Once you have settled in your host country and have started a well-paying job, you start to clear off your existing study loan for abroad. Many students become eligible for better interest rates based on the new credit profile of the student. Many students who have taken study loan for abroad explore consolidation and refinancing options to pay off their debt easily, and also build a good credit history in the country they’re now living in.
Refinance education loan to study abroad must be first understood. Refinancing a student loan enable you to amalgamate your primary education loan into the new loan that you are taking from a different lender. Among many benefits of refinancing are lesser interest rate and monthly payment.
Basically, parents can be removed if they want the child to carry forward the responsibility of education loan to study abroad in many cases, which they had initially taken. Refinancing is an option that comes into picture when a student wants to apply for the loan freshly in his/her own name, and build the creditworthiness.
Here are four easy steps to refinance student loans.
Get the following information
- Type of loan
- Balance remaining
- Loan payoff amount
- Loan statement which will be provided from lender or service
- Basic information such as, name, phone number, address of lender
- Citizenship proof
- PA or Driver’s license
Consider your refinancing options
Countries like the U.S. allow you to refinance your existing education loan to study abroad with spouse as well. Therefore, you may consider this option, if need be. Additionally, you can also refinance with private student loans. Consider all options available to select the best education loan available.
Apply for Private Student Loan Refinance
Once you have chosen the lender to refinance study loan for abroad you can look to complete the application. You must choose the lender on the basis of loan terms and other benefits. You can complete your student loan refinancing application with a lender and voila! There are a lot of other things you need for education loan to study abroad refinancing.
Continue with your new loan payments
Once your existing study loan for abroad has been refinanced into your new student loan, you can continue making loan payments like you used to. The benefits you get however, will be lesser rate of interest and easier process.
EduLoans allows you to compare refinance offers
Many lenders provide refinance offers which are quite lucrative. On the surface they all appear same. However, much like your study loan for abroad, you can also choose EduLoans to refinance overseas education loan in the country you’re now living in. We have managed to reduce interest rates from 14% to 9.5% based on the student profile which literally reduces the EMI by a significant value. We help you get the most flexible global / local interest rates, processing fees and other incidental expenses.Our dedicated loan relationship managers give personalized attention to every case. Your education loan to study abroad becomes easier to be refinanced with EduLoans having your back. If you consider to refinance student loan in these 4 easy steps, pick EduLoans.