A change in the general economy can cause such a fluctuation.For instance, when mortgage rates increase, the student loan variable rate will also increase.
For instance, a variable rate may be 3% early in the year but 4% later in the same year.Q: How will I know if refinancing will save me money?Small reductions in your interest rates translate into large savings over the life of your student loans.The fewer open lines of credit you have on your credit report, the higher your credit score is likely to be. Driver’s license, passport, or bank statement to verify your address.Your last month’s pay stubs Your most recent tax return Proof of graduation Q: How long does it take to start saving, once my application is approved? Generally, you should see the payoff post with your original lender approximately 3-4 weeks after you receive your final disclosure.Q: Can I refinance both private and federal student loans? You can refinance both, but be cautious with your federal loans.