While each person's motivation for refinancing their student loans may be different, everyone feels the stress of paying down their loans and reducing their student loan debt.

If you're a recent college grad...

You may want to lower your monthly payments so you have the money to buy a car or move out of your parent's basement and into an apartment of your own.

If you're a little further along in your working career...

You may want to reduce your payments or pay off your loans faster so you can start a family or purchase your first home, or just take a family vacation!

Key benefits of Student Loan Refinance

Whatever your reason, student loan refinance offers a number of benefits.

  • Reduced monthly payment.

    Refinancing at a lower rate can lower the amount you pay every month. This can mean more for you to save, invest or put even more toward paying off your student loans. And if you refinance with Webster, we'll apply a .25% rate discount when you sign up for automatic payment deduction from your personal checking account.

  • Less work.

    Combining multiple student loans into one loan, from one lender, offers an easier and less time-consuming way to manage payments, terms and balances. This helps you streamline the financial management of your loans, and gives you more freedom to spend your time in more enjoyable ways.

  • Pay at your own pace.

    If you want to be free from debt sooner, and don't mind paying a higher amount each month, refinancing may allow you to repay your loans over a shorter period of time. But some may want the flexibility to pay over a longer period to have a lower payment that allows them to make payments without taking away from other things they may want to spend on today.

  • Opportunity to remove a co-signer.

    Refinancing can let you release a co-signer from his or her financial responsibility for your student loan...and keep you as the primary borrower.

  • No fees.

    Unlike with a mortgage refinance, there are no fees to refinance student loans from Webster Bank.

Take advantage of these benefits when you refinance your student loans with Webster Bank.

You may not want to refinance student loans if...

  • You have a federal loan and/or work in public service.

    This is because your loan can be forgiven or qualify for the federal Public Service Loan Forgiveness (PSLF) program.

  • Your student loan offers an income-driven repayment option.

    In this case, you can lower the amount you pay every month to be in line with how much you earn.