Student Loan Refinancing
Student Loan Refinancing Questions
Nothing! FitBUX’s refinance service is free to Members…Becoming a Member of FitBUX is also free.
FitBUX helps you determine if refinancing is right for you, we help you shop among our top-rated student loan refinance partners, and are there to answer your questions throughout the refinance process.
To learn more, please explore our Student Loan Refinance Solution.
We currently partner with the top 7 lenders in the student loan refinancing space. Each lender has its own approach when making applicant approval decisions so we’ve reviewed each of them in details here:
If you have a cosigner, such as a parent or a relative, who has a stronger credit profile, adding a cosigner to your application can improve your chances of getting approved and/or help you qualify for a lower interest rate.
We partner with refinance companies that allow you to release your cosigner in as short as 1 year as long as you make payments on time and in full. Please contact us to learn more.
Most lending partners will provide you a rate quote using a “soft credit pull”. This does not impact your credit. If you are being asked for a hard credit pull then yes, this would affect your credit.”
Learn more about the different type of credit pulls here.
When a lender asks a credit bureau to look at your credit report, that inquiry may get noted as part of your credit history. There are two types of inquiries—hard and soft.
- A soft inquiry occurs in cases where you check your own credit or when a lender or credit card company checks your credit to pre-approve you for an offer. Soft inquiries do not appear on your credit report and do not impact your credit scores.
- A hard inquiry occurs when a lender with whom you’ve applied for credit reviews your credit report as part of their decision-making process. This type of inquiry appears on your credit report and can influence your credit scores.
The key is to understand whether these downsides are important to you or not.
When you refinance Federal loans with private loans, you will lose some of the benefits specific to Federal loans
Federal student loans come with protections that can help you if you’re struggling with your payments. You may be able to use repayment plans that decrease these amounts or put them on pause altogether.
You also may qualify to have loans forgiven under certain criteria. Most private loans do not offer options like these, and once you replace your federal loans with a private loan, you cannot move or consolidate the loan back into a federal loan to get these benefits.
A cosigner is a person who agrees to pay a borrower’s debt if he or she defaults on the loan.
Some of our student loans refinance partners have release clauses when you apply with a co-signer whereby the co-signer may be removed from a loan once the primary borrower has shown financial discipline and on-time payments. Learn more about co-signers here.
Some of our refinance partners allow you to defer payments in times of economic hardship, including the loss of a job. Each refinance company may have its own set of policies so please inquire with the refinance company when applying.
You can also check out our student loan refinance reviews which highlight each companies co-signor release policy.