Refinance your loan.

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Best Places to Refinance Student Loans

You might not know it, but you can save quite a bit of money when you refinance student loans. And there are numerous ways you can refinance the student loan. As long as you follow through the entire process you can be sure to save on your monthly student payments. What would you say to a savings of $60 a month on your current student payment? That's $720 a year and $3600 over the course of a normal 5 year loan. Now we're talking about a large amount of cash!

So where do you refinance student loans?

1) Your local bank. Local banks can be a good place to refinance a student loan, especially when you already have a solid relationship with the bank. Check them out first, but don't just take the first offer you get. Take some time and do your own research into other possible refinancing options as well to get the best deal.

2) Your local credit union. Credit unions often offer outstanding refinancing rates, especially for those with high credit scores. Just be aware that many credit unions won't work with those that have had past credit problems or issues with their credit rating.

3) Your local student dealer. student dealers can work with you to refinance student loans, however many times they will just try to sell you a new student. This completely defeats the purpose of trying to refinance your student loan in the first place and will often lead to even higher student payments. If you choose to refinance through a student dealer make sure you don't get sucked into buying a new student.

4) *BEST* Online solutions. Using an online lender can be your best option to refinance student loans. You'll find that the application and approval process can both be easier than offline loan companies. Plus, the online student lenders will go through a network of companies to get the best rates for your student loan. Another positive is that the online lenders will only need to pull your credit report once to compare rates meaning you'll have less activity on your credit report and less chance of being penalized because of too many inquiries.

Once you get out there and compare student loan refinancing options you'll see that in many cases online refinancing is the way to go. It allows you to quickly and easily compare rates from a bunch of lenders and will almost always get you the best terms and save you the most money.

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