Best Student Loan Refinance Companies – Disclaimer: This is sponsored content. All opinions and views are those of the advertiser and do not reflect those of Channel 7.
Finding the best student loan refinancing company for you takes time and effort. There are many options, all with different refinancing terms and requirements.
Best Student Loan Refinance Companies
A college education is a valuable investment in your future. Your future self will appreciate that you earned your bachelor’s, master’s or doctorate today.
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But there’s one thing my future self doesn’t really like. This is student loan debt. In 2008, US student loan debt was approximately $600 billion. It will double to $1.6 trillion by 2021.
Refinancing can make paying off your debt more manageable, so explore the best student loan refinancing companies in our handy guide.
Splash Financial is an online lending marketplace similar to Credible. Their lenders offer loan terms of 5, 7, 10, 15 and 20 years and refinance loans from $25,001 to $500,000 for medical students, dentists, optometrists and physicians, ideal for healthcare professionals such as medical assistants, physicians and others. , and a nurse.
Splash Financial’s mission is to build a faster and freer world of finance. That’s part of the reason why we assign a dedicated account representative to help you throughout the process to make your loan refinancing faster and easier.
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Splash Financial wants your business and wants you to bring your friends too. Refer a friend and get a $200 bonus. even better? Your friend also gets $200.
Splash Financial does not charge some traditional loan refinancing fees, such as loan origination and prepayment penalties. With fewer down payments, you can focus on paying off your refinanced loan. Late fees are $10 to $15 and must be paid after 10 or 15 days of late payment, depending on the lender.
The minimum required credit score is 650, and Splash Financial has the lowest minimum on the list. The next closest points are Laurel Lord and Ernest with 660.
Splash Financial’s interest rate isn’t the lowest, but its 1.99% APR is right behind Credible. However, next to Credible it has the highest interest rate at 7.84%.
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With variable interest rates ranging from 1.74% APR to 7.49% APR, Splash Financial is second best at both ends of the interest rate scale. Laurel Road has a low interest rate of 1.64% per annum, while the only company with a higher interest rate is Credible at 7.84% per annum.
Earnest stands out for its flexible loan terms. Simply increase your minimum payment and make multiple payments at once to pay off your loan faster. You can set up automatic payments to receive discounted rates. Loan terms are from 5 to 20 years. You can choose the exact month to complete the loan repayment. Earnest refinances the loan from $5,000 to $500,000.
Earnest’s mission is simple. Make higher education accessible and affordable for all. The founder started the company after seeing friends and family struggling to pay off their student loans. They realized that there had to be something new to solve the problem.
Like Splash Financial, Earnest hopes to attract friends to refinance loans. We also offer a $200 bonus to every referral who successfully refinances their loan.
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Higher fixed rates are available in all countries, but variable rates are not available. Ernesto’s variable rate is not allowed in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas.
Earnest has no registration or initiation fees. And unlike many of our competitors, we don’t charge late fees either.
Earnest is in the middle of the list with a minimum credit score of 660. The highest score is 670 on Credible and the lowest is 650 on Splash Financial.
With fixed rates ranging from 2.44% APR to 7.24% APR, Earnest has the second highest low and high interest rates. Only PenFed has a higher low rate at 2.89% APR, while Splash Financial and Credible have a higher high rate at 7.84% APR.
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Earnest’s variable rate, from 1.74% APR to 7.24% APR, ties Splash Financial in the middle of the pack at the lower end. The top tier has the second lowest interest rates. Only the Laurel Load is lower with an APR of 5.65%.
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 the repayment process easier. Easing the financial burden for parents You can also refinance your parent’s PLUS loan on your behalf for assistance.
Today, PenFed manages 2.5 million members and $31 billion in assets worldwide. To become a member, simply enter your email address, phone number, address and deposit $5 into your new account. PenFed members receive discounts on a variety of financial products, including insurance, car rentals and tax preparation software.
PenFed allows you to refinance loans from $7,500 to $300,000. You must have at least a bachelor’s degree and, if you are applying on your own, you must have a minimum income of $42,000. Personal income can be up to $25,000 if you file with a co-signer. After 12 months of on-time payments, the co-signer will be removed from the account and given financial freedom. Loans can be repaid over 5, 8, 12 or 15 years.
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One fee charged by PenFed is a late fee of $5 to $25, which is 20% interest on payments that are more than 5 days late. In addition, PenFed does not charge fees associated with student loan refinancing because it wants its members to be better off. This will save you money in the future as well.
PenFed’s minimum required credit score is 670, which is the same as Credible and only slightly higher than Splash Financial, Laurel Road and Earnest. You must have an income of $42,000 or more.
PenFed’s fixed interest rates are lower than all other financial institutions listed here, with APRs ranging from 2.89% to 4.98%. The next closest rate is Laurel Road, which comes in at 5.75%. Other top student loan refinancing companies have interest rates above 7.2%.
PenFed’s variable rate starts at 2.13% APR and goes up to 5.25% APR. Their lowest interest rate is the highest among the companies discussed here, but their highest interest rate is lower than all the others.5.65%.
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Laurel Road is fantastic for those in the medical field who want the best student loan refinancing company. We offer low interest rates with loan terms of 7, 10, 15 and 20 years. They refinance loans from $5,000 up to the full loan balance.
Although they don’t advertise exact numbers, Laurel Road offers discounted interest rates to borrowers in the medical sector. I’m just saying
When you open a checking account, you also get a discount rate. Plus, get a $300 bonus when you deposit $2,500 directly into your checking account.
Another important feature is the cash back credit card. For each purchase, 2% goes to the refinancing of the refinancing loan.
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Laurel Road does not charge an application fee, origination fee or upfront fee. If your payment is more than 15 days late, we will charge you a late fee of 5% of the late payment or $28, whichever is less.
The minimum credit score required for a Laurel Road student loan refinance is 660, which is in the middle of the pack. The lowest score is 650 for Splash Financial and the highest score is 670 for Credible.
Laurel Street’s fixed interest rates range from 2.25% per annum to 5.75% per annum. At the bottom, its rates are in the middle, Credible and Splash Financial are low, and PenFed and Earnest are high. On the high side, Laurel Road has the second lowest interest rate, behind PenFed at 4.98%.
Laurel owners have the lowest variable interest rates with interest rates ranging from 1.64% monthly to 5.65% annually. The next lowest number at the bottom is 1.74% APR at Splash Financial and Earnest. The second lowest number on top is 7.24% APR from Earnest.
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Credible is an online marketplace that helps you find the best student loan refinancing company. The company collects fees from the listed lenders, so it’s free to use. They pride themselves on their accuracy, transparency and risk-free. They offer a best rate guarantee that gives you $200 if you can’t find the lowest loan rate. This guarantee makes them unique. No other institution on this list has such guarantees.
Credible offers an extensive FAQ that answers everything from questions about the service itself to general questions about student refinancing.