Here are the answers to our top 10 questions on student loan refinancing. Have a question not listed here? Check our FAQs or let us know.
1. How do I know what my interest rate will be?
You can check your interest rate with our Find My Rate app. Use this tool to see discounts, your new monthly payment, lifetime savings, and your 5 student loan refinancing options – all before applying and before a credit check.
2. How long does the application and approval process take?
Our application only takes 15 minutes. If approved, we’ll require a few documents to upload. There is a 2-day processing window to make sure everything checks out. The document upload usually takes applicants the longest, but remember you can snap a picture with your smartphone or take a screenshot for all of your documentation. After approval and the final documents are signed, you will enter a 3-day right to cancel period. Your first payment is then due 30 days after your loan is disbursed. You can always come back to our website to setup your account and make payments.
3. Do you have any fees?
Nope. We never charge application fees, origination fees or prepayment fees – you can pay more than your monthly payment to get out of debt faster without any type of penalty.
4. Do I have to make a payment to my previous provider even though they have not received the payoff check yet?
Yes, if you have a payment due with your existing servicer, go ahead and make the payment so you are not assessed any late fees. Any overpayment on your loans will be refunded directly to you via snail mail, so it may take up to 14 days to receive your reimbursement.
5. Will I be able to refinance my loans again?
Yep, but remember that when you refinance federal loans, you cannot switch back to a federal program. If you do need federal benefits such as income-based repayment or are on a public forgiveness program, stay with your federal loans. You can read our blog post on federal loan refinancing if you’d like to learn more.
When you refinance your student loans through us, your loan will still qualify as a student loan (not a personal loan). So if you’d like to refinance with us again in a few years, just let us know.
6. Do you refinance Parent PLUS loans?
Sure do! We also have a program that can transfer your Parent PLUS loans to your child, if you’d like to get your name off of the loan. To do this, have your child apply to refinance with us and list the loans you wish to transfer during the application.
7. Do you offer a cosigner release?
If you are applying for the first time and want to have a cosigner taken off your existing loan, just apply on your own. The majority of our borrowers do not have co-signers, so this is not a frequent request. Our policy is to release a co-signer upon request assuming borrower is fully qualified for the loan on their own.
8. Can my spouse and I refinance our loans together?
Yes and we will use the higher credit score to get your interest rate as low as we can. To refinance your loans together, apply with one spouse as a cosigner so both names are on the application and list all the loans you would like to refinance. If you need to separate your loans after you refinance with us, we can do that too.
Read more on the pros and cons of refinancing your loans together.
9. How do I know if I am eligible?
Our full list of requirements can be found here, but if you make above $42,000 and have a good credit score, you will most likely qualify. Our minimum loan requirement is $20,000 and our DTI requirements depend on your income. If you have specific questions, remember you can chat us for the fastest response.
10. Will I receive the discount for ACH/automatic payments right away?
If you are a new customer and set up autopay through the UAS website, your discount will be applied on the next business day. Your initial paperwork will not reflect the discount, but your next billing statement will list the discounted rate. Remember, you can get a 0.25% interest rate discount with auto payments from your existing bank account.