Are there upfront fees to refinance student loans?

Most private lenders don't charge any application or origination fees to refinance your student loans.

Can I be charged other fees after refinancing?

You may face other costs after refinancing, such as late fees for missed payments or returned payment fees if a payment bounces due to insufficient funds or another issue.

Will refinancing save me money?

Refinancing can save you money if you qualify for a lower interest rate and avoid extending your loan term, but savings aren't guaranteed. To know for sure, compare your current loan's monthly and total costs against refinance offers, including any fees a lender charges.

Should I compare APR or interest rate?

The annual percentage rate, or APR, is a better measure of a loan's cost because it reflects both the interest rate and any lender fees. Comparing only the interest rate won't give you the full picture.

How can I reduce refinancing costs further?

You can lower refinancing costs by choosing a shorter loan term, which reduces the total interest you'll pay. Signing up for autopay may also earn you a small interest rate discount while helping you avoid late fees. Additionally, working with a no-fee lender can also eliminate unnecessary charges.

How Much Does It Cost To Refinance Student Loans?

Most lenders don’t charge upfront fees to refinance, but costs can still add up due to late payments or higher interest costs.

By Becca Stanek