Should I refinance my student loans?

Contributing sentiments towards policy:

66% : Benefits of student loan refinancing
62% :Look at jobs with student loan assistance or forgiveness"Many employers are offering student loan repayment assistance as an employee benefit.
60% : The main benefit of student loan refinancing is the potential to qualify for a lower interest rate.
60% : Student loans carry various repayment and forgiveness options depending on the type of loan program.
59% : Importance of credit score and income for student loan refinancing
58% :How to refinance student loans
58% : The documents needed to refinance student loans vary by lender, but at a minimum, you should be prepared to share proof of income and proof of residency in addition to basic information like your full legal name and your social security number.
57% : Pros and cons of using a cosigner for a student loan refinance"You could also apply with a co-signer who qualifies if your finances don't meet the lender's requirements.
57% : Once an understanding of the types of loans is in place, borrowers should then discuss what refinancing options are available, both with their current loan providers and other lending institutions that specialize in student loans," says Carlos Rodriguez, director of financial planning at Edelman Financial Engines.
56% : Other factors and eligibility criteria for student loan refinancingOther factors affecting student loan refinancing include debt-to-income ratios (all your monthly debt payments divided by gross monthly income), minimum income thresholds and the duration of employment with the borrower's current employer, says Kantrowitz.
56% : "While there may certainly be an economic benefit to refinance a specific type of student loan, if it comes at the cost of losing a loan forgiveness option, hardship qualification, public employment forgiveness or income-based repayment options, then keeping the existing loan features may outweigh the potential cost savings.
55% : There's no limit to the number of times you can refinance student loans, so if your credit score improves or interest rates decline, it can make sense to refinance.
54% :Student loan refinancing involves taking one or more student loans and swapping them for a new loan that pays off the old loan(s), ideally at a lower interest rate.
53% : The goal in refinancing student loans is often to save money, though it can also be to change the term of the loan.
52% : What is student loan refinancing?
51% : It may also make payments simpler: "You can also use refinancing to combine a bunch of student loans into one, making it easier to keep track of your repayment," says Kitchen.
51% : Alternatives to student loan refinancing
50% : To formally apply for a student loan refinance, you'll need to gather financial information like proof of income and all information pertinent to your current loan, compare rates and terms from multiple lenders and then you'll need to fill out an application which will involve a hard credit inquiry, all of which can take anywhere from a couple of weeks to a couple of months from start to finish.
43% : Risks and considerations of student loan refinancing"Determining if one should refinance is a primary consideration -- is there enough of a benefit relative to potential risks," says Rodriguez.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.