When you hear the word Student Refinance Loan, what comes to your mind as a student. In this write-up, we shall explain what Student Refinance Loan is all about and the Best Companies where you can apply for student Refinance Loan.
Student Refinance Loan
Student loan refinancing is the process where a private lender pays off your existing loans and gives you a new loan with new terms. It costs nothing to refinance student loans, and you can save a lot over time by lowering your interest rate. Through this write-up, you will discover student loan refinance in your location.
As a student, Refinancing your student loans can save you thousands or lower your monthly payment in all your endeavours.
Some Things To Ask Yourself While Evaluating Loan Terms:
- Will you go with a fixed rate or a variable rate?
- How long do you want to spend repaying the loan? 10 years? 20?
- What are the credit score requirements?
- Can you put down collateral (car, home) to secure the loan and possibly improve the interest rate?
- Are there any prepayment penalties?
- Is there an origination fee?
Steps To Refinance Student Loans
For you to qualify for the Student Refinance Loan, you need to consider the following;
- Decide if refinancing is right for you
- Research lenders
- Get multiple rate estimates
- Choose a lender and loan terms
- Complete the application
- Sign the final documents
- Wait for the loan payoff
Requirement Needed For The Student Refinance Loan
To qualify for the Student Refinance Loan, you will need the following;
- Credit scores at least in the high 600s – ideally higher.
- A steady income.
- If you fall short on either, you might need a co-signer who qualifies.
Please note that you can refinance both federal loans and private loans. It doesn’t cost anything to refinance student loans, and you may be able to reduce your monthly payment or pay off your debt faster.
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To decide if refinancing your student loans makes sense, you need to make sure that your loans qualify, that you’re not giving up payment options you might need, that you are getting a better interest rate and that you have chosen the right company.
How to Get the Best Refinancing Deal
For you to get the best refinancing deal when comparing lenders on Student Loan Planner.
- We advise you to shop around since it’s tough to predict who will offer you the lowest student loan refinance rates
- Our partner lenders account for the vast majority of the student loan refinancing market
- We take lower advertising fees to offer you bonuses that you can’t get elsewhere
| Lender | Rates From (APR) | Loan Term | Eligible Degrees |
| Advantage Education Loans | Fixed: Variable: 4.54% N/A | 10, 15, 20 yrs. | Undergrad & Graduate |
| Brazos | Fixed: Variable: 2.85% 1.88% | 5, 7, 10, 15, 20 yrs. | Undergrad & Graduate |
| Citizens | Fixed: Variable: 2.69%1 2.24%1 | 5, 7, 10, 15, 20 yrs1 | Undergrad & Graduate |
| College Ave | Fixed: Variable: 2.99%2 2.94%2 | 5 – 20 yrs2 | Undergrad & Graduate |
| Commonbond | Fixed: Variable: 2.16% 2.11% | 5, 7, 10, 15, 20 yrs. | Undergrad & Graduate |
| ELFI | Fixed: Variable: 2.58%3 2.39%3 | 5, 7, 10, 15, 20 yrs3 | Undergrad & Graduate |
| INvestEd | Fixed: Variable: 3.47%4 2.46%4 | 5, 10, 15, 20 yrs4 | Undergrad & Graduate |
| ISL Education Lending | Fixed: Variable: 2.74%5 N/A | 5, 7, 10, 15, 20 yrs5 | Undergrad & Graduate |
| MEFA | Fixed: Variable: 3.05% 3.05% | 7, 10, 15 yrs. | Undergrad & Graduate |
| PenFed | Fixed: Variable: 2.89% 2.13% | 5, 8, 12, 15 yrs. | Undergrad & Graduate |
| RISLA | Fixed: Variable: 3.29% N/A | 5, 10, 15 yrs. | Undergrad & Graduate |
| SoFi | Fixed: Variable: 2.74%6 2.25%6 | 5, 7, 10, 15, 20 yrs6 | Undergrad & Graduate |
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