Looking for student loan debt refinance? Many borrowers wonder whether there is a need to finance their student loans. Refinancing your student loan is a great idea, especially now that the annual interest loans have been reduced. What are the best student loans refinance companies?
Student loans refinance options
Some of the advantages of refinancing student’s loans include:
- You make payments once in a month
- They have a flexible repayment term of 5-20 years
- Have lower interest rates
- They help you to save money
- They help you to pay off your student loan faster
- They have low-interest rates
How to refinance student debt
There are several factors considered when deciding if one qualifies for student refinancing. Among them are credit scores, debt-to-income ratio, the school where you studied and the amount you want to refinance. To increase pre-qualifying chances, it is crucial to add a creditworthy co-signer. In case you want to know which co-signer helps you pre-qualify with better rates, you can use Credible.
What Rates Do I Qualify For?
Lenders determine the interest rates that apply to an individual by looking at various factors. Some of the considerations include good credit scores and a steady income. Lenders need an assurance that you will be in a position to repay your loan. The following are some lenders you can consider their rates.
Student loans refinance companies
1. Advantage Education Loan
Advantage Education Loan is a good option in case you wish to refinance or consolidate your education loan. It is convenient and it charges lower interest rates. Their student refinance loans and consolidation loans have fixed rates that start from as low as 3.74% APR. To qualify for their loans, you need to be earning at least $24,000 annually.
2. Brazos Student Loans
Brazos Student Loans offer student loan refinancing at affordable fees and low rates. Besides, they provide private student loan refinancing for Texas residents. The minimum loan amount they offer is $10,000, while the maximum is $150,000. Their rates are from as low as 2.84% APR where the rate can be fixed or variable. They have various loan terms, which include 5, 7, 10, 15, 20 years. Besides, they offer promotions of up to $750 bonus. They require a minimum credit score of 690. To qualify, you need to have a minimal annual income of $30,000 with a co-signer and $60,000 without a co-signer.
3. Citizens Bank
Citizens Bank offers students loans at competitive fixed and variable rates with repayment options that enable one to repay the loan without issues. For fixed rates, they offer 4.72% to 12.04% APR where the interest rate and monthly payment amount will remain the same over the repayment duration. Their variable rates range from 2.90% to 11.01% APR where the interest rates and the amount payable mount will keep on changing from month to month. You need to be earning at least $24,000 annually to qualify.
4. College Ave Student Loans
College Ave Student Loans offer undergraduate student loans refinancing, graduate student loan refinancing and private student loans refinancing. For student loan refinancing, fixed interest rates are usually 3.24% to 7.99% APR while variable interest rates are usually 2.49% to 7.24% APR. Its loan terms are between 5 to 20 years and do not require a co-signer. Private student loans for undergraduates generally have a loan term of between 5 to 20 years, while the loan amount ranges from $1,000 to $80,000 with a grace period of 6 months. It requires one to have a co-signer.
5. EDvestinU Student Loans
EDvestinU Student Loans offer undergraduate, graduate and private student loans. They provide loans in variable and fixed APR. Private student loans variable APR ranges from 4.036% to 10.030%, while the fixed APR ranges from 4.516% to 9.260%. It does not charge other fees, yet it has flexible repayment options. Student loan refinancing caters to federal, private or PLUS loans. It can also combine several loans into one. Its variable APR ranges from 4.100% to 6.770%, while the fixed APR ranges from 4.530% to 7.200%. It has flexible repayment options and does not charge any fees. To qualify, you need to have a minimum credit score of 750, and you need to be earning at least $30,000 annually.
6. Education Loan Finance
Education Loan Finance offer student loan refinancing, undergraduate loans and graduate loans. Student loan terms range from 5 to 15 years, while student loan refinancing ranges from 5 to 20 years. All loans have fixed or variable rates. Fixed rates start from 3.14%3 APR, while variable rates start from 2.42%+3 To qualify, you need to have a minimum annual income of $35,000.
Mefa provides student loan refinancing and private student loans. For student loan refinancing, they offer fixed rates at 3.6% to 5.65% APR and variable rates ranging from 3.33% to 5.38% APR. Loan terms are between 7 to 15 years, while the loan amount is from $10,000 to your total outstanding debt. To qualify, you need a minimum credit score of 670 and earn a minimum income of $24,000 annually.
Sofi offers student loan refinancing that could help you to save a lot and private student loans with flexible repayment options. For fixed-rate loans, you pay 3.899% APR and 2.47% APR for variable rate loans. To qualify for Sofi student loan refinancing, you need to have a minimum credit score of 650.
Risla provides student loan refinancing and private student loans. For student loan refinancing, they have fixed-rate loans at an interest rate ranging from 3.49% to 8.14%. The loan terms range from 5 to 15 years, while the loan amount ranges from $7,500 to $250,000. The loan does not require a co-signer. You need a minimum credit score of 680 and a minimum income of $40,000 to qualify.
10. PenFed Credit Union
PenFed Credit Union is unique since it allows married couples to refinance together. It provides student loan refinancing for fixed loans from 3.48% to 6.03% APR and variable loan rates at 2.42% to 7.16%. The loan terms range from 5 to 15 years, while the loan amounts range from $7,500 to 300,000. You need a minimum credit score of 670 and a minimum income of $24,000 with a co-signer or $42,000 without a co-signer to qualify.
When to Refinance Student Loan?
Many people ask when it is appropriate to refinance a student loan. The best time to refinance a student loan is when you qualify for lower interest rates. When the interest rates are lower, you can save a lot of money and free money to cater for other expenses. Also, paying your loan faster can go a long way in saving you money. Student loan refinance does not have limits, meaning you can refinance often.
To qualify for a student loan refinancing, you need to meet the minimum credit score. Also, you need to have a regular income and meet the required annual minimum income by the lender. Some of the platforms in the US that can help you in student refinancing include Credible.com. It helps you to prequalify and get co-signers with better rates.
Vincent is a Kenyan writer with an interest in finance, business, technology and health niche. He holds a Bachelors degree in Applied Statistics with computing from the University of Eldoret.