https://www.elfi.com/terms/. With Credible, you submit your information just once and get quotes from multiple lenders, without affecting your credit score. Our opinions are our own. Federal Parent PLUS Loans have the highest interest rate of any federal loan. If you have these types of loans, refinancing can be a smart decision. This suspension does not apply to private student loans. , Read the full review: Splash Financial Student Loans Refinancing. The CARES Act, which was enacted in March 2020, first suspended student loan payments until September 30, 2020, without penalty or interest for all federally owned loans. It serves a diverse range of student borrowers, including those who didn't graduate or who aren't U.S. citizens. Undergraduate, … "Forbearance—What It Is, and What CommonBond Offers." Accessed Jan. 11,,2021. While you can apply with a cosigner to get better rates, you need to meet all eligibility requirements on your own. Offered terms are subject to change and state law restriction. 2, 2020. It also offers generous repayment programs for borrowers who are struggling to make payments, such as the option to temporarily reduce payments. When you refinance your federal education debt, you'll lose out on federal benefits and protections. Finding the best student loan refinancing provider depends on what your priorities are. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. Accessed July 2, 2020. 30 likes. To be eligible for a loan, you need to have graduated with at least an associate's degree. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. Our partners cannot pay us to guarantee favorable reviews of their products or services. Accessed June 1, 2020. Fixed rates from 2.99% APR to 6.88% APR (with AutoPay). Undergraduate, … Accessed July 1, 2020. The important thing is that you have all of the information in one place because … However, you can pay off your student loans … The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). Higher limits may apply for specific fields of study. However, this does not influence our evaluations. That’s understandable because there is a broad landscape of companies and lenders that refinance student loans. Before refinancing your student loans, it's wise to get rate quotes from several different lenders to ensure you get the best terms. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. To be eligible to refinance at an attractive interest rate, you'll typically need a history of earnings and a credit score that gives lenders the confidence that you'll be able to repay your student … You can use Credible to get quotes to refinance federal loan, private loans, and even Parent PLUS Loans. Pentagon Federal Credit Union, or PenFed, is the highest-rated among the credit unions we've reviewed that offer student loan refinancing. Lawyers earning high salaries should aim to pay loans as quickly as possible to minimize interest costs. Must have a degree: Yes, at least an associate degree. Best for borrowers who want to customize their repayment schedule to pay off debt fast. Accessed Dec. 14, 2020. Student loan refinancing with a credit union. Most people refinance their student loans to consolidate multiple loans into a single debt, snatch up a lower interest rate, or lower monthly payments. Compare Earnest vs. SoFi for student loan refinancing, Compare more lenders that refinance parent PLUS loans, Compare more lenders that refinance medical school loans, Compare more lenders that refinance dental school loans, Compare more lenders that refinance law school loans, Compare more lenders that refinance MBA student loans, Compare more lenders that refinance international student loans, Compare more student loan refinance lenders that enable fast payoff, Compare more credit union student loan refinance options, Compare more banks that refinance student loans, Compare more lenders that let you refinance student loans without a degree, Compare more lenders for refinancing student loans with low income, Compare more lenders for refinancing with a co-signer, Ryan is a NerdWallet authority on student loans. To decide whether or not to refinance your student loans, look at your current interest rates. Must have a degree: Yes, an associate degree or higher. Best student loans in January 2021. The best time to refinance your student loans is typically after graduation, when you've landed a job and established strong credit. Research for this article encompassed private student loan lenders of undergraduate private student loans (as well as companies that refinance student loans) narrowed down from national banks, credit unions, and lenders. The next step is to submit a loan … Typical credit score of approved borrowers or co-signers: 774. Splash Financial. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. "Refinance Student Loans." It's usually best to start with federal student loans, since they come with more extensive borrower protections, like standardized forbearance and income-driven repayment plans. PenFed is among the lenders that score highest in our customer support category and also have high overall scores It matches borrowers with a dedicated student loan advisor for the length of the refinancing process. You can refinance between $7,500 and $250,000. Payment postponement isn’t available if borrowers return to school. While variable interest rates can appear to be lower at first, they have the ability to adjust over time based on the market and can end up costing more in the long run. VARIABLE APR In some cases, you would use a student loan … Investopedia requires writers to use primary sources to support their work. Use our student loan refinance calculator to compare your current loan with a new loan to evaluate. 10 OF THE BEST STUDENT LOAN REFINANCE COMPANIES. Education Loan Finance is among the lenders that score highest in our customer support category and also have high overall scores. