Refinancing your student loans could save you money and loan reputations. This is it can be a smart strategy to manage your debt. But which student loans Refinance is best?
Students and Parents as just the same question.
To make it easy, we have picked and compared Best Student Refinance Companies because there are fates that working with a private lender for instance helps in taking out a loan for your existing debt, you can lower your interest rate, reduce your monthly payment, or even pay off your loans early.
Student loan refinancing is ideal if you (or a co-signer) maintain a good or excellent credit score and stable income, especially if your current loans have a high interest rate, then taking advantage of the student loans refinance companies offering lower interest rate becomes a perfect decision.
You can even take over the responsibility of relieving your parents from the current federal loans they took on your behalf to ensure you completed college by engaging in loan refinancing.
Below we’ve picked and reviewed the best student loan refinance lenders, but can only be beneficial if you are qualified.
List of Best Student Loan Refinance Companies
Rhode Island Student Loan Authority
Variable APR:
N/A
Fixed APR:
3.19% to 6.09%
Loan Terms (Years):
5, 10, and 15 years
Loan Amounts Available:
$7,500 to $250,000
Min. Credit Score:
680
The Rhode Island Student Loan Authority (RISLA) keeps standing out from other student loan refinance companies because of its competitive rates and the substantial benefits it offers to borrowers.
SoFi
Variable APR:
2.25%6
Fixed APR:
2.74%+6
Loan Terms (Years):
5, 7, 10, 15, or 20 years
Loan Amounts Available:
$5,000 to $10,000
Min. Credit Score:
650
To qualify, a borrower must be a U.S. citizen or permanent resident and meet SoFi’s requirements. There are no origination fees to refinance.
CommonBond
Variable APR:
2.49% to 6.84%
Fixed APR:
2.59% to 6.74%
Loan Terms (Years):
5, 7, 10, 15, or 20 years
Loan Amounts Available:
$2,000 to $500,000
Min. Credit Score:
660
CommonBond also is an easy-going refinancing company that offers some of the lowest interest rates on refinanced loans among others. They provide different student loan refinancing programs ; including Undergraduate Student Loans, Graduate Student Loans, MBA Loans, Dental School Loans, and Medical School Loans.
PenFed Credit Union
Variable APR:
2.13% to 5.25%
Fixed APR:
2.89% to 5.63%
Loan Terms (Years):
5, 8, 12, or 15 years
Loan Amounts Available:
$7,500 to $300,000
Min. Credit Score:
670
PENFED Credit Union allows Parents and students to save more by refinancing. It stands out among other student loan refinancing companies by allowing married couples to also refinance student loans into a single loan and refinance parent PLUS loans in your name.
Citizens Bank
Variable APR:
2.24%+1
Fixed APR:
2.39%+
Loan Terms (Years):
5, 7, 10, 15, 20
Loan Amounts Available:
$10,000 to $750,000
Min. Credit Score:
Not disclosed
Unfortunately, Citizens Bank doesn’t disclose its loan refinance minimum credit, co-signers, or income requirements. But it is sure that the applicant must be a U.S. citizen or permanent resident and have at least $10,000 in student loans.
Brazos
Variable APR:
N/A
Fixed APR:
2.15%+
Loan Terms (Years):
5, 7, 10, 15, 20
Loan Amounts Available:
$10,000 to $400,000
Min. Credit Score:
690
To refinance with Brazos, the applicant must have a minimum income of $60,000 and must be a resident of Texas. They provide access to economic hardship forbearance, which allows borrowers to defer payments for up to 12 months over the life of the loan.
MEFA
Variable APR:
3.05% to 5.50%
Fixed APR:
3.05% to 5.50%
Loan Terms (Years):
7, 10, or 15 years
Loan Amounts Available:
$10,000 up to the total amount of qualified educational debt.
Min. Credit Score:
670
MEFA offers a choice of a fixed- or variable-rate loan, with repayment terms ranging from seven to 15 years. Even as a customer you can reduce your interest rate by an average of 24% when they refinance student loans. In the absence of autopay or other interest rate discounts, yet MEFA’s rates can still be competitive.
Laurel Road
Variable APR:
1.64% to 5.65%
Fixed APR:
2.25% to 5.75%
Loan Terms (Years):
5, 7, 10, 15, or 20 years
Loan Amounts Available:
$5,000 to $300,000
Min. Credit Score:
660
Well, Laurel Road is known to be catering mostly to health specialists. But notwithstanding, it also refinances student loans, including refinancing federal and private student loans. Although there isn’t payment postponement for borrowers returning to school.
Earnest
Variable APR:
1.99% to 5.64%
Fixed APR:
2.98% to 5.79%
Loan Terms (Years):
5 years to 20 years
Loan Amounts Available:
$5,000 to $500,000
Min. Credit Score:
650
On a different operation, refinancing student loans with Earnest you won’t be bothered about meeting a minimum income requirement to apply and no co-signer in order to qualify.
