Nitro Knowledge. Your Guide to Paying for College.

If you took out loans for college, there's a pretty good chance you used a cosigner. Most recent high school graduates don't have the credit or income history to qualify for a loan that size on their own merit. You probably had a family member—perhaps a parent or grandparent—sign along with you to provide assurances to your lender that someone financially responsible would make the payments if you failed to. 

A cosigner can provide the same service now as you apply to refinance your student loans. But before you ask someone to sign on that dotted line, make sure you understand the pros and cons of using a cosigner. 

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Paying off your student loans is hard work. The last thing you want to do is make it harder for yourself by leaving money on the table or paying unnecessary fees.

Of course, most borrowers don’t pay more than they should on purpose. So how can you make sure you’re not getting in your own way?

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Did you take out a Parent PLUS loan to help your child through college? If so, you'd probably love to find a way to make those payments more manageable.

Refinancing may be good option to allow to put your money toward your own financial priorities—finally. 

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Since graduating from college, you may have buckled down and gotten serious about your finances — improving your credit score by paying your bills on time and establishing a good history of stable employment. 

Unfortunately, this doesn't change your terms for the student loans you borrowed years earlier. While it may not have occurred to you, you may be paying too much for you student loans, and you may be eligible for better interest rates or a lower monthly payment through refinancing.

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You've heard about all the practical reasons for refinancing your student loans: It can lower your monthly payment, lower your interest rate, and even help you pay off your debt sooner. 

But how does refinancing affect your credit score? 

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Many of us have been in a position where asking for help with our finances seemed like the only way to get out of a pinch. And as difficult as it may be to lean on someone else for support, there are times when it’s a necessity. 

If the bills are stacking up and you’re running into problems refinancing your student loans, you might be wondering if you’ll ever get out of debt. While it might not feel like it right now, there is a way to get some relief — even if you can’t refinance on your own. 

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