Will a refinance lower my payment amount?

Refinancing does not assure a reduction in scheduled payment amounts. Your payment amount depends on a few factors, such as the date of the first payment on your new loan and the interest that accrues between then and the last payment date on your previous loan. If you refinance for a different loan amount, your payments could also change.

If you are considering refinancing your loan to lower your payment amounts, you may want to speak with a member of our Payments department at (855) 408-5000 to discuss whether repayment options and potential assistance on your current loan are a better option.

If approved for a refinance, we advise you to view the payment amount of your new loan on your loan agreement and carefully consider whether you can afford to make the scheduled payments over the term of the loan before signing.