ISL Education Lending
Variable APR:
N/A
Fixed APR:
2.55 – 7.63%
Loan Terms (Years):
5, 7, 10, 15, or 20 years.
Loan Amounts Available:
$5,000 to $300,000
Min. Credit Score:
670
ISL is a non-profit loan lender that also offers student loan refinancing and private student loans nationwide. No late fee, no application or origination fee, and no prepayment penalty fee. But does not allow the transfer of parent loans to a child.
INvestEd
Variable APR:
2.42%+
Fixed APR:
3.47%+
Loan Terms (Years):
5, 10, 15, 20 years
Loan Amounts Available:
$5,000 to $250,000
Min. Credit Score:
670
INvestEd is an Indiana non-profit corporation that helps students and parents tackle debt head-on. It provides private student loans to students attending universities within the state.
Education Loan Finance (ELFI)
Variable APR:
2.39%+
Fixed APR:
2.58%+
Loan Terms (Years):
5, 10, 15, or 20 years
Loan Amounts Available:
$5,000 to $250,000
Min. Credit Score:
680
ELFI (a division of SouthEast Bank) offers a range of student loan products for undergraduate and graduate students. Because Education Loan Finance (ELFI) want to ensure effective and successful use of the loan, they provide a Personal Loan Advisor for their borrowers. Unlike with other student loan lenders, you also don’t need a co-signer to qualify.
College Ave
Variable APR:
2.94%+
Fixed APR:
2.99%+
Loan Terms (Years):
5, 8, 10, or 15 years
Loan Amounts Available:
$5,000 to $300,000
Min. Credit Score:
600
College Ave Student Loans refinances and lends parents and students at every level of higher education. International students are eligible only if their co-signer lives in the USA or are permanent residents.
Advantage Education Loan
Variable APR:
N/A
Fixed APR:
4.54%+
Loan Terms (Years):
10, 15, or 20 years
Loan Amounts Available:
$7,500 to $500,000
Min. Credit Score:
670
Advantage Education Loan offers student loan refinancing with fixed interest rates to borrowers nationwide, also with no late fees and a generous amount of forbearance.
Discover
Variable APR:
1.87% to 5.87%
Fixed APR:
3.49% to 6.99%
Fixed APR:
10 or 20 years
Loan Amounts Available:
$5,000 to $150,000
Min. Credit Score:
Not disclosed
Discover offers a range of hardship repayment options beyond the traditional 12 months of forbearance for refinancing borrowers in need. And doesn’t require borrowers to have graduated in order to refinance. It student loan refinancing is available for both undergraduate and graduate students who are the primary borrowers on the loans they want to consolidate.
PNC Bank
Variable APR:
2.22% to 5.02%
Fixed APR:
3.44% to 6.24%
Fixed APR:
5, 10, or 15 years
Loan Amounts Available:
$1,000 to $225,000
Min. Credit Score:
Not disclosed
Apart from student loan refinancing, PNC bank also offers different Student Loan Options. PNC also offers three repayment options: immediate repayment; interest-only payments while in school; and full deferment of principal and interest if you are in school or out of school and experiencing financial hardship.
Comparing Student Loan Refinance Lenders Wisely before Choosing
There is one common goal of student loan refinancing – to pays off the student loans with ease. And this could only be achieved if the right student loan refinancing company is selected.
Speaking about the best student loan refinancing companies, there are things to compare before making any decision on which private lending companies to choose – this includes;
- Checking out their repayment policy
- selecting lender that offers you the lowest rate you qualify for.
- period of forbearance throughout the loan term.
- Additional, loan modification options for flexable compliance after loan is approved.
We have provided more reviews for each loan lender – to enable you to understand more about them and know which loan program or company will be better for you.
4-Fast Steps to Apply for a Student Loan Refinancing
Step 1: Compare from the top loan refinancing companies and select the best you’re qualified for. While comparing, you will have to use the student loan refinancing calculator to see how much you’ll save with a new interest rate. Every lender has a loan calculator to help you do the Math. Then Get an instant interest rate estimate with no impact on your credit score.
Step 2: Fill out a simple Student Loans refinance application form as instructed by the company you’ve chosen to refinance your loan with.
Step 3: Keep paying your outstanding loans while waiting for the approval of the new loan refinance application.
Step 4: The best strategy to apply after you have been approved is to set up automatic withdrawals from your bank account so you don’t miss a payment. Who knows, depending on the lender, you might get a 0.25% discount on your interest rate when you set up autopay. You might qualify for an additional loyalty discount if you refinance with a bank where you already have a bank account.
Let’s hear from you through the comment box below, which top Student Loan Refinance Companies are you currently working with and why?
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