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When to refinance student loans

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  • When to refinance student loans

    I am starting an attending job in August. Part of my pay is a 30000 loan repayment.

    I need to refinance my loans again based on my new salary. I am wondering if I should put the 30k to the loans and then refinance or refinance and then put the 39k in. Or does it not matter?

  • #2
    It won't matter. Both are going towards lowering the principle on the new loan.

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    • #3
      Can you just plug both refinance amounts in on the “check your rate” page and see if you save much in interest?

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      • #4
        Send the check now.

        Always make your extra payment before you refi.  It'll give you a lower balance and give you better terms on the new loan.

        It'll take longer to refinance than it takes for you to send in an extra payment.

        Even when you can get a refi done quickly, it usually takes some period of time for the new loan to fund and the other to be paid off (i've seen as long as two months).  Meanwhile you're paying interest on that extra balance.

         

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