Top 5 Student Loan Refinance Companies

Your student loan refinance may be a no brainer, but which of the many student loan lenders should you choose. We have ranked the top 5 student loan refinance companies that you should consider when trying to save yourself money by refinancing your student loans.

There are a lot of reasons to work with a lender or not. The biggest one is the rate they offer and the associated fees involved, plus whether the rate is fixed or variable. Second would be their customer service based on real customer reviews.

Our Top 5 Student Loan Lender Picks:

#1 – Sofi

  • Low variable rates and fixed rates
  • Simple online application process
  • Variety of repayment terms from 5 to 20 years
  • No fees for applying, origination or pre-payment
  • Amazing online customer community

#2 Education Loan Finance

  • Low rates for the right person
  • Easy online application
  • Co-signer release option
  • No fees for applying, origination or pre-payment

#3 LendKey

  • Great fixed rates and variable rates
  • Multiple repayment terms
  • Online application process
  • Co-signer release optional after 12 on-time payments
  • Zero application or origination fees, plus no prepayment penalties

#4 CommonBond

  • Lower rates with autopay
  • Repayment options from 5 to 20 years
  • Convenience online application
  • Unemployment protection
  • No application fees, origination fees, or pre-payment fees

#5 Earnest

  • Competitive low rates
  • Wide range of repayment terms – 5 to 20 years
  • Fast and easy online application
  • No application fees, origination fees, or pre-payment fees
  • Unemployment protection is available if needed

If you are still in the researching phase of refinancing your student loans, be sure to take the time to get a rate quote from each of these lenders, by filling out an online application. All five of these lenders only require a soft pull of your credit, which means it won’t show up on your credit report or negatively impact your credit score.

In conclusion – Do your research and be sure you have considered all of the things you should before doing your student loan refinance. For more tips and information – read this article to be sure you’re up to speed – Pros and Cons of Consolidating Student Loans.

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3 Things To Consider Before Refinancing Student Loan Debt

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Having your college days behind you can be a great feeling, but managing your student loan debt can be harder than expected. Post college life can include expenses you didn’t realize would be there, so not paying anymore than absolutely necessary by refinancing student loan debt can really help.

Refinancing your loans should be a slam-dunk, but there can be things that could make you not so attractive to a potential lender. There are a few things you should consider before talking to lenders to be sure you’re ready.

Things to consider

1. Do You Earn Enough – Lenders may have specific requirements around how much you bring in each year to be eligible for a student loan refinance.

2. Is Your Credit Score Too Low – Having a low credit score never helps when trying to finance anything, and the same is true with student loans. You may need to get your credit back on track before exploring a student loan refinance or consolidation.

3. Is Your Debt-To-Income Ratio Too High – Companies that lend money almost always look at your debt-to-income ratio as a sign of potential financial problems. If you have taken on more debt than you maybe should have, lenders may not want to give you money. Basically, if your monthly expenses are too high compared to your income, then that makes lenders less likely to lend to you.

If you don’t feel like you may be the best candidate, you could still have an option. Getting a co-signer or co-applicant (usually a parent or close relative) that is a better financial situation can do the trick. This person will be accepting responsibility for your loans if for some reason you don’t pay, so it’s not something to take lightly.

After considering these three factors and you feel like you are in a good place, then explore refinancing student loan debt or student debt consolidation could be a great way to save some money each month.

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Refinancing Student Loan Debt

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Refinancing student debt into a lower rate loan can help lessen the pressure that comes with making payments and save you money on your monthly payments. It could also save you thousands over the life of the repayment period.

There’s nothing more gratifying than finishing college and moving onto the next phase of your life. Paying high interest rates on your student loans can be hard to deal with month after month.

In order to refinance or consolidate your student loans you must have a credit score in the mid-600’s or higher and a consistent income, or have someone that can co-sign on the loan with you.

A good place to do research about refinancing student loans is www.studentloans.gov.

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