Check your current loan details (type, interest rate, balance, term, servicer)
Confirm eligibility for refinancing (federal vs private, repayment status, credit/income requirements)
Calculate your current total cost and compare scenarios (new rate, term length, monthly payment)
Review your credit score and improve it if needed (pay down revolving balances, address delinquencies)
Gather required documents (pay stubs or income proof, tax returns if requested, ID, account info)
Estimate your debt-to-income ratio and ensure it meets lender expectations
Shop multiple lenders and compare offers (APR, fees, repayment terms, co-signer options)
Use prequalification tools where available to compare rates with minimal credit impact
Choose the best option based on total cost and risk (rate, term, fees, protections)
Understand federal benefits you may lose if refinancing federal loans (PSLF, IDR plans, deferment/forbearance, discharge options)
If using a co-signer, confirm eligibility and repayment responsibility
Apply online and submit documentation promptly
Review final loan terms and disclosures before signing
Complete the lender’s payoff process for your existing loans
Confirm disbursement and that old loans are paid off (check balances and servicer status)
Update autopay settings for the new lender
Set up reminders to ensure on-time payments from the refinance start date
Reassess your budget and repayment plan to avoid payment stress during the transition