Refinance Student Loans: Compare Top 9 Lenders Now | Student Loan Hero

Lender Best for Loan amount Credit score required
Sofi Best overall for refinancing

$

5,000

good or excellent mark needed
Splash Financial Best with a cosigner

$

5,000

650 for solo applicants, 660 with a cosigner .
Earnest Best for repayment flexibility

$

5,000

650
Laurel Road Best for borrowers sith savings

$

5,000

660
Lendkey Best for fielding loan offers

$

2,000

680
NaviRefi Best for a federal loan-like experience

$

5,001

650
Education Loan Finance Best for larger balances

$

10,000

680
PenFed Credit Union Best for spousal, parent loan consolidation

$

7,500

700 to refinance alone, 670 to refinance with a spouse or other cosigner
Methodology

Our recommended lenders allow you to check eligibility and opinion individualized fixed and variable rates without submitting to a hard credit determine. They besides advertise competitively low APRs, thanks to no-fee policies and autopay discounts. other than what they have in common, these lenders are uniquely “ best ” for certain borrowers or situations .

SoFi

Loan amount

$

5,000

Credit score required good or excellent score needed
Key eligibility criteria U.S. citizens and permanent residents with at least an associate degree — but certain visa-holders could qualify with the aid of a U.S. citizen or permanent resident cosigner.

A pioneer in the refinance of federal and private student loans, SoFi started the practice in 2012 and claims $ 30 billion worth of refinancing for 375,000 members. The on-line lender works with seasoned servicer MOHELA to administer an unemployment security program, plus 10 types of postponement and patience ( in addition to unemployment security ) that allow borrowers to postpone refund. These repayment safeguards, plus other perks, make SoFi our top-reviewed lender .

  • Transfer Parent PLUS Loans to your child or away from your parent
  • Minimum $100 monthly payments for doctors and dentists in training
  • Customer perks include career coaching, wealth management
  • Guaranteed Rate Match program allows you to shop for a lower rate elsewhere
  • Cosigner release not available

Splash Financial

Loan amount

$

5,000

Credit score required 650 for solo applicants, 660 with a cosigner .
Key eligibility criteria Bachelor’s or higher degree — but associate degree-holders working in certain health care fields could still qualify

Launched in 2013, Splash Financial claims $ 6 billion in refinancing requests and 100,000 accounts. These days, the lender stands out for providing applicants with the opportunity to strengthen their application by including a cosigner, and applying to release that cosigner in american samoa soon as one year .

  • Low $100 monthly payments for medical and dental school graduates during the residency or fellowship, and for an additional six months
  • Information on deferment and forbearance program cannot be found on website, varies by Splash Financial partners

Earnest

Loan amount

$

5,000

Credit score required 650
Key eligibility criteria Degree from a Title IV accredited nonprofit institution — but you could qualify if you’re within a semester of graduation

Owned by industry hardy Navient, Earnest has maintained its advanced scholar lend solutions since first gear introducing its refinancing product. The on-line company sets more accessible eligibility standards and provides a across-the-board degree of option in refund terms than many of its competitors .

  • Flexible approval process that weighs factors like job and banking history
  • Pick one of 180 possible repayment terms spanning 5 to 20 years
  • Skip a payment once per year without penalty
  • Job loss protection if you lose your job involuntarily
  • Not possible to apply with a cosigner
  • Refinancing not available in Kentucky and Nevada

Laurel Road

Loan amount

$

5,000

Credit score required 660
Key eligibility criteria Bachelor’s or higher degree — but associate degree-holders working in certain health care fields could still qualify.

once Darien Rowayton Bank, Laurel Road has proven staying power, claiming $ 9 billion in refinance education debt since opening its digital doors in 2013. now a KeyBank subordinate, it provides cash bonuses and APR discounts of up to 0.80 share points for enrolling in autopay for your loans and opening a linked savings account ; the more you depository, the greater your discount .

  • Limit loan payments to $100 for medical professionals in residency or fellowship
  • Transfer Parent PLUS Loans to your child or away from your parent
  • Cosigner release isn’t possible until after 36 months of prompt payments
  • No in-school deferment is available

LendKey

Loan amount

$

2,000

Credit score required 680
Key eligibility criteria You may have to join a credit union to accept its refinancing offer — but it’s typically at low or no cost

LendKey started out with the idea of connecting refinancing applicants with lesser-known lenders, such as community banks and credit unions, to find the most attractive terms possible. Its ability to potentially deliver multiple offers from its partner institutions makes LendKey worth at least considering as you shop round .

  • Cosigner release and forbearance policies are available (but vary by LendKey partner)
  • LendKey offers are limited to its partner lenders, so it’s still wise to shop around elsewhere

NaviRefi: Best for a federal loan-like experience

Loan amount

$

5,001

Credit score required 650
Key eligibility criteria NaviRefi loans were invitation-only, as of Dec. 8, 2021; U.S. citizen or permanent resident

The lone lender on our list that doesn ’ t crack prequalification ( the chance to clarify eligibility and scene personalized APRs without a hard recognition check ), NaviRefi is a new enterprise from industry veteran Navient. The company ’ randomness refinancing product resembles federal loans in a couple of ways : For exemplify, you ’ ll automatically be placed into a Standard Repayment Plan .

  • Deferment and forbearance options if you struggle during repayment
  • Navient customer service has consistently drawn among the most consumer complaints via Consumer Financial Protection Bureau (CFPB) reporting

Education Loan Finance

Loan amount

$

10,000

Credit score required 680
Key eligibility criteria U.S. citizen or permanent resident — and have a bachelor’s degree or higher

besides known as ELFI, this SouthEast Bank auxiliary ’ randomness management team sports 30 years of diligence experience and says its customers average savings of $ 18,699 after refinancing. It may be a worthwhile option for refinancing six-figure balances : While ELFI ’ s minimum borrowing come of $ 15,000 could turn some customers away, it doesn ’ t impose a maximum adopt prerequisite .

  • Transfer Parent PLUS Loans to your child or away from your parent
  • Cosigner release not available
  • No automatic payment discount

PenFed Credit Union

Loan amount

$

7,500

Credit score required 700 to refinance alone, 670 to refinance with a spouse or other cosigner
Key eligibility criteria Bachelor’s degree-holding U.S. citizen

Partnered with Purefy, Pentagon Federal Credit Union largely manages fiscal accounts for politics and military personnel, but you don ’ t have to identify with either group to refinance your loans with PenFed. Most notably, PenFed features the ability for borrowers to consolidate education debt with their spouse or away from their parents .

  • Be assigned a personal student loan advisor
  • Release a cosigner in 12 months (if applicable)
  • Credit union membership is required to refinance
  • Deferment, forbearance options are more limited than competing lenders
  • No automatic payment discount

Methodology

To judge the best qualities of scholar lend refinancing lenders and companies, we review data points across three categories : handiness, Rates & Terms and Repayment Experience. That ’ randomness because we want to judge fiscal institutions on their products and services from depart to finish : when our users are shopping around, filing applications and paying down their debt. A top-rated lender, for case, has inclusive eligibility criteria, allows you to prequalify and check rates without harming your credit score and is supportive as you face monthly payments .

source : https://shayski.com
Category : Uncategorized
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