www.compare-credit.com With these free credit reports, you can take a free nationwide, standardized credit score, which will help you identify eligibility for loans and credit cards. The resulting credit score will allow you to compare the different loan terms. Step 2Examine your current law school loans Before you go through the refinancing process, it’s good to consider the law school loans that you have now. If your law school loans are in good standing with the college, then don’t worry about refinancing.
Compare rates
First, the rates of refinance can be different for different law schools. If you have access to data on your law school loans, and the same student loan servicer (the company that you have been dealing with to take out your loans), you can easily compare rates and loan terms. You can even create an Excel document and use the Lendfolio tool to view the loan amounts and loan terms for all law schools in the US. You can also view loan information and estimates for various scenarios. Step 3Ask your loan servicer about refinancing You need to find out if your law school is eligible for refinancing. If your law school is, then the first step to saving is to find out if your law school is eligible.
Consider refinancing as early as possible
Refinancing is not a decision that should be made on a whim. A few months or even weeks before graduation, start looking at the different options available to refinance your law school loans. You can compare them and identify one that best meets your needs. However, if you are unsure what to do, there is no harm in waiting until your graduation because the terms and fees may change significantly. If you choose a lender that has been around for a long time and is familiar with the legal loan market, you will be better off! Refinance loans can often save borrowers up to 10% or more in interest, and the overall cost of the loan will be lower.
Prepare for the application
Before you go to the lender, it’s a good idea to sit down and get organized. Do a quick look at your loans and see if you have any balance that will disqualify you for a refinance. Consider all the programs that are available to you, and see which ones have the highest savings. Also, consider if you will make more money if you refinance, or if you will be able to continue to make payments, since interest rates vary so much. Prepare for the actual application The first thing you will have to do is visit your loan servicer’s website to see if you have refinancing eligibility. You can do this online, or you can walk into a local office of the lender to see what their processes are. Then, after you have decided on your options, you will need to fill out the application to apply.
Approve the application
Approving a refinance loan is a big step, so you need to make sure you have all of your financial documents in order. This includes including IRS W-2 tax forms for you and your spouse and W-2s from all of your employers. Also, make sure to submit the Department of Education’s 1098-T form (which must be received a few weeks after your initial loan payment) as well as any pay stubs and proof of health insurance, if applicable. Approving a refinance loan will require a 2-2 decision. So it’s imperative to reach out to your financial adviser and have them both sign the application. It is very likely that they will have to sign off on the application, because it will impact your financial life in some way.
In-depth post-application tips
Be alert! If you apply for a refinance without being aware of certain important laws in place, then you could unknowingly make some costly mistakes and end up not getting what you want. These laws will help you avoid some of the common mistakes you might make on the application process. 4 steps to refinancing your law school loans Get pre-approved! The first thing you must do is get pre-approved by a reputable lender for refinancing your law school loans. This will help you avoid applying for a loan and being turned down because you are over your limit.
Conclusion
So, you’re thinking about refinancing your law school loans, you’re just not sure how to do it. How do you go about getting your loans refinanced? And, how can you avoid ending up in a worse financial situation? There are five easy steps to refinancing your law school loans. These steps include: Researching law schools. Look at loan rates and information for some schools before you graduate. Adjusting law school financial aid packages. Most schools offer different financial aid packages. See what you’re eligible for and tweak the packages until you see where you can save money. Looking at law school loan refinancing options. Compare debt service rates, repayment terms, and terms. Refinancing when you graduate or are accepted to a new law school.
