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Splash Financial is a leader in student loan refinancing. Their mission is to help young professionals pursue both career and life goals without the constant worry of student loan debt, thereby allowing people to make their splash in the world. They pride themselves on their low rates and customer care team.
Earnest is a technology-enabled lender using data science and automation to reinvent financial services. Earnest’s lending products are built for a new generation seeking high-quality services and offers financially-responsible individuals competitive rates for student loan refinancing.
Since LendKey is a collection of community banks and credit unions, eligibility depends on each individual lender.
LendKey is an online platform with a collection of 13,000 credit unions and community banks. They pride themselves on providing borrowers with a transparent low-interest lending experience.
Laurel Road was founded in 2013 and acquired by KeyBank in 2019. Laurel Road is an insured bank providing carefully crafted loans with low rates, personalized service, and proprietary technology, to make the journey to financial independence just a bit easier.
Not available at this time
Education Loan Finance is a refinancing program offered through SouthEast Bank. They strive to provide manageable payments, affordable rates, and flexible terms for students looking to refinance their student loans.
Citizens Bank, one of the nation’s oldest and largest financial institutions, provides an integrated experience that includes mobile, online banking and lending solutions, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches. Citizens Bank is a leader in Student Loan solutions, offering lending solutions for parents, students and former students. The Citizens Bank Education Refinance Loan is a leading solution helping graduates and former students to better manage their student debt. Citizens Bank helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions.
Founded by a group of Stanford business students, SoFi was created to help their fellow classmates manage their debt by providing lower interest rate student loan refinancing options. SoFi assists student borrowers all across the U.S. by providing refinance and consolidation services.
NaviRefi is an enterprise from industry veteran Navient that focuses exclusively on student loan refinancing. They offer a speedy application process with competitive rates and flexible repayment terms for loan balances up to $500,000.
For one, student loan refinancing is a form of debt relief and can help ease the burden of your debt load and provide solutions to several issues that make it difficult to pay off your loans. If you feel bogged down by your student loan debt and finances are tight, there are several factors that might motivate you to refinance student loans.
If you have several student loans with different interest rates, you can consolidate everything into a single new loan with one interest rate. Juggling multiple loan payments can be difficult to keep up with, especially when you have multiple lenders. Not to mention, some student loan servicers buy and sell loans, so you could wind up paying different lenders than the original servicer that you used.
This will allow you to have all your student loans in one place so you can be more organized and track your progress better.
One of the best solutions refinancing can provide is a lower rate on your student loans. If you have good credit and a stable monthly income, you can apply to refinance in an attempt to get a much lower interest rate than the one you currently have. This is a wise option, especially if you have high-interest private student loans. With a lower interest rate, you can pay less on your loans overall since more of your payment will go toward the principal balance.
When you consider refinancing your student loans, it’s important to run the numbers beforehand and compare your options to make sure this solution will actually help you pay off your loans faster and/or save more money over the life of your term.
If your minimum student loan payment is too high, it could have a negative effect on your current lifestyle, making it difficult to pay your rent, pay for food, or cover other living expenses. Refinancing provides you with the opportunity to lower your interest rate, which in turn will lower your monthly payment.
You may also have the opportunity to extend your loan term and lower your monthly payments. However, with this option, you may be paying more interest over the life of the loan if you don’t pay it off early since you’ll have a longer term.
The sooner you are able to relieve yourself of student loan debt, the better, right? If you’re able to secure a lower interest rate by refinancing, you may be able to shorten your term and pay off your loans sooner. However, keep in mind that shortening your student loan term often means your monthly payments will increase.
Paying off your student loans faster saves you more money now and in the future because you can cut out thousands of dollars in interest payments that you would have paid for with a longer loan term.
If you feel trapped to your student loan payments and your high monthly payments are preventing you from living your life, refinancing can be a great way to lower your interest rate and reduce your monthly payment.
Let us help! Our lenders offer a variety of options aimed at saving you most money they can.
If you have a Bachelors, Masters, or PhD, you are eligible to refinance student loans. Lenders generally work with individuals with good credit and who are currently employed.
When you refinance student loans, you take out a new loan from a private lender to pay off one or more of your old loans. If you qualify, you could snag a lower interest rate on this new loan. You can also choose new repayment terms to pay off your debt faster, or lower your monthly bills.
Both private and federal student loans that were used at a qualifying institution are eligible for refinancing. A qualifying institution typically means a Title IV-accredited school in the United States.
You must be the primary borrower on any loans you wish to refinance. A lender might also require that you’ve already earned your degree, or are close to earning your degree. Some lenders also state a minimum loan amount for refinancing.
