If you’re having trouble paying your monthly student loan bill, you may be curious as to whether or not you can refinance student loans. While there are many considerations to make, and each student loan situation is different, the best place to start could be to put together a list of the best student loan refinance companies. Remember, rates change regularly, and that’s not the only factor to choose from. This list of student loan refinance companies is based on customer service, convenience, reputation, and features. Compare them