There are several options when it comes to refinancing your student loans. These options can include the lowest interest rate, a shorter loan term, and a dedicated account representative. You should carefully consider your personal situation to choose the best option for your needs. Then, apply for a refinancing loan that fits those needs.
LendKey
Using LendKey’s online platform to refinance your student loans is a great way to save money while keeping your monthly payments low. The company provides rates from multiple lenders and allows you to easily compare them side-by-side. It is important to remember that each loan has its own unique terms and conditions, and the terms and conditions of each type can be very different.
LendKey works with a number of credit unions and banks to provide flexible terms for student loan refinancing. Their customers have reported getting competitive offers. They can choose from a variety of fixed or variable-rate loan options. You can choose to refinance your private loans, federal loans, or both. By working with a network of local banks and credit unions, LendKey allows you to select the best refinance offer from a range of lenders.
LendKey doesn’t charge application or origination fees. However, it does charge a late payment fee of five percent for every 15-day late payment. Unlike some other student loan refinancing options, LendKey does not require students to enroll in school more than half-time. They also offer 18-months of forbearance for students who have trouble making their payments. However, you’ll still need to meet the lender’s requirements in order to keep your loan.
Once you’ve chosen a lender, you can apply online. You’ll need to enter your personal and school details, your income, and your degree in order to get started. You can even check out rates from other companies, but you should remember that this will not have any effect on your credit score. It’s worth taking a look at all options before choosing a student loan refinancing company.
Earnest
Earnest offers student loan refinancing options that can help you pay off your loan faster and easier. The company is a subsidiary of Navient and uses an algorithmic model to determine the right rates for you. You can take advantage of its auto-pay feature to save money on interest. Rates are fixed or variable and can go as low as 0.25%.
You can find out the interest rates for your private student loans by filling out a short form on the Earnest website. You’ll need to answer a few personal questions to complete the application. You will have to verify your identity and credit history to be approved. Once you’ve submitted the application, Earnest will begin verifying your identity and determining which loan products best suit your needs.
Another option you can consider is deferred payments. This option allows you to skip one payment a year, which can be a huge help when life throws you a curveball. You will need to submit your request five business days before the payment is due. However, this option only works if you’ve made payments on time for at least six months.
Earnest’s underwriting system looks at your overall financial health, as well as your education and career path. As such, it will not approve applicants who have recently had any credit problems. Earnest also requires that you be employed and have a steady income. Additionally, your student loans must be in good standing.
SoFi
If you are looking to refinance your student loans, SoFi offers a variety of options. Once you submit an application, you will need to provide a few documents that prove your income and employment status. The loan application also includes disclosures about interest rates, costs, and fees. It will also allow you to calculate the total monthly payments and loan term based on the total loan balance.
The most important thing to remember is that SoFi is an online-only lender, which means that you will need to fill out an online application. It will also require you to provide verification documents. Once you are approved, the loan will be sent to your school within four to six weeks. It also boasts a high minimum loan amount and low interest rates.
The best way to choose the best student loan refinance option for you is to compare rates and terms from a few different lenders. You will also need to consider the fees and eligibility requirements for each lender. Once you have a list of loan options, you should choose the one with the lowest interest rate and repayment terms. You will need to fill out a comprehensive application for each one, providing all the information that each lender requires.
SoFi offers a number of student loan refinancing options for undergraduate, graduate, and professional schools. Their private student loan refinancing option is best for borrowers looking for flexible repayment options and no fees. The company is one of the largest student loan refinancing lenders. It is also the first lender to combine federal and private student loans. It also offers loan refinancing for parents and graduate students. Unlike traditional brick-and-mortar financial institutions, SoFi does not have high overheads, so the savings are passed on to their members.
Laurel Road
Laurel Road offers refinancing options for current and past student loans. This is a great option for people who need to lower their monthly payments or reduce interest rates. However, there are certain requirements for refinancing federal student loans. Additionally, you must be a permanent resident of the U.S., be employed, and have a minimum credit score of 660. Laurel Road offers refinancing in all 50 states, Washington, D.C., and Puerto Rico.
Student loan refinancing through Laurel Road is simple and fast. Students can apply online and receive pre-approved rates within 2 minutes. The application process is simple, and it will not negatively affect their credit scores. Laurel Road offers different interest rate options for different types of student loans, and their website includes sections for graduate student loans and student loan refinancing.
Refinancing during residency or fellowship is another option offered by Laurel Road. This is not advised due to the interest subsidies offered through the REPAYE program, but it may make sense if you have a high interest private loan, or if you plan on working as a physician. This way, you will have less risk of interest payments and may get a better interest rate.
Laurel Road also allows co-signers to make monthly payments. The rates are usually lower than average, and they have flexible terms. You can also use Laurel Road’s “Check My Rates” tool to get an idea of interest rates. The tool will ask you some basic information about yourself, such as education level and the cost of the degree program.
ELFI
ELFI is a student loan refinance company that offers a variety of repayment options. These options include private student loans, federal loans, and parent PLUS loans. ELFI also offers a number of different repayment plans and can even replace your existing loan servicer if you’d prefer.
The ELFI student loan refinance program offers competitive interest rates and monthly payments for college borrowers and parents throughout the U.S. The lender works with a specialized team with more than 30 years of experience in student lending. The company pairs each customer with a dedicated Student Loan Advisor and can help you refinance your loans. ELFI also offers refinancing options for Parent PLUS loans, which are typically not included in student loan consolidation programs.
The company charges no origination fee, loan guarantee fee, or early payoff penalties. However, ELFI does charge a late fee of up to $50 if you’re more than 60 days late. The company is also known for its transparency, and offers an online contact form as well as phone and email support.
The ELFI refinance application process is straightforward. In order to get a loan with ELFI, you need to provide current information from your credit report and income. The information you provide should be no more than 30 days old. You can also upload documents to verify your financial situation. ELFI will then conduct a full credit check.
Credible
Credible student loan refinance options are available to people who want to reduce monthly payments while still paying off their student loans. The interest rates offered depend on the creditworthiness of the borrower. The lender will consider your repayment history, credit score, and outstanding debts. Prequalified rates are not guaranteed and your interest rate will change as the market changes. This is why it is important to act quickly and file a full application if you receive a good preliminary offer.
With Credible, you can quickly compare multiple refinance options. The process takes just two minutes and will not affect your credit score. The site will request your full credit report so you can get a clear picture of your options. Once you’ve decided to proceed, you’ll be asked to fill out an application for refinancing your student loans.
Credible offers similar features to SoFi, but does not require an associate’s degree. This is a benefit for borrowers who don’t have the necessary qualifications, but may not be able to afford to obtain a degree. The application process is also simple. Signing up with your Google account will enable you to receive a quote in under two minutes. After that, you’ll answer a few simple questions regarding your income and education. You can also check whether you qualify for an autopay discount.
The Credible student loan refinance marketplace is an online service that allows you to compare offers from multiple lenders. The company works with a network of reputable lenders. You can get pre-qualified rates by filling out one form. This process takes just two minutes and is completely free. In addition, Credible also offers student loan cosigner options for borrowers with less than stellar credit.
