The essential guide
What is student loan?
Start with federal aid and school cost information before considering private borrowing. Compare protections and repayment flexibility alongside the rate.
Quick path
Explore student loansHow it works
The basic idea
Refinancing, repayment plans, and new borrowing. See which path fits the loans you actually have. Providers evaluate eligibility and set their own terms. Your goal is to compare equivalent offers, understand the complete cost, and choose only what fits comfortably within your budget.
What to compare
- Fixed versus variable rate
- In-school and grace-period terms
- Repayment and hardship options
- Cosigner release requirements
When it may make sense
- Grants, scholarships, and federal options are understood
- Expected debt fits likely income
- The school and program costs are documented
Risks and watchouts
- Borrowing the maximum without a budget
- Variable rates without payment room
- Replacing federal protections unintentionally
What to prepare
- Financial aid offer
- School cost of attendance
- Federal aid eligibility
- Cosigner information if needed
Common questions
Should I refinance federal loans?
Be careful. Refinancing federal loans with a private lender permanently gives up income-driven repayment, federal forbearance, and forgiveness programs. For private loans there is far less to lose.
What is an income-driven repayment plan?
A federal plan that caps your payment at a percentage of discretionary income and forgives the remaining balance after a set number of years. It applies to federal loans only.
Does a cosigner help?
On private refinancing, usually a lot, especially early in a career. Ask whether the lender offers cosigner release later on.