You can often choose between a fixed or variable rate loan when refinancing.There are many reasons to consider refinancing your student loan debt: Student loan refinancing rewards your financial progress and can save you money over the life of the loan.

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Whether one or both of you is repaying student loan debt, it's important to create a plan to address your loans and pay them down effectively.

Citizens Bank Student Loan repayment examples assume a $10,000 loan in the first year of school with two equal disbursements, the repayment term and interest rate type selected above, and is based on an application with a borrower and a co-signer.

Once you’re approved, you are automatically approved for the total eligible student loan amount listed on your credit report.

When you’re ready to accept your loan, you can choose to refinance less than the requested amount (as long as it’s above $5,000) or up to 105% of your approved amount. When considering refinancing your federal student loans, it is important to review the current protections and benefits you are granted with those loans, and understand which of those you may be giving up when refinancing with a private lender like Earnest.

Fixed interest rate loans often start with a higher interest rate, but that rate is locked in for the life of the loan.

Variable interest rate loans typically start with a lower interest rate, but the rate can go up and down—along with your monthly payment. We’re proud to offer some of the lowest rates available.

When you refinance student loans, you consolidate your existing federal and private education loans into a single loan.

This new loan does not have an origination fee and typically has a lower interest rate.

Here at Earnest, the entire application process is online, and you could have your new low interest rate loan in less than a week.

It’s possible to consolidate federal student loans (Federal Perkins, Direct subsidized, Direct unsubsidized, and Direct PLUS loans) with a Direct Consolidation Loan from the Department of Education, but this will not allow you to lower your interest rate and private student loans are not eligible. The longer you hold your loan at a higher rate, the more interest you are accruing—even if you are in a grace period.

Like other forms of debt, you can refinance a student loan (both private student loans and federal student loans are eligible for refinancing).