Refinancing your student loans can be an excellent way to save money and make your monthly payments more manageable. With so many student loan refinancing companies out there, it can be tough to know which one to choose.
In this article, we will discuss the best student loan refinancing companies available to help you choose the best fit for your needs. SoFi: Extra Perks
SoFi is one of the most well-known student loan refinancing companies on the market, and for a good reason.
With no application or origination fees or prepayment penalties, refinancing with SoFi is a zero-stress way to go. One major benefit of SoFi is the extra perks that come with refinancing your student loans with them.
They offer career coaching and entrepreneurship resources that can help boost your income. SoFi also has a mobile app, which makes it easy to manage your payments and track your progress.
Loan terms can be as long as 20 years, and they offer both fixed and variable interest rates. SoFi also provides refinancing options for those with an associate’s degree.
INvestEd: For Non-College Graduates
If you haven’t graduated but still want to refinance your student loans, INvestEd is an excellent choice. They offer refinancing options for those who haven’t completed their degrees and have a minimum loan balance of $10,000.
INvestEd offers fixed and variable interest rates and terms ranging from 5 to 20 years, with no application or origination fees. Laurel Road: Parents
Laurel Road, a division of Darien Rowayton Bank, offers refinancing options for both parent and student loans.
This option is particularly attractive if you want to refinance both types of loans into one. Laurel Road’s interest rates are competitive, and loan terms can be as short as 5 years and as long as 20 years.
One of the standout features of Laurel Road is their Parent PLUS refinancing program. Splash Financial: Low Interest Rates
If you’re looking to minimize your interest rates, Splash Financial is an excellent company to consider.
They offer refinancing rates starting at just 1.89%. With loan terms ranging from 5 to 25 years, Splash Financial offers the flexibility and options that many borrowers want.
There are also no application or origination fees. PenFed: Married Couples
If you’re married and both of you have student loans, PenFed is an excellent choice for refinancing.
They offer the ability to refinance both student loans into one, with loan terms ranging from 5 to 15 years. They also have competitive interest rates and no application or origination fees.
RISLA: Borrower Protections
For those seeking special borrower protections, Rhode Island Student Loan Authority (RISLA) is an excellent refinancing choice. They offer a variety of options for a borrower who faces economic hardship, including a deferment program and emergency forbearance.
RISLA provides loan terms ranging from 5 to 20 years and accepts a minimum loan balance of $7,500. MEFA: No-Fee Refinancing
The Massachusetts Educational Financing Authority (MEFA) is another great option for refinancing your student loans.
Their refinancing options include both fixed and variable interest rates, with loan terms as long as 15 years. They offer a hassle-free application process and no origination or application fees.
MEFA refinancing is available to borrowers who have graduated from an accredited program and have ongoing employment. Citizens Bank: For International Students
If you’re an international student looking to refinance your student loans, Citizens Bank is a good option to consider.
They offer refinancing options to international students with a valid work visa as long as the loan is co-signed by a U.S. citizen or permanent resident. They offer fixed interest rates with loan terms ranging from 5 to 20 years.
In conclusion, refinancing your student loans is an excellent way to save money and make your monthly student loan payments more manageable. It’s important to consider your options carefully before selecting a refinancing company, as each one offers unique benefits and drawbacks.
Be sure to compare and contrast the options before making a final decision and happy borrowing. Refinancing your student loans can be an efficient way to free up resources and take back control of your financial future.
With interest rates tumbling and refinancing becoming more affordable than ever before, student loan borrowers are starting to take advantage of this unique opportunity to reduce their monthly payments and save money in the long run. While there are hundreds of refinancing companies out there, some lenders stand out above the rest.
In this article, we will focus on two of the best student loan refinancing companies, INvestEd and Laurel Road. INvestEd: A Fantastic Choice for Borrowers without a College Degree
INvestEd is a private lender that offers refinancing for student loans to borrowers without a college degree.
They’re an excellent option for anyone who’s looking to refinance their loans but hasn’t completed their degree program yet. Most borrowers often feel locked out of the typical refinancing options because they haven’t fulfilled the requirement of having a degree.
However, INvestEd provides a thoughtful solution by allowing refinancing without a degree. INvestEd offers both variable and fixed-rate loans, and can refinance as low as $10,000 and as much as $250,000.
