Now that student loans payments have resumed, you may ber feeling overwhelmed by both your federal and private student loan payments. It can be a lot to manage.
One solution may be to refinance your private student loans for a lower monthly payment and/or lower your interest rate. Sound complicated? With FAME, it doesn’t have to be. As the Maine organization that provides tools and resources to financial education and wellness, FAME helps you become more informed and shares local lender options in one spot.
We have connections
With connections to local lenders as the provider of their student loan insurance, FAME makes it easy to explore many Maine lenders in one place.
We have connections
With connections to local lenders, FAME makes it easy to explore all your options in one place. You don’t need to visit website after website — we have everything you need right here.
Step 1
Become more informed: if you are not certain you want to refinance your private student loans or about the costs and benefits of doing so, you can use FAME’s resources to become more informed. FAME provides information on things to consider before you refinance and tools like loan calculators, FAQs, tips on reviewing your credit, the costs of refinancing, and more.
TO DO: Check out FAME’s refinance webpage to become more informed.
Step 2
Understand and determine: your next step is to understand your current private student loan situation and your goals so you’ll be able to decide whether refinancing makes sense for you. You can find these by logging into your private student loan provider website and viewing your loan statements.
TO DO: For each of your private student loans, find your
- Interest rate
- Repayment terms
- Borrower benefits
Need helpful tips on navigating your Federal student loan repayment? FAME has resources to help.
Step 3
Now’s the fun part (really!) Your third step is to explore refinancing options. FAME has local Maine lender information listed in one place. Look at loan options, including interest rates and whether the rate type is variable (the interest rate can change over time) or fixed (the rate will stay the same for the life of the loan). FAME’s compare tool makes it super easy to compare loans between lenders to help you find the right option for you.
TO DO:
- Go to FAME’s local Maine lender page
- Use the compare tool to compare loans options
- Compare rates and terms with your current student loans
Did you find an option that works for you? Great! Apply to refinance.
Ready to start refinancing?
You can do this!
FREE Federal Student Loan Counseling
To support Maine borrowers, FAME has partnered with two national experts who provide free-one-on-one personalized federal student loan counseling. You don’t have to go it alone!
Learn More