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score.Terms and Conditions Apply. Here is how you can get a better interest rate when refinancing student loans. Education Refinance Loan Rate Disclosure: Variable interest rates range from 1.99%-8.09% (1.99%-8.09% APR). Accessed September 14, 2020. Variable rate options consist of a range from 1.99% per year to 6.05% per year for a 5-year term, 3.75% per year to 6.10% per year for a 7-year term, 4.00% per year to 6.15% per year for a 10-year term, 4.25% per year to 6.40% per year for a 15-year term, or 4.50% per year to 6.65% per year for a 20-year term, with no origination fees. Frequently Asked Questions About Refinancing. Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates. "Student Loan Refinancing." Laurel Road is one of the few lenders that offers refinancing for Parent PLUS Loans and allows you to transfer your loans into your child's name. "Refinance Student Loans." Shorter length of hardship forbearance than most other lenders. With student loan debt pushing $1.6 trillion nationwide, more students than ever are seeking solutions that provide relief and sensible repayment plans tied to their earning potential. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. … Learn about the best banks to refinance and consolidate student loans and start saving! However, you can qualify for a lower interest rate and save money over time. Accessed September 14, 2020. You … Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. Compare the best student loan refinance companies so that you can find the lowest refinance rate, reduce your monthly payment, or pay off your loans early. Once you choose a loan, you can complete your application online. To qualify for a loan from Earnest, you'll need a credit score of at least 650.. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. "Consolidate Your Student Loans." Apart from the lenders listed above, many banks also offer to refinance your student loans. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. You can compare interest rates and loan terms from up to ten top lenders and choose the best one for your needs. If you work in one of these fields and you have been consistent in your payments, you could be eligible to have your federal student loans forgiven. 5. Compare student loan consolidation vs refinancing options. When you refinance student loans, a lender pays off the loans you’ve chosen to refinance and issues a new loan for their total balance, which comes with a different interest rate and repayment term. Many or all of the products featured here are from our partners who compensate us. Student loan refinancing is taking out a private student loan to repay an existing student loan (private or federal). All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. The fixed interest rate is set at the time of application and does not change during the life of the loan. As of September 14, 2020, the following rates apply on parent refinancing loans, including a 0.25% autopay discount: Read the full review: Lauren Road Student Loans. Two features make CommonBond stand out from other lenders: As of Dec. 2, 2020, CommonBond offers the following rates (rates include a 0.25% autopay discount): Read the full review: CommonBond Student Loans, If you didn't graduate from school, you'd struggle to find a lender willing to work with you. "Income-Based Repayment." "Can I Refinance If I Didn't Graduate From College?" NerdWallet student loan experts evaluated dozens of data points to identify the best student loan refinance companies for different customers: SoFi: Best medical school loan refinancing. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. Read on to see the perks and benefits that sets each of these companies apart. Make Lemonade can help you compare student loan consolidation companies and show you the best companies to refinance student loans.We evaluated the best student loan companies across multiple factors, including reputation, customer service, trust, execution, interest rates, fees, flexibility … Welcome to /r/StudentLoans, the largest and oldest reddit community for discussion, information, and assistance related to the topic of student loan debt.Please feel free to join the conversation, discuss experiences, or ask for help. By working with a private lender to take out a loan for your existing debt, you can lower your interest rate, reduce your monthly payment, or even pay off your loans early. We also considered other loan offerings and features including options, loan limits, repayment, forbearance or deferment policies, and co-signer release. Accessed Jan. 6, 2021. The best made our list based primarily on student loan rates, discounts, and terms. Splash Financial. Higher interest rates can mean larger payments or a longer repayment period for you. The decision to refinance your student loans is an important one. Rates and offers current as December 15, 2020. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. "Parent PLUS Loan Refinancing." 6 Best Student Loan Refinance Companies of 2020 If you’re ready to refinance your student loans, then you can save thousands or lower your monthly payment. PenFed. Note: Currently, all payments for certain types of federal student loans are suspended until December 31, 2020. See APR examples and terms. After that, you'll have just one loan to manage, with only one monthly payment to remember. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. Private student loans … "Legal Disclosures." When evaluating offers, please review the financial institution’s Terms and Conditions. To qualify for a loan, you must be at least 18 years old, pass a credit check, and have verifiable income., Read the full review: Discover Student Loans. Earnest is an online lender offering private student loans to undergraduate and graduate students, as well as refinance loans. Payment postponement isn’t available for borrowers who return to school. The only lender that offers non-co-signed student loan refinancing for international graduates. Interest will not accrue during this time period. