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Education loan refinancing mode taking right out that loan with a brand new bank Student loan Refinancing If you’re considering education loan refinancing as an alternative to Societal Provider Financing Forgiveness, below are a few information you may be finding. The newest financial will therefore pay your own old financial. Your mortgage ought to include revised words, have a tendency to together with a lower interest together with modified installment identity of your choosing. The newest rate of interest considering depends through to a beneficial borrower’s borrowing background and you may credit history , also almost every other qualification criteria, according to financial institution.