Best Companies For Student Loan Refinance – Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not necessarily reflect Channel 7.
Finding the best student loan repayment company takes time and research effort. You have many options, with different repayment terms and requirements.
Best Companies For Student Loan Refinance
A college education is a valuable investment in your future. Your future self will thank you today for getting your bachelor’s, master’s or doctorate.
Can You Refinance Federal Student Loans?
However, there is one thing you may not like about your future self: student loan debt. In 2008, student loan debt in the United States was approximately $600 billion. It has increased to more than 1.6 trillion dollars in 2021.
Refinancing can make paying off your debt more manageable, so find the best student loan refinancing companies with our handy guide.
Splash Financial is an online lending marketplace like Credible. Their lenders offer loan terms of five, seven, 10, 15 and 20 years and will refinance loans from $ 25,001 to $ 500,000, making it suitable for medical students and medical professionals such as dentists, optometrists, medical assistants, physicians. and nurses.
Splash Financial is on a mission: to create a faster and cheaper financial world. That’s part of the reason why they assign you a dedicated account representative to help you through the process – to make refinancing faster and easier.
Best Student Loan Refinance Companies In 2022
Splash Financial wants your business and they want you to refer your friends too. You will receive a $200 bonus when you refer a friend. better? Your friend also gets $200.
Splash Financial does not charge traditional refinancing fees such as loan origination or prepayment penalties. You have less to pay in advance and can focus only on paying off the refinance loan. Their late fees range from $10 to $15, payable after your payment is 10 or 15 days late, depending on the lender.
With a minimum credit score of 650, Splash Financial has the lowest minimum on the list. The next closest indicators are Laurel Road and Earnest to 660.
Splash Financial doesn’t have the lowest interest rates, but they are behind Creditable at 1.99% APR. However, they have the highest interest rate of 7.84% tied with Credible.
Student Loan Refinance Top 5 Companies For Refinancing Student Loans
With interest rates ranging from 1.74% APR to 7.49% APR, Splash Financial ranks second best on both ends of the interest scale. Laurel Street has a low interest rate APR of 1.64%, and the only company with a higher interest rate is credit at 7.84% APR.
Earnest stands out for its flexibility in loan terms. They allow you to increase the minimum payment and make several payments at once to pay off the loan faster. You can set up automatic payments and get discounted rates. The duration of the loan is from five to 20 years; You can choose a specific month to complete the loan repayment. Earnest will refinance loans from $5,000 to $500,000.
Earnest’s mission is simple: to make higher education affordable and accessible to all. The founders started the company after seeing friends and family struggling to pay off their student loans. They realize that something new is needed to solve the problem—that something new is sincere.
Like Splash Financial, Earnest wants you to refer your friends for a payday loan. They also offer a $200 bonus for every referral who successfully redeems with them.
Best Student Loan Refinance Companies
Earnest’s fixed rates are available in all states, but variable rates are not. Most variable interest rates are not allowed in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee and Texas.
There are no registration or startup fees for Earnest. They also do not charge late fees, unlike many of their competitors.
Earnest is in the middle of the list with the lowest credit score of 660. Creditable has the highest score of 670 and Splash Financial has the lowest score of 650.
With fixed interest rates ranging from 2.44% APR to 7.24% APR, Earnest has the lowest and second highest interest rates. PenFed only has the lowest APR of 2.89%, while Splash Financial and Trust has the highest rate of 7.84% APR.
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Earnest’s variable interest rate of 1.74% APR versus Splash Financial’s 7.24% APR is in the middle of the pack on the low side. At the highest level, they have the second lowest interest rate; Only Laurel Street is lower, at 5.65% APR.
Pentagon Federal Credit Union, commonly known as PenFed, is one of the few lenders that allows married couples to consolidate their loans into one loan, making repayments easier. You can also refinance your parents’ PLUS loan in your own name to ease your parents’ financial burden.
PenFed currently serves 2.5 million members worldwide and has $31 billion in assets. All you have to do to become a member is to enter your email, phone number and address. You, then deposit $5 into your new account. PenFed members can receive discounts on several financial products, including insurance, car rentals and tax preparation software.
At PenFed, you can refinance loans from $7,500 to $300,000. You must have a bachelor’s degree of at least $42,000 if you are applying alone. If you sign up with co-signers, your personal income can be up to $25,000. After 12 months of on-time payments, your co-signer can be removed from your account, giving them financial freedom. You can repay your loan over 5, 8, 12 or 15 years.
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One fee that PenFed charges is a late fee of $5-$25, which is 20% interest on your payments that are more than five days late. In addition, PenFed wants to make its members better, so it does not charge any fees associated with your student loan repayment. This saves money both up front and down the line.
PenFed’s minimum required credit score is 670, which is equal to Creditable and only slightly higher than Splash Financial, Laurel Road and Earnest. They want your income to be over $42,000.
PenFed’s fixed interest rates are lower than other financial institutions listed here, ranging from 2.89% to 4.98% APR. The next closest interest rate is Laurel Street at over 5.75%. The rest of the top student loan companies have higher interest rates of 7.2%.
PenFed’s variable interest rates start at 2.13% APR and go up to 5.25% APR. Their minimum rate is the highest among the companies discussed here, but their premium rate is lower than others. The next closest is Laurel Street, which has the highest variable interest rate of 5.65% APR.
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Laurel Street is ideal for people in the medical field who want the best student loan repayment company. They offer low interest rates to medical personnel, including dentists, optometrists, nurses, physicians and medical assistants, with loan terms of five, seven, 10, 15 and 20 years. They will refinance loans from $5,000 up to your entire loan balance.
They don’t advertise exact numbers, but Laurel Street offers discounted interest rates for medical borrowers. They say rates for qualified borrowers may be lower than advertised rates.
If you open a checking account, you’ll get a discount as well. Plus, when you have $2,500 in direct deposit into your checking account, you’ll get a $300 bonus.
Another outstanding feature is the Cashback credit card. For each purchase, 2% is directed towards the repayment of the loan.
Banks That Refinance Student Loans
Laurel Street does not charge application, origination or prepayment fees. They charge 5% of the late payment or $28, whichever is less, if the payment is more than 15 days late.
The minimum credit score required to refinance your student loan at Laurel Road is in the middle of the pack. The lowest score for Splash Financial is 650 and the highest score for reliability is 670.
Laurel Road’s fixed interest rates are between 2.25% APR and 5.75% APR. At the low end, the scores are in the middle, with Credible and Splash Financial lower and PenFed and higher income. On the high side, Laurel Street has the second lowest interest rate behind PenFed at 4.98%.
From 1.64% to 5.65% APR, Laurel Road has the lowest variable interest rates. Next on the low side is the 1.74% APR from both Splash Financial and Earnest. The second lowest in the premium market is 7.24% from Earnest.
Student Loan Industry Study
Trusted is an online marketplace that will help you find the best student loan repayment company. You can use it for free because the company collects a commission from the listed lenders. They pride themselves on being honest, transparent and risk-free. They offer the best rate guarantee, and if they can’t find the lowest loan interest rate, they’ll give you $200. This guarantee makes them unique – no other institution on this list has this type of guarantee.
Trust offers frequently asked questions, answering all questions about the service itself and general questions about student top-ups.