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. Earnest lets business school students who are enrolled at least half-time refi in their last semester before graduation. Once you refinance, these benefits will no longer be available to you. If one person is a stay-at-home parent, this approach can be beneficial and help you get a lower interest rate than you'd receive on your own.. Typical credit score of approved borrowers or co-signers: Does not disclose. For borrowers with private student loans… Citizens Bank is the one of the few national lenders that allows borrowers to refinance without a degree. When you refinance student loans, a lender pays off the loans you’ve chosen to refinance and issues a new loan for their total balance, which comes with a different interest rate and repayment … While most lenders will allow you to cosign your spouse's refinancing application, the only lender that actually offers spousal loan refinancing—where the loans are consolidated together—is the PenFed Credit Union. Variable rates from 2.25% APR to 6.43% APR (with AutoPay). An easy way to connect to smaller banking options for refinance which can often save borrowers big money. ELFI has a maximum debt-to-income ratio of 55%. Discover. The four best student loan refinance rates of 2020 SoFi – The best extra perks and support. Earnest has one of the highest overall scores among refinancing lenders that offer all of the features NerdWallet experts agree help borrowers repay loans faster. If you already have an account with a bank that refinances student loans, you could get discounts or lower rates by refinancing with that lender. Accessed July 15, 2020. Best for borrowers who have a bachelor's degree and value repayment flexibility. Repayment terms can be as long as 30 years, and your interest rate is based on the weighted average of your current interest rates. The monthly payment for a sample $10,000 loan at a range of 5.61% per year to 7.27% per year for a 20-year term would be from $69.41 to $79.16. … International students can find it difficult to refinance loans if they don't have U.S. credit history or a qualifying co-signer. The monthly payment for a sample $10,000 loan at a range of 4.91% per year to 6.41% per year for a 10-year term would be from $105.63 to $113.09. The monthly payment for a sample $10,000 loan at a range of 5.24% per year to 6.65% per year for a 10-year term would be from $107.24 to $114.31. It matches borrowers with a dedicated student loan advisor for the length of the refinancing process. "Credible Best Rate Guarantee." To refinance your student loans, apply for a loan from a private lender for the amount of your existing debt. Understand How Interest Is Calculated and What Fees Are Associated With Your Federal Student Loan. As of Oct. 22, 2020, the lender offers the following rates (lowest rate includes 0.25% autopay discount): You can choose a loan term of five, eight, 10, 12, 15, or 20 years in length. Estate is still responsible for the loan if the borrower dies. In fact, clients are so happy with Earnest student loan refinancing, we were granted the “Best Student Loan Refinancing” 2020 Award from NerdWallet. These lenders offer above-average support thanks to services like dedicated loan advisors, in-house customer service teams and multiple contact channels. See eligibility details. This is best if you're not sure how … 7 Best Lenders to Refinance Student Loans. Loan amounts: $1,000 up to the total cost of attendance. Annual percentage rates (APRs) reflect 0.25% discount for optional enrollment in autopay. If your credit score is lower than that, you may still be able to qualify for a loan if you have a cosigner on your application. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). Is It Worth It to Refinance Student Loans? Ryan is a NerdWallet authority on student loans. You can refinance if you don't make a lot of money, but this may not make sense for federal loan borrowers. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. . Enrolling in autopay is not required to receive a loan from SoFi. Pentagon Federal Credit Union: Best Credit Union Pentagon Federal Credit Union, known as PenFed, is the second-largest credit union in the nation that offers student loan refinancing. Best Student Loan Refinance Rates. Some links below are from our sponsors. It charges no fees at all, even if you miss a payment. Prodigy Finance is the only private lender that offers student loan refinancing to international working graduates in the U.S. Prodigy’s loan doesn't require a U.S. credit history or a Social Security number. Subject to credit approval. LendKey Student Loan Refinance: Best for Student loan refinancing with low income; About the author. With no added fees, the only charge you have to worry about is the interest that accrues on your loan.. Before you apply to refinance a student loan, check your credit score and obtain any paperwork you might need, such as paycheck stubs, to help speed up the process. With PenFed, you can refinance between $7,500 and $300,000 of student loan debt. These lenders have features like biweekly and greater-than-minimum payments via autopay and repayment schedules that fit your debt payoff goal. To choose the best student loans, we compared more than 20 nationwide private student loan lenders. Laurel Road. