Reliable & Informative Sources:
* Government Websites: The Federal Student Aid website (studentaid.gov) is a good starting point to understand your federal loans. While they don't offer refinancing themselves (for federal loans), understanding your existing loans is crucial before considering refinancing.
* Independent Financial Websites: Sites like NerdWallet, Bankrate, Credible, and LendingTree offer comparison tools and articles comparing different refinancing lenders. These are helpful for seeing rates and terms but be aware they are often compensated by the lenders they feature.
* Your Existing Loan Servicer: Check with your current loan servicer (the company that handles your payments). They may offer refinancing options, or at least give you information about your loan terms to help you compare offers from other lenders.
* Consumer Finance Protection Bureau (CFPB): The CFPB provides resources and information about student loans and other financial products, offering an independent consumer perspective.
* Financial Advisors: A financial advisor can offer personalized advice based on your financial situation and goals. This is especially helpful if you have complex financial needs or want a holistic approach to debt management.
Less Reliable Sources (Use with Caution):
* Individual Lender Websites: While you'll need to visit lender websites to apply, only use them for *comparison* after you've done research elsewhere. Focus on the fine print—APR, fees, and repayment terms—as these can vary significantly.
* Unverified Online Forums and Blogs: While these can offer anecdotal experiences, they lack the credibility of the sources listed above and may contain inaccurate or biased information.
Things to Consider When Researching:
* Interest Rates: Compare APRs (Annual Percentage Rates) across different lenders. A lower APR saves you money over the life of the loan.
* Fees: Be aware of origination fees, prepayment penalties, and other charges.
* Repayment Terms: Consider the length of the loan and the monthly payment amount. A shorter loan term means you pay less interest overall, but your monthly payment will be higher. A longer term reduces monthly payments but increases total interest paid.
* Loan Types: Understand if you're refinancing federal loans (which comes with potential drawbacks like losing federal protections) or private loans.
* Credit Score Requirements: Check the lender's credit score requirements to see if you're eligible.
* Eligibility: You'll need to meet certain requirements to be approved for refinancing.
Remember to compare multiple offers before making a decision. Don't rush the process; take the time to understand the terms and conditions of each loan offer. If you're unsure about any aspect of the refinancing process, it's best to seek professional financial advice.