With INvestEd, borrowers also have the privilege of getting a forbearance policy that covers a generous four months, with no limit on the number of times they can use it. Additionally, one of the standout features of INvestEd is their customer service.
They offer a personalized touch and exclusive financial landscaping sessions with certified financial planners. These planners provide one-on-one advice on how to manage your finances better and make decisions that are right for your current situation.
Laurel Road: Perfect for Transferring Parent Student Loans to Child
Laurel Road is another private lender that offers some of the most competitive interest rates and terms available. They allow borrowers to transfer parent student loans to their child.
This is a unique feature that makes refinancing with Laurel Road a popular choice for those planning to transfer their student loans to the next generation. Laurel Road offers competitive interest rates for both fixed-rate loans and variable-rate loans.
Borrowers can refinance their loans for up to 20 years, which is an excellent option for those who want to free up their money for an extended period. Additionally, they offer an easy application process that doesn’t require any fees.
You don’t have to worry about any loan application fees, origination fees, or prepayment penalties when you refinance with Laurel Road. Conclusion:
All in all, both INvestEd and Laurel Road offer great refinancing options that are competitive and customizable to support different borrower needs.
Each of these private lenders’ refinancing options comes with unique benefits that can help significantly reduce a borrower’s monthly payment while saving money in the long run. We recommend that you research your preferred lender, compare rates, and consider the benefits to find the right one for you.
With a little bit of diligence and foresight, refinancing your student loans with a private lender can lead to a brighter financial future. When student loan borrowers find themselves saddled with payments that are unaffordable or stressful, seeking refinancing with private lenders can be a good option to consider.
While there are many lenders to choose from, some companies stand out above the rest, such as Splash Financial and PenFed. These two refinancing companies offer unique benefits that could make them the right choice for certain borrowers.
Splash Financial: Offers Low Refinance Rates Through a Network of Banks and Credit Unions
Splash Financial is a student loan refinancing company that connects borrowers to its network of banks and credit unions to provide low refinance rates. Borrowers who refinance using Splash Financial can save a significant amount of money on their monthly payments.
For those looking to free up their finances and increase their monthly cash flow, Splash Financial is a fantastic option. There are no application fees, origination fees, or prepayment penalties when using Splash Financial.
Moreover, there are no loan maximums, meaning you can borrow up to an amount that suits your needs. However, eligibility for refinancing with Splash Financial is limited to U.S. citizens and permanent residents, as well as certain visa holders.
International students, unfortunately, are not eligible. One of the standout features of Splash Financial is its simplicity.
The application process is quick and easy, with most approvals coming within just a few days. They also offer a unique customer support service, with specialists who are dedicated to helping borrowers through every step of the refinancing process.
PenFed: Ideal for Married Couples and Evaluating Household Income
PenFed is a unique student loan refinancing company that offers a range of refinancing options and has requirements that are relatively easy to meet. They offer refinancing options for both parents and students, with unique refinancing options for married couples.
PenFed is the only lender who offers spouse loan refinancing, allowing couples to combine both of their loans. When refinancing with PenFed, they evaluate the household income and highest credit score to determine the eligibility requirements.
They offer repayment terms up to 15 years, which can be extended to 20 years if the loan amount is above $100,000. Therefore, borrowers can enjoy flexible repayment terms that suit their financial goals.
PenFed also offers both fixed and variable interest rate options. While fixed options offer predictable payments, the variable rate options can change with market interest rate fluctuations.
You don’t have to worry about prepayment penalties, origination or application fees if you opt to refinance with PenFed. The application process is easy and straightforward, with most approvals taking less than a week.
Borrowers can choose to complete the application process entirely online, or they can opt for a phone or email consultation with a representative. Either way, PenFed provides a stress-free refinancing experience that simplifies the borrowing process.
Conclusion:
If you’re struggling with mounting student loans, Splash Financial and PenFed are excellent refinancing options that can help you regain your financial freedom. They both offer a range of refinancing options and competitive interest rates making them a worthwhile alternative to traditional borrowing options.
Although refinancing makes sense for many borrowers, it’s essential to consider your options carefully before committing to a private loan. With this in mind, borrowers can make informed refinancing decisions that best suit their financial goals.
