Study Abroad Loans: Education Loan Refinancing Emerges as a Viable Debt Solution

Refinance Education Loan

Education loan refinancing has become a viable option for study abroad students. Anyone with a study abroad loan can thrive in the rising education loan interest rate environment by opting for a refinance option. 

In the current economic climate, graduates have the opportunity to refinance their education loans by obtaining a new loan to repay their existing one. This process allows them to potentially secure improved interest rates, lower monthly payments, and more favourable conditions. Additionally, refinancing can enable graduates to acquire fixed interest rates and relieve their parents of the responsibility of being co-signers or guarantors on the loan.

This option is available for beneficiaries of domestic and abroad studies education loans who are still studying. Additionally, borrowers who have completed their courses and are about to pay off their loans can also refinance student loans. Moreover, working professionals who are still paying off educational loans can seek refinancing options.

Refinance Education Loan

Ways of Education Loan Refinancing

Indian students with outstanding education loans can reach out to private lenders, explore government schemes, or consolidate several education loans to refinance their student loans. Here are some of the popular ways to refinance loans in India: 

  • Private Lenders: Borrowers can research private financial entities that provide refinancing services for student loans. Lenders such as Avanse may offer flexible repayment terms, competitive interest rates, and the possibility of releasing co-applicants/co-signers.
  • Loan Consolidation: Another option is to consolidate numerous education loans into a single loan with a new lender. This is simplest the loan repayment process. Furthermore, it can possibly lower interest rates and better repayment terms.
  • Government Schemes: Certain government student loans in India offer refinancing facilities. Beneficiaries can check with relevant nationalised banks to check if they qualify for such programmes. These government-backed schemes often come with added advantages and lower interest rates.

Stay in tune with Fly Finance News Desk to get the latest updates on study abroad loans and international money transfers

About Fly Finance News Desk

Leave a Comment

PhD Funding in France with these Best 5 Scholarships 10 Best Banks in the USA for International Students Open an International Bank Account Online in 7 Steps 3 Best Student Bank Accounts to Open when Studying Abroad ICICI Bank Education Loan to Study Abroad Baroda Yoddha Education Loan to Study Abroad Top 5 Benefits of SBI Zero Balance Account for Students Eligibility Criteria for Aditya Birla Capital Education Loan to Study Abroad Auxilo Education Loan for Army Brats: Loan Details and Interest Rates Steps Involved In Canara Bank Education Loan Processing Time

Send Money Abroad in <15 mins


Request a callback


Get an education loan at the lowest interest rate


Thank you! Your call request has been submitted

Our team will connect with your shortly

aero Confused which education loan is the best for you?