Our goal is simple, find student loan refinancing options with an excellent interest rate, consolidates all types of private and federal student loans and offers a repayment term that is flexible for students.
Were searching for deals that would fit this requirement:
- Low fixed and variable interest rates
- Consolidate both private and federal student loans
- Loan term of that were 20 years plus
- Unemployment protection
- Reduced payments with pre-authorized payments
- Co-signing programs if you need it
With these criteria in mind, we have organized a group of Banks and online lenders.
What You Will Need to Apply
- Current credit score
- Are you employed now or do you have a job offer and if so when do you start
- What is your annual income
- Certificate of enrollment if you are still in school
- College degree type
If you do not meet the qualifications, you can still apply with a co-signer.
Refinancing your student loans is one option that you will want to seriously consider. Some of the benefits of refinancing your student loans are:
- One payment
- Shorter or longer-term depending on your circumstances
- Save thousands of dollars in interest over the life of the loan
- The opportunity to release co-signers from your original student loan
Risks in Refinancing Student Loans:
Some federal student loans come with benefits such as loan forgiveness in certain career paths. If you refinance, you would lose the benefits of the federal loans.
You cannot consolidate private and federal loans under the Federal Direct Consolidation Loan Program but Federal and Private student loans can be refinanced by a private bank or lending institution.
Should I Refinance My Student Loan
Here's what your looking for when refinancing or consolidating student loans:
- Lower interest rates
- No additional fees
- Consider the tax consequences. Your new refinanced loan may not be considered a student loan for the purposes of the student loan interest tax deduction. If you regularly claim this deduction, be sure to consider whether the new loan will allow you to continue to do so.
Should I refinance my federal student loan into a private student loan with a lower rate?
If you are considering this option should also be aware of the following risks:
- If you’re switching from a fixed to a variable rate loan, watch this carefully as interest rates are on the rise
- The lenders should warn you about the benefits you are giving up when refinancing out of a federal student loan. If you are in a good financial position, have strong credit or have a willing co-signer with great credit, refinancing may be the right thing for you.
Terms and Descriptions at a Glance
|Loan Amounts||$5,000 - $175,000|
|Required Credit Score||650+|
|Doesn't lend in||Mi, MO, D.C. not eligible for medical resident refinancing|
|Types of Income||Salaried, Other Sources, Job Offer & Placement within 90 days|
|Variable Rate Option||See the review for up to date interest rates|
|APR Range||See the review for up to date interest rates|
|Loan Term||5 Years - 20 Years|
|Credit Inquiry||Initial Inquiry - Soft. If the loan is offered - Hard Inquiry with approval|
|Fees and Closing Costs||No origination, application or prepayment|
|Direct Deposit||Funds Disbursed directly to existing loan providers|
|Credit Inquiry||Initial Inquiry - Soft. If the loan is offered - Hard Inquiry with approval|
|Loan Purpose||To Re-finance and Consolidate Existing Student Loans|
- Refinance and consolidate federal and private Student loan payments into one
- Interest rates on variable rate loans are capped depending on the term of the loan.
- No application, origination fee or prepayment fees
- Cosigner program available with release after 12 months
- Unemployment protection is available
- Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above.
- For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases.
- *The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
- To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score.
- Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry.
- Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
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Student Loan Refinancing Product Benefits
- 3-Minute rate check with no impact on your credit score
- Increased refinancing
- Variable rate See the review for all interest rate updates
- Fixed rate See the review for all interest rate updates
- Save an average of $15,270
- Available for private and federal, undergraduate and grad school student loans
- 0.25% Interest Rate Reduction with automatic payments
- Interest-only repayment option available for up to first four years of repayment
- Largest unemployment protection period in the market at 18 months
- No origination fees or prepayment penalties
- Cosigner release available after 12 monthly payments
- Maximum loan balance to refinance
- The undergraduate degree only: $125,000
- Any graduate degree: $250,000
- Medical, dental, or veterinary degree: $300,000
- Eligible loans to refinance
- Private student loans
- Subsidized and unsubsidized federal student loans
- GradPLUS federal student loans
Laurel Road Allows Parents To Transfer A Loan To Their Child's Name
- Loan Amounts starting at $5,000 and $500000+
- Fixed Rates: See the review for all interest rate updates
- Variable rates: See the review for all interest rate updates
- Suggested credit range: 680+; lower with co-signer
- No cosigner release: Laurel Road does not let borrowers remove their co-signer
- Refinance federal and private, undergraduate and graduate student debt into one low rate student loan
- Borrowers will save $20,200+ over the life of their loans on average
- Free to apply with no obligation to accept – zero application, origination, or prepayment fees
- Fixed and variable loans; 5, 7, 10, 15, and 20-year repayment terms
- Serving Customers in all 50 states
- Loan forgiveness in event of death or documented permanent disability
- Forbearance available at Laurel Road discretion up to 1 year
Earnest Student Loan Refinancing
On average, Earnest has saved their clients $21,810 by refinancing and offer lower interest rates based on your future potential and full financial profile, FICO score of 680+ to apply.
- Lower Rates Through Better Data: Earnest data‐driven application process gives extra credit for financial responsibility
- Unlike other lenders, we look beyond income and credit score to assess a borrower's full potential and offer lower rates
- Flexible Terms With Precision Pricing: Earnest is the only lender to offer Precision Pricing, allowing clients to customize their payments to their own budget rather than predetermined 5, 10, 15, or 20-year terms
- Clients also can also prepay with no penalty, or pay biweekly
- In‐House, Lifetime Service: Earnest makes managing loans easy and straightforward
- Unlike other lenders, Earnest will never pass clients off to third party loan
- Our clients have access to our onsite customer support team and original self-serve dashboards for the life of their loan
- Hardship Assistance and No Fees: Earnest has no prepayment, origination, or disbursement fees. We forgive loans in all cases of death or total and permanent disability
- You can also request loan deferment and forbearance in cases of unemployment, illness, and financial or other hardship
How Fast will Earnest Provide you a Quote
Clients can get a rate estimate from Earnest in under 2 minutes and it won't affect your credit score or put them under any obligation.
Purefy Student Loan Refinancing
Purefy's online application to find your rate takes less than 5 minutes to fill out and, as well, they do not require a credit check to give you your exact estimated interest rate and monthly payment. The lender requires the following documents in the application and underwriting process. They are as follows:
- Income Verification (paystub or tax return)
- Photo ID (Driver's License, Passport state-issued ID card)
- Payoff Verification statements from each current lender. The statement should include payoff amounts in 5 day increments for the next 30 days.
- Copy of your graduation certificate or diploma
- You will need to become a member of the PenFed Credit Union and will need to include either your membership card or application form.
- PenFed accepts smartphone pictures or screenshots of the above required documents.
Some of the downsides to Purefy are as follows -
- they do not offer loan forgiveness, interest only, forbearance or a deferment period. Should you run into financial difficulty, it is best to contact a customer service rep to see what they can do to help you through this time.
- You must become a member of PenFed to obtain a loan
- They have one payment option (principle & interest) with payments commencing as soon as the funds are disbursed
- the borrower must have graduated from a Title IV accredited school
I found the site very easy to use and maneuver around. As well, the FAQ's section is very thorough and answers each question in depth.