For student loan borrowers looking to refinance, there are many private lenders to choose from, including RISLA and MEFA. These two organizations are nonprofit and offer refinancing loans that are customized to borrower needs while keeping their best interests at heart.
They offer competitive rates, flexible repayment terms, and unique borrower benefits that make refinancing with them attractive. RISLA: Unique Borrower Protections and Flexible Repayment Options
The Rhode Island Student Loan Authority (RISLA) is a nonprofit organization that offers student loan refinancing to borrowers in Rhode Island and across the country.
They offer fixed-rate loans, cosigner releases, and interest rate discounts depending on the loan option selected. RISLA is an excellent option for borrowers looking for unique borrower protections, including unemployment protection and a disaster relief program.
Borrowers who refinance with RISLA can apply for an income-based repayment plan, as well as deferment options, if they go back to graduate school. RISLA also offers a total and permanent disability discharge program, which forgives a borrower’s student loans in the event of a total and permanent disability.
RISLA offers personal and attentive customer service, helping borrowers through the refinancing application process. Customers can enjoy an easy-to-use application that is free of charge.
MEFA: Nonprofit State-Chartered Student Loan Organization
The Massachusetts Educational Financing Authority (MEFA) is a nonprofit state-chartered student loan organization that offers refinancing loans and private student loans. They offer refinancing loans with no fees required, providing borrowers with a low-cost refinancing option.
One of MEFA’s significant benefits is that they do not set a maximum loan value, giving borrowers the flexibility to refinance the amount they wish.
MEFA offers fixed and variable interest rate options, as well as repayment terms up to 15 years.
The repayment terms vary depending on the loan type, and there is always the option to customize the loan terms depending on the borrower’s needs. One of the unique benefits of refinancing with MEFA is that they offer scholarships to Massachusetts students facing financial challenges.
These scholarships can help reduce student loan debt and provide students with the financial support they need to succeed. Crucially, MEFA also offers an excellent customer service experience, featuring supportive loan officers who are available to answer any questions about the refinancing process.
Customers can reach out directly to the company via phone, email, or online chat, making refinancing a smooth, low-stress process. Conclusion:
For borrowers looking for the best possible refinancing experience, RISLA and MEFA are both great options.
They offer competitive rates, flexible repayment terms, and unique borrower benefits. When making a decision on refinancing your student loans, it’s important to weigh your options carefully and identify the best option for your individual circumstances.
Take time to read through various loan terms, interest rates, and fees to make an informed decision. Consider working with a financial advisor to determine which refinancing company is the best fit for you to help manage your student loan debt.
When it comes to refinancing your student loans, selecting the right lender is crucial. Some borrowers require specialized lending options, making it essential to do your research and find the loan that caters to your individual needs.
In this article, we will discuss two other companies, Citizens Bank and third-party loan marketplaces like Credible and LendKey. Citizens Bank: Provides Refinancing Options to Non-U.S. Citizens with U.S. Citizen Cosigners
Citizens Bank is a private lender offering refinancing loans to borrowers, including non-U.S. citizens residing in the United States, with a U.S. citizen cosigner.
They offer fixed and variable rate loan options with repayment plans ranging from five to 20 years. Citizens Bank’s refinancing loan options are attractive to borrowers because they offer competitive interest rates and a coach program that provides borrowers with financial assistance to help them manage their finances better.
While Citizens Bank does offer flexible repayment terms and competitive interest rates, there are limited options for deferment and forbearance. However, considering their flexibility in accepting cosigners who are U.S citizens, non-U.S. citizens residing in the United States can refinance their loans and save some money in the process.
Credible and LendKey: Simplify and Streamline Refinancing Loan Comparisons
Credible and LendKey are two third-party loan marketplaces that simplify and streamline the refinancing process by providing a comparison of interest rates and loan terms from various lenders. Credible offers multiple refinancing options from various lenders, making the process of comparing interest rates and terms more accessible and less time-consuming.
Borrowers can view rates and loan terms from multiple lenders and apply for a refinanced loan directly from the platform. In comparison, LendKey is a lending platform that connects borrowers with more than 300 local banks and credit unions that offer refinancing loans.
LendKey offers borrowers multiple refinancing options and no application or origination fees, which can save borrowers money. One of the benefits of using third-party marketplaces like Credible and LendKey is that the lenders on these platforms usually do not require hard credit checks.