An ultimate guide to refinancing student loans in the US

When you refinance a student loan, you get a new private student loan to pay off one or more current student loans. Borrowers may choose to refinance their student loan debt to lower their interest rate, lower their monthly payments, or pay off their debt faster.
Refinancing student loans can save you money over the life of the loan, but not everyone should do it. For example, if you have federal student loans in the US that are qualified for debt forgiveness programs and income-based repayment plans, you might not want to refinance them. But if you have private student loans or don't plan to use government protections, you may have decided that refinancing is the best choice for your finances. 
Here are five-step methods for refinancing your student loan debt.
1. Gather your financial data:
Before you talk to US student loan lenders, you should talk to your present loan servicer to find out how much you owe on your student loans. You should also look at your own funds so you know what to expect when it comes to getting a loan. You will need the following:
Unpaid debt from student loans.
Rate of interest on student loans right now.
Date expected for paying back loan. 
Credit scores and records are made.
Proof of earnings.
2. Examine interest rates from various lenders
It pays to shop around when it comes to refinancing your student loan debt. Most student loan refinancing lenders allow you to get prequalified in order to determine your projected interest rate and repayment conditions without affecting your credit score. This means you can compare loan offers from many lenders to discover the best interest rate for your specific situation.
3. Select the most appropriate loan offer for your situation
With various loan offers in hand, you can select the one that best assists you in meeting your financial objectives. Ideally, you should select the lender with the lowest interest rate without extending your payback time. This can help you lower your monthly payments and save money over time while still following your loan's original payoff date.
4. Apply formally through the refi lender
You'll need to fill out a formal loan application with the lender once you've decided on the best loan offer for your financial position. Unlike pre-qualification, the loan approval process will necessitate a hard credit check, which will have a transient and relatively minor negative impact on your credit score.
5. Begin making payments on your new student loan
Following loan approval, you will sign your loan documentation, which may usually be done online. Your previous debt will be paid off by your new student loan lender, and your loan balance will be transferred within a few weeks. In the interim, you should continue making payments to your original lender until the handoff is complete to avoid late fines.