3 Secrets Lenders Don’t Want You to Know About Student Loans
When you think about your student loan debt, you’ll want to get rid of it as fast as possible. Winning the lottery is unlikely, so understanding the factors that go into your student loan repayment plan is important. Whether you are a recent graduate, are taking a break from school, or have already began repaying your student loans, these industry secrets will help you understand how your student loan repayment is calculated. If you are having trouble keeping up with payments or finding employment,
there is important information here for you as well.
The only credit reporting agency utilized is Experian.
While there are 3 different reporting agencies, your student loan lender only cares about Experian. The scores are different at each bureau but Experian has been found to be the most accurate for assessing credit strength when it comes to paying back your student loans. So, if the Experian score is your best score, you just got a better rate.
There are no points or fees charged to refinance your student loan.
You read that right and there is no catch. Lenders will not charge you anything to pay off your existing loan and write you a new one. Because there is no cost there is really no risk increasing your loan balance just to get a better payment. Of course you can align your term to fit your financial situation. For instance, you want to pay your debt off faster and can absorb a higher payment (less interest paid) then shorten your term. If you need some relief on payments you can extend it (more interest paid) and keep the payment low.
Why Refinance Student Loans?
Depending on how long you’ve been out of school, your annual income and credit history is likely to have improved. By refinancing your existing student loans you may see a dramatic reduction in your interest rate – even a few points. With only a few exceptions, it is generally advisable for all student debt holders to at least explore a refinancing scenario, especially since getting your rate through Mission Valley College Loans platform will have no impact on your credit score.
Benefits of Using Mission Valley College Loans
You can reduce your interest rate, lower your monthly payments, and save thousands over the lifetime of your loan when you refinance student loans.
Through our lenders you’ll be able to refinance student loans, both federal and private, including graduate loans, into one convenient loan at a great rate.
When you refinance student loans through us, our community lenders won’t charge you any origination fees.
Many of our student loan refinance lenders offer various repayment options, including interest-only payments for the first four years.