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What Is The Best Student Loan Refinance Company – Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not necessarily reflect those of Channel 7.
Finding the best student loan refinancing company for you takes time and research effort. There are a variety of options, each with different refinancing terms and requirements.
What Is The Best Student Loan Refinance Company
A college education is a valuable investment in your future. You will thank yourself in the future for earning your bachelor’s, master’s, or doctoral degree.
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But there’s one thing your future self might not feel so good about: the amount of student loan debt you have. In 2008, U.S. student loan debt amounted to nearly $600 billion. Will double to $1.6 trillion in 2021
Refinancing can make your debt repayments more manageable, so discover the best student loan refinance companies with our handy guide.
Splash Financial is a trusted online lending marketplace. The lender offers loan terms of 5, 7, 10, 15, and 20 years and refinances loans from $25,001 to $500,000, making it excellent for medical students, dentists, optometrists, physician assistants, physicians, and health care professionals. Make it available to the same healthcare professional. nurse
Splash Financial’s mission is to make the world of finance faster and more affordable. One of the reasons we assign a dedicated account representative to help you with the process is to make refinancing your loan quick and easy.
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Splash Financial wants your business, and they want you to bring your friends. Refer a friend and get a $200 bonus. Are there more benefits? Your friend also gets $200
Splash Finance does not charge traditional loan refinance fees, such as loan origination or prepayment penalty fees. You’ll pay less up front and can focus on paying off your refinance loan. Late fees range from $10 to $15, depending on the lender, and are paid after a payment is 10 to 15 days late.
With a minimum credit score requirement of 650, Splash Financial is one of the lowest rated on the list. The next closest scores are Laurel Rode and Ernst with 660 points.
Splash Financial doesn’t have the lowest interest rates, but it comes in second to Credible with an APR of 1.99%. However, the interest rate associated with Credible is the highest at 7.84%.
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Offering variable interest rates ranging from 1.74% APR to 7.49% APR, Splash Financial is the second best company on both sides of the interest scale. Laurel Road’s lowest interest rate is 1.64% APR, and the only company with a higher rate is Trustee (7.84% APR).
Best for loan flexibility Make it easy to make multiple payments, increasing your minimum payment and paying off your loan faster. You can set up car payments and get discounts on your rates. Loan terms vary from 5 to 20 years. You can choose the exact month in which you want to repay your loan. Income refinances loans from $5,000 to $500,000.
The ultimate mission is simple. It’s about making higher education affordable and accessible to everyone. The founder founded the company after watching friends and family struggle to pay off student loans. They realized that to solve the problem there had to be something new.
Like Splash Financial, Ernst wants you to bring friends along on your loan refinancing journey. They also offer a $200 bonus to every referral who successfully refinances their loan.
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We offer the best fixed rates in every state, but no variable rates. Variable interest rates are not permitted in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, or Texas.
There are no application or production fees for importing. Unlike many of our competitors, we don’t charge late fees.
At the center of the list is the lowest credit score, 660. The highest score is 670 on Credible and the lowest score is 650 on Splash Financial.
Ernst has the second-highest low and premium rates, with fixed rates ranging from 2.44% APR to 7.24% APR. Only Fifth has a lower final rate at 2.89% APR, while Splash Financial and Credible have higher final rates at 7.84% APR.
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The lowest variable rates, from 1.74% APR to 7.24% APR, tie Splash Financial to the bottom middle of the pack. At the highest level, it has the second lowest interest rate. 5.65% APR only at Laurel Road Low
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 simpler. You can also ease the financial burden on your parents by refinancing the Parent PLUS loan in your name.
Penfed currently has 2.5 million members and $31 billion in assets under management worldwide. All you have to do to become a member is enter your email, phone number, and address, then deposit $5 into your new account. Penfed members can receive discounts on a variety of financial products, including insurance, rental cars, tax preparation software, and more.
PenFed allows you to refinance loans from $7,500 to $300,000. You must have at least a bachelor’s degree and, if applying alone, must have a minimum income of $42,000. If you file with a co-signer, your personal income can be up to $25,000. After 12 months of on-time payments, your cosigner will be removed from your account, allowing you to enjoy financial freedom. You can repay the loan over 5, 8, 12, or 15 years.
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One of the fees PenFed charges is a late fee of $5-$25, which charges 20% interest on payments that are more than five days late. Additionally, PenFed wants our members to be successful, so we don’t charge fees associated with student loan refinancing. This saves you money up front and in the future.
PenFed’s minimum required credit score is 670, the same as Credible and slightly higher than Splash Financial, Laurel Road and Earnest. They say you need to earn over $42,000.
PenFed’s fixed interest rates range from 2.89% to 4.98% APR, which is lower than other financial institutions listed here. The next closest rate is Laurel Road, which has the highest rate at 5.75%. Other top student loan companies have interest rates higher than 7.2%.
PenFed’s variable interest rate starts at 2.13% APR and goes up to 5.25% APR. It has the highest lowest interest rate of any of the companies discussed here, but its high interest rates are lower than those of the others. The next closest is Laurel Road, which has the highest variable rate at 5.65% APR.
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Laurel Road is perfect for people in the healthcare field who need the best student loan refinancing company. Loan terms of 5, 7, 10, 15, and 20 years offer low interest rates to medical professionals, including dentists, optometrists, nurses, physicians, and physician assistants. They will offer refinance loans starting from $5,000 up to the entire loan balance.
Although it doesn’t advertise exact amounts, Laurel Road offers discounted interest rates to medical borrowers. They simply say that the interest rate may be lower than the advertised rate for qualified borrowers.
You can also get discounted rates by opening a checking account. You can also get a $300 bonus when you deposit $2,500 directly into your checking account.
Another notable feature is the cashback credit card. 2% of each purchase goes toward repaying the refinance loan.
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Laurel Road does not charge application, origination or upfront fees. If your payment is more than 15 days late, you will be charged a late fee of 5% of the late payment amount or $28, whichever is less.
The minimum credit score required to refinance student loans at Laurel Road is 660, which is moderate. Splash Financial’s minimum score is 650 and Credible’s maximum score is 670.
Laurel Road fixed interest rates range from 2.25% APR to 5.75% APR. At the low end, these rates are in the middle, with Credible and Splash Financial lower and PenFed and Ernst higher. On the high side, Laurel Road has the second-lowest interest rate, behind PerFed’s 4.98%.
Laurel Road has the lowest variable interest rates, with APRs ranging from 1.64% APR to 5.65% APR. The next lowest figures are Splash Financial and Earnest, with an APR of 1.74%. The second-lowest number from the highest is Earnest’s 7.24% APR.
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Credible is an online marketplace that helps you find the best student loan refinance company for you. It’s free to use as the company collects fees from listed lenders. They pride themselves on being accurate, transparent and risk-free. They offer the best interest rate guarantee, and if they can’t get you to the lowest interest rate on your loan, they’ll pay you $200. This guarantee makes them unique. No other organization on this list has this type of guarantee.
Credible offers a comprehensive FAQ that answers all types of questions about its services and common questions about student refinancing.
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