You can refinance one or more federal and/or private student loans, but you must meet a lender’s requirements for credit and income. Most lenders look for a credit score of 650 or higher, along with a steady source of income or an offer of employment. If you can’t meet these criteria on your own, you could qualify by applying with a creditworthy cosigner, such as a parent.
Along with your credit score and annual income, some lenders also look at your savings and debt-to-income ratio. Finally, some lenders require proof of graduation, as they’ll only approve borrowers who have obtained their degree. If you left school before graduating, there are relatively few student loan refinance providers that will work with you.
Although refinancing can simplify your debt by combining multiple loans into one, it’s different from federal student loan consolidation. You refinance student loans with a private lender, but you consolidate loans by taking out a direct consolidation loan from the federal government.
Federal consolidation combines federal student loans into one new loan, and it lets you choose new repayment terms. But it doesn’t lower your interest rate, so you won’t save money on interest-only student loan refinancing helps you lower your rate, if you qualify.
Many student loan refinance companies offer the option to borrow at fixed and variable rates. It’s important to understand the differences between these rate types before you choose your ultimate loan.
Yes, there’s no hard-and-fast rule on the amount of times you can refinance student loans — you might decide to refinance with your current lender, or switch to another.
Refinancing a second time could make sense if your financial situation has improved to the point where you could score a significantly lower interest rate. If you extend your loan term as part of refinancing again, though, you’re likely to lose — not save — money until your balance hits zero.
Compare your current loan to your potential refinanced loan using our student loan refinancing calculator.
Refinancing student loans with bad credit is difficult but not impossible. One way to circumvent the underwriting criteria of lenders is to attach a cosigner to your refinancing application. If your cosigner has a good enough credit score, debt-to-income (DTI) ratio and other characteristics, it could be enough to net you a stamp of approval. Just keep in mind that cosigning is a big responsibility, as you and your cosigner would be held equally responsible for repayment.
If you have bad credit but can’t find a cosigner, it could take longer to qualify for student loan refinancing. You might decide to build a positive credit history, improve your cash flow and reapply for refinancing down the road, when you’re more likely to meet lender requirements.
Before refinancing your student loans, make sure you’re in a financially secure position to pay them back on time, and have the credit score (or a creditworthy cosigner) to qualify for competitive rates.
It can also be a good time to refinance when interest rates are low. Note that if interest rates drop, you can consider refinancing again for better terms.
Finally, make sure you don’t need any federal plans or protections before you refinance. Once you refinance federal loans with a private lender, you’ll no longer have access to federal plans, such as income-driven repayment or federal forgiveness programs.
The lowest student loan refinance rates advertised by lenders are awarded to the most creditworthy applicants. Your creditworthiness is determined by your credit history and score, DTI ratio and other financial factors. If you fall short in any of these underwriting categories, you could lean on a cosigner to help you qualify and secure a lower APR.
Besides improving your application, another way to net the lowest possible interest rate is to make sure you’re shopping around with reputable lenders. Not all banks, credit unions and online companies start their fixed and variable rate ranges as low as industry leaders. So be sure to narrow your list of potential lenders to those that offer competitive APRs.
Usually no. Many lenders do not charge origination, application or disbursement fees for refinancing student loans. If you’re not sure, ask your lender about its fee structure before you refinance.
Note that when you refinance student loans, you can choose to extend your repayment terms. Opting for a long term can result in higher interest costs over the life of your loan. If you want to reduce the amount you pay in interest, consider selecting a shorter repayment term.
Applying for any new loan can knock a few points off your credit score, but on-time payments will improve your score over time. New credit applications only account for about 10% of your FICO Score, whereas your payment history makes up 35%.
Many refinancing lenders let you shop around with no impact on your credit score. With prequalification, you can compare rates before submitting a full application and consenting to a hard credit inquiry.
Since you’ll be refinancing your current loans rather than taking on new debt, your DTI ratio should not be affected.
You should consider refinancing if your finances are stable and you’re able to qualify (or have a qualifying cosigner). Refinancing is best for borrowers who are looking to lower their interest rate, restructure their debt or combine multiple loans into one. Since refinancing is typically done through a private institution, you should only refinance federal loans if you don’t need federal repayment plans or programs.
If you’re looking to combine several federal student loans into one loan, consider direct loan consolidation. This federal option helps you simplify repayment, and apply for a new repayment plan, but it won’t result in a lower interest rate. Also check out direct loan consolidation if you want to combine your federal loans while maintaining access to federal repayment plans.