Student Loans Refinancing – An Easy Guide 1

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Student loans refinancing could reduce the monthly payments for student’s loan. There are several issues that you must consider carefully before you take this route.

Before you start to outweigh the pros and cons of refinancing it may be an idea for you to have a sheet of paper, draw a line down the middle to make two columns. On the left column, we will man FOR and on the right column we will name AGAINST.

It seems like a simple thing to do, but this will have a powerful effect on your decision because it will help to clarify your thoughts and make it very easy for you to make a choice about which path to take. (You can also use this method to help you come to a successful decision for anything else you do through life).

Refinancing Points to Consider

1.It is easier to repay federal loans as opposed to student loans.

2. Federal loans and Student loans each have their own structure, so they can be quite different.

3. Student loan organizations work on the premise that ‘the greater your education then the greater your income will be’, hence the interest rate for student loans can usually be a bit higher.

4. Remember that the interest rates that are applied to your loans are not necessarily fixed and may change over the course of the loan.

5. Every loan company will have a slightly different lending criteria so it is a good idea to compare the small print for each, taking more notes as you go.

6. Refinancing two or more loans will most probably lead to a greatly reduced monthly repayment amount.

7. Selecting a lower rate of interest for your loan is preferable than having a longer payback term for the loan.

8. When you refinance take in to account that there may be more fees applicable as well as more documentation.

9. Some loan companies offer different types of incentives just for using their company, add these incentives to your list for consideration.

10. Interest rates can also be slightly lower if you were to refinance during any grace periods.

11. Make sure that you read every page of every document before you sign anything, you may come across a condition in the small print that might adversely affect you in the future.


In any case, as soon as you start your loan program it is always a good idea to look at other sources of income that may be available to you.

Of course, there are the normal avenues of obtaining a little extra money such as a part time job to assist you, but perhaps it is time to start thinking outside the box.

As Albert Einstein said “Insanity is doing the same thing over and over again and expecting different results”

So, as you are already starting to think outside the box as far as your education and finances are concerned, it might be an appropriate time to consider some different income scenarios that will slowly build up and give you a passive income over time.

Consider This: If you were to start building a passive income at the same time you started your studying, even if you were to spend, say, an hour a week dedicated to this new venture, then over the course of your study, this could amount to a considerable and constant passive income.


I can hear you say ‘but what can I do?, I have no idea where I should start and no money to start any hair-brained or get-rich quick schemes”

On the back of that sheet of paper you got our earlier to jot your notes on, then put one heading ‘Alternate Income’. Not jot down a list of ten things that you can think of right now that might just help to make you a passive income. It doesn’t matter how crazy it seems, just write down what comes

to your mind. This will help get your creative juices flowing.

Three From Me

To help you get started with your list, I will start you off with three ideas that have made things happen for me, they are not get rich quick schemes (although the crowdsourcing can be), but rather they are get-wealthy-slowly ideas that will grow over the years.

  1. Your Own Blog. Believe it or not, you can make a free blog on sites such as, you don’t need any tech skills, its just drag and drop. Write about something that you like, baseball, basketball, stamp collecting, ant farms, anything that id interesting. You can then monetize your blog in a very subtle way.
  2. Kindle. Write and publish a book on the Kindle platform, this is easier than you think, all you need to publish your book on Amazon Kindle is a word document of your book and a jpeg image of the cover. It is also free to upload and money can be flowing into your bank account the next month.
  3. Crowdfunding. As is sounds, this is where you get ‘the crowd’ to help fund your idea. You can set up a campaign that will bring in a wad of cash. Some ideas that others have done campaigns for are ‘help me pay my way through college’, ‘help pay for my pet dog’s operation’, ‘help me fund my new oddball idea’, you start to get the idea of what crowdfunding is all about. Your idea can be realistic or even a bit ‘whacky’, just do it.

I hope that easy student loans refinancing has been of help, I wish you every success with your study.

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