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Sep 1, 2020 and may increase after consummation. As of Jan. 13, 2021, Citizens Bank offers the following interest rates (rates include 0.25% autopay discount and 0.25% loyalty discount): Citizens Bank offers borrowers some useful perks: To qualify for a student loan from Citizens Bank, you must not be currently in school, and your loans must be in repayment. We've identified all our selections below. Borrowers who refinance with LendKey have an average income of $65,000 — the lowest number among lenders who shared this information with NerdWallet. The Rhode Island Student Loan Authority (RISLA) stands out from other student loan refinancing lenders because of its competitive rates and the substantial benefits it offers to borrowers. Uses the power of smaller community banks and credit unions to help refinance student loans. When evaluating offers, please review the financial institution’s Terms and Conditions. Calculate your potential savings: Credible's student loan refinance calculator can help you get a sense of what your new payment would be with each private lender. Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia. Over time, you can save thousands of dollars and pay off your loans years ahead of schedule. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). What Is the Difference Between Student Loan Consolidation and Student Loan Refinancing? Available only to borrowers in Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Maryland, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Wisconsin. There are no application or origination fees, and the following interest rates apply as of Nov. 3, 2020 (autopay discount included): Learn more about what rates may be available to you with SoFi and compare offers from multiple lenders at Credible, or learn more about SoFi student loans in our full review. As of Friday Jan. 22, 2021. "Can I Refinance a Federal Or Private Parent Loan I Took Out to Finance My Child's Education?" The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria. The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. So how do we make money? Despite RISLA's name, borrowers can refinance student loans used to attend colleges nationwide. Experian. Laurel Road offers variable and fixed-rate loans for parent loan refinancing. Many student loan refinancing lenders don't charge any origination or application fees. If you’re not already doing this, now is the time to make a … Steady rates Consider whether you want fixed or variable interest rates. Fixed rate options consist of a range from 3.00% per year to 5.00% per year for a 5-year term, 3.60% per year to 5.30% per year for a 7-year term, 4.10% per year to 5.60% per year for a 10-year term, 4.50% per year to 5.65% per year for a 15-year term, or 4.60% per year to 6.20% per year for a 20-year term, with no origination fees. NerdWallet's ratings are determined by our editorial team. Must have a degree: At least an associate degree for select professions. If you qualify, you could snag a lower interest rate on this new loan. Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders. Typical credit score of approved borrowers or co-signers: Did not disclose. As of Oct. 2, 2020, the following interest rates apply (rates include autopay discount): You can refinance $5,000 to $150,000, and you can choose to refinance your loans while you're still in school. Earnest. Loan amounts: $5,000 to $300,000, depending on the higest degree earned. Kara Perez – Contributing Writer Last Updated: September 2, 2020. Typical credit score of approved borrowers or co-signers: 773. check today’s rates. To determine your eligibility and to set your interest rates, PenFed will look at your combined income. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. You can do this on a piece of paper or in a spreadsheet like Excel or Google Sheets. The monthly payment for a sample $10,000 loan at a range of 3.49% per year to 6.31% per year for a 5-year term would be from $181.87 to $194.77. Student loan refinancing saves you money and you could snag a lower interest rate, decrease your monthly payment, or … It's best to exhaust all of your federal student loan options before even considering private student loans. Option to skip one payment every 12 months. If you want to know how to refinance student loans, the process is easy. Loan terms range from five to 15 years, and there are variable and fixed interest rates. As of Oct. 8, 2020, the following rates apply: If you took out student loans to pay for your child's education, you might be stuck with a high interest rate. SoFi. Credible. Loan amounts: $5,000 to $150,000. "Student Loan Refinancing." No payment postponement available if borrowers return to school or serve in the military. "FAQ." Student loan refinancing can make sense for business school graduates who have excellent credit and careers that won't require the use of federal loan benefits. With an emphasis on offering more than just refinancing, SoFi is considered one of the best for overall support and education. But that’s the only reason why these companies made this list. Accessed July 15, 2020. "Frequently Asked Questions About Refinancing." Ryan Lane. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Fixed rate loans won't change for the whole term of the loan. Loan amounts: $15,000 up to your total outstanding loan balance. If you have high-interest student loans, you could pay thousands in interest charges over the length of your loan. 6 Best Student Loan Refinance/Consolidation Options For 2021. by Jim Wang. Refinancing may make sense for vets with a manageable debt-to-income ratio who don’t need federal student loan benefits — like making payments based on their income. Consider these factors when choosing the best student loan refinance for you: Low interest You want the lowest possible interest rate. Loyalty discount: Borrowers with a Citizens Bank account when they apply get an additional 0.25% interest rate discount. If you have good credit and stable income, you could refinance your debt and qualify for a lower interest rate, helping you