When considering whether or not to refinance your student loans, the first question you may ask is...can I refinance? For the answer, you'll need to decide:

  1. if you're eligible to refinance,
  2. if your student loans qualify for refinancing; and
  3. how certain choices could affect your new loan payment

Can you refinance your student loans?

If you meet these initial criteria, you may be eligible to refinance at Webster Bank.

  • You're a U.S. citizen
  • You're at least 18 years old
  • You've graduated from college
  • Able to meet the Borrower Credit and DTI requirements
  • You have the ability to repay your debt
  • You have 6 months employment history
  • If you are self-employed, you must have owned your business for at least 2 years and can provide copies of the most recent federal tax returns with all applicable schedules
  • No student loans may be refinanced with 20 payments or less still owed.
  • Parent Plus loans are not eligible for this program.
  • These loans will not be eligible for deferment. Customers will be expected to pay in the event they go back to school as per the terms of their loan agreement.

Types of student loans Webster Bank can help refinance

Webster Bank can help you refinance both federal and private student loans.

Federal Loans

These include Subsidized and Unsubsidized Direct Student Loans as well as a Grad Plus loan. Depending on the type of loan you have and your current situation, you may be able to save money over the life of your loan with a new, lower interest rate, lower monthly payments or pay over a shorter period of time. But, you may give up the ability to have your loan forgiven or your payments deferred/adjusted.

Private Loans

These include student loans you may have taken out from a bank, credit union or online lender to pay for any additional costs not covered by any financial assistance you received from your undergraduate, graduate or professional school, the Free Application for Federal Student Aid (FAFSA) and any Federal student loan programs.


Access our frequently asked questions on refinancing student loans.

Apply Now

Choices that can affect your new loan payment

Once you decide to refinance your student loans, there are some choices you'll need to make that will help you tailor a solution that best fits your unique needs. These choices will impact the amount of your monthly payment and the length of time you'll make payments.

Should you choose a fixed or variable interest rate?

There are pros and cons no matter which one you choose. Let Webster Bank show you how to carefully weigh both options to decide which is right for you.

Do you want to pay it off fast or slowly over time?

The term that's right for you depends on your current situation and future goals. Watch this video and see how Webster Bank can help you make the best choice possible.

Why should you Refinance your Student Loans?

Refinancing can help you get rid of student loan debt faster or you can lower your monthly payments so you have more financial freedom.


Access our frequently asked questions on refinancing student loans.

Apply Now