Image by: Mari Helin-Tuominen
Read this if you’re getting ready to refinance your student loans and want the process to go as quickly as possible. Estimated read time ~5 minutes.
Once you’ve figured out the benefits you need for refinancing, picked out the companies that offer those benefits, and chosen the three companies with the lowest interest rate estimates it’s time to submit formal applications.
Loan applications can be time consuming because they require a reasonable amount of supporting information. Here’s what you’ll need to get together for most refinancing companies. Prepping ahead means you can simply upload the documents and hit submit when you’re ready to apply!
1. Official identification
- This is typically a driver’s license, passport, or birth certificate
- Time-saving tip is to snap a pic of it with your cellphone for quick upload
2. Supporting income documents
- Recent pay stubs, often the last two paychecks or 30 days worth
- W2
- Time-saving tip is to go straight to the pay information on your employers website if they give you electronic access to your paystubs etc.
3. Documentation of assets
- 401k/IRA statements
- Bank statements
- Time-saving tip is to link your account information online if the refinancing company offers that option so you don’t have to provide statements
4. Documentation of other debts
- Loan balances and monthly payments for any other outstanding debt you may have like car loans, mortgage, and credit card debt
- Time-saving tip is to link up these online accounts to the refinancing company website to save time
5. Student Loan statements
- Most recent monthly statement that contains your name, account number, payoff amount, and payment mailing address
- 30 day payoff statement that contains your name, account number, payoff amount, and payment mailing address
6. A license to practice
- If you’re a licensed professional you may have to provide a copy of that license (i.e. pharmacist, physician, dentist, etc.) to the refinancing company to show that you’re eligible to practice in your state of employment
To Save Time Organize
- Put all this documentation in a folder you can quickly and easily access.
Here’s to a stress-free application process because you’ve got it together! When you refinance let me know how it goes. What did you do to expedite each application? Comment below or on the Repayable Facebook Page. Here’s to a better interest rate and feeling like a student loan refinancing champ!
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