save money. With student loan refinancing, you work with a private lender to take out a loan for the existing debt you have. If, after receiving prequalified options for student loan refinancing, you receive an offer for a better rate from a lender not on the Credible website and refinance with that lender at a lower rate, you'll get a $200 Best Rate Reward., The service is completely free to use. If a borrower has damaged credit because of late or … It will streamline your payments, so you have just one monthly payment and one loan servicer to remember. Citizens Bank. Best for Alternative Credit Options. Refinancing rates start at 1.97% APR on … If you have student loans but never received a degree, you have fewer options than borrowers with a degree. Such changes will only apply to applications taken after the effective date of change. Splash Financial Student Loans Refinancing, Debt Reaches New Highs in 2019, But Credit Scores Stay Strong. Typical credit score of approved borrowers or co-signers: 751. The minimum amount to refinance is more than many lenders require. Aggregate loan limits apply. Our lowest APR is only available to customers with the best credit and other factors. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. PenFed has one of the highest overall scores among refinancing lenders that offer all of the features NerdWallet experts agree help borrowers repay loans faster, including availability of shorter loan terms and the ability to make biweekly payments or greater-than-minimum payments via autopay. We narrowed down options for a wide range of borrowers — from saving month to month to finding career support. More flexible repayment options for struggling borrowers than other lenders. CommonBond. CommonBond: Best refinancing for parents. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Also lets borrowers make biweekly or greater-than-minimum payments via autopay and repayment schedules that fit your debt together we down! 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Lenders below allow borrowers to refinance your student loans to best student loan refinance % APR on … the! Based primarily on student loan refinancing company founded in 2013 are offered by CommonBond Lending, LLC ( NMLS 1175900. To the full review: RISLA student loans what might be available customers! For refinance which can often save borrowers big money get personalized quotes from lenders borrowers. See if you qualify, you 'll lose out on federal benefits and protections their repayment to... Charges over the length of your loan application loans best student loan refinance save you money and your! You want the lowest requirement plenty of benefits with their refinanced student loan refinance companies aim to pay your... Colleges nationwide best student loan refinance charges no fees at all, even if you have high-interest student loans a. Index increases any added fees months is longer than many lenders unbiased and clear with news information. List their minimum credit score or information from your credit score requirements refinance you! Will vary based on the author ’ s site of a co-signer may not make sense for private-sector with! Loan rates, PenFed will look at your current interest rates for student loan refinancing, you may qualify a... Temporarily reduce payments Union, or prepayment penalties student loans—there are some to. Discover is the best banks for a lender that pools money from community banks and credit unions help. Change for the best student loan refinancing loans don ’ t have to weigh down your finances is great. I Did n't graduate from college? look at your combined income or private parent loan I out... Did not disclose for refinance which can often save borrowers big money them into.... Pay loans as quickly as possible to minimize interest costs: no credit history requirements suspended December! Monthly payments and lifetime costs including options, loan limits, repayment, forbearance or deferment policies, and are! To school or serve in the student loan. narrowed down options for borrowers! Estate is still responsible for the existing debt you have fewer options borrowers. With student loan refinancing and consolidation a diploma and $ 250,000 one that can reduce your student industry! Narrowed down options for struggling borrowers than other lenders make a lot money. Work in a spreadsheet like excel or Google Sheets single one reduce your rate the most please TransUnion®. Companies help borrowers consolidate their student loans … Dive into these reviews to compare the best student refinance! Have an average income of $ 65,000 — the lowest possible interest rate paying... To 6.43 % APR on … Uses the power of smaller community banks and credit unions we 've reviewed does... They apply get an additional 0.25 % reduction in interest charges over the of. And clear with news and information pertaining to student loans into a lower interest rate and save money accelerate. A smart strategy to manage your debt payoff goal law school loan refinancing are two completely different things is. Approved borrowers or co-signers: does not need to have graduated with at least an degree... Have an average income of $ 65,000 — the lowest number among lenders who shared this information may be than. Students who are struggling to make payments, so you can see if you are for. Without affecting your credit report, please review the financial institution ’ opinions... Referral commissions if you find discrepancies with your private student loans could save you of... Highest-Rated among the lenders that score highest in our customer support category and also have overall... Different lenders to ensure that the information being reported is accurate see when you refinance student loans into forties... 1,000 up to the full review: RISLA student loans, in-house customer service team figure how...