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if you like me or one of the other 44 million student loan borrowers you've probably asked the question how do i refinance my student loans now unfortunately most websites simply recommend student loan refinancing companies and don't really outline what's involved in the process itself so in this video I'll actually tell you how to refinance your student loans it's something I've personally decided to do with some of my loans so let's dive right into the question answering this how do I refinance my student loans now if you're short on time but still have time to hit that like button here are the 8 steps very quickly that are usually involved with refinancing your student loans step one is to find all your student loan payoff statements step two is to gather your key financial documents like your pay stubs your rent history your social security number employer information photo ID and your tax returns step three is a scan or download your college transcript or diploma step four is to have a cosigner personal information ready if you plan on having a cosigner you may also need to get a personal reference so get that ready - step 5 is to start the first application with a reputable company like credible Sophie Laurel Road etc link a few below step 6 is to get ready to be denied at first and don't worry that's a common thing that we'll talk about here in a second step 7 is to add a cosigner if you need one and having a cosigner to login and verify their information and income will be required as well step 8 is to wait about a day or up to 3 days for approval or denial and choose your loan term when you're approved now when I decided to refinance my student loans I hopped on a credible because I found that their platform for finding lenders who are fighting for your business was the best in the industry and in all it took about one hour to get to the first seven steps it was pretty easy all I had to do is locate a few documents and scan and upload them to my computer now here are the items that I had to locate simple things like your driver's license college transcripts physical diploma your pay stub your tax return professional license as a physical therapist you might have to do the same if you're in the healthcare field you'll need your current student loan payoff documents or statements a personal reference and there contact information as well as your co-signers basic information like name address phone and email if you choose to have a cosigner if you decide to go with a cosigner it's gonna make the process a little bit longer because the cosigner is going to have to log in put in their information in their income and in order for you to submit your application now at the end I did not choose to go with a cosigner but I did want to see if there was any difference if I applied with my spouse as a cosigner and there really wasn't but all of this information adding it to credible is really pretty simple I had set aside at least an hour to find all that information those documents and then to add it to your account now was that a few days my application was approved to refinance my private student loans with a new lender and if you get approved then you'll get that option to choose your lender and your terms now of course the two big items that you'll be considering are the interest rate and the length of the loan now most borrowers are really attracted to it low interest rate but you really shouldn't let that guide your decision 100% because you may be important for you to have flexibility with the term or the length of your loan in order to increase or decrease that payment on a monthly basis my advice is to use a student loan calculator to figure out the monthly payment and the terms that best fit in your budget or your goals for paying off the student loan now a good student loan calculator can show you the interest that you'll pay over the life of the loan and how extra payments can help you pay that down even faster okay let's talk quickly about getting denied or not qualifying for student loan refinancing sometimes that just happens and a lender will reject your application if your debt to income ratio is too high that means you have too much debt for the income that you've earned or if you simply have poor credit if you have credit card balances or auto loans you might consider paying these off as quickly as possible to lower your debt to income ratio because freeing up a few hundred dollars a month in payments might be all you need for approval the next time you apply to refinance your student loans now I also hear the question about refinancing federal student loans into private student loans through credible or other platforms and the answer is yes you can do this but the loan is no longer eligible for income-based repayments or any of those forgiveness programs now if you weren't planning on using any of these government programs anyways then you can just consider the interest rates and the terms with a private student loan company and use a student loan calculator to compare the total cost of the loans in both scenarios at the end of the day there's no one-size-fits-all rule for consolidating your student loans but if you do have a federal loan and you rely on the income based repayment refinancing may not be the right option for you but if you do have a private student loan and hate the high interest rate then you might consider refinancing it with another lender who has better terms and lower interest rates hey can you like this video if you found it to be helpful also be sure to subscribe to the channel to learn more about saving investing and growing your money and if you're interested in more information about refinancing your student loans be sure to check out the link below to see how you can use credible to get the best interest rates and terms available thanks again for watching and we'll see you in the next video [Music]