And students are not the only ones who are ‘on the hook’ for student loans – any co-signer (usually a family member) carries the burden also.
Even if the student is able to start to pay off the loan themselves, co-signing on a large loan can affect the credit score/worthiness of the co-signer.
Thus, many students upon graduation (or before) think about refinancing to get a better interest rate for their student loan(s); obtain a longer term to pay off the loan(s) or release the co-signer from the financial responsibility of the student loan(s) .
The Investopedia.com article: Student Loan Refinancing: The Pros and Cons By Ashley Eneriz (updated June 14, 2018) is an excellent summary of what to expect when you refinance student loans.
A student loan is a legal financial document. If you are unsure about any terms of the document, or you do not understand the financial responsibility of co-signing on a loan, ask for guidance and explanation from a legal professional.
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