Finding the best solution to help your education loan repayment needs.
Whether combining student loans to pay them off more quickly or trying to find a more affordable monthly payment to bring your finances in line, consolidation or refinancing can be a powerful tool to help reach your goals.
Why refinance your student loans with us?
- Competitive fixed rate and variable rate options:
- Fixed interest rates and fees – Application & Solicitation Disclosure(Opens in a new window)
- Variable rates and fees – Application & Solicitation Disclosure(Opens in a new window)
- Maine-based loan with a local community bank—Bangor Savings Bank
- Combine many student loan payments into one payment
- The ability to refinance a variety of educational loans: federal, private, plus, etc.
- It is easy—apply online today(Opens in a new window)
IMPORTANT: When determining what loans you wish to refinance, be sure to weigh the pros and cons of doing so. Federal loans come with some benefits that may or may not apply to you. Some examples of those benefits are loan forgiveness programs for certain professionals, the option to postpone payments based on financial hardship, and a wide variety of payment plans. These benefits and protections do not transfer to private student loans.
How much can you borrow?
- Minimum loan amount: $10,000
- Maximum loan amount: $250,000 (total student debt cannot exceed this amount)
When do you need to start repaying your loan?
- Payment of principal and interest begins immediately after the loan closes. There is no deferment should you decide to go back to school, so be sure to carefully consider if now is the right time for you to refinance your student loans.
What information do you need to get started?
- Lender name, address, and phone number
- Your current interest rates
- Balance: the total amount you owe on each loan you wish to refinance/consolidate
- Current monthly payment(s) on each of your student loans
- Months remaining in the payback of each of your loans
- Any benefits, including discounts, that initially came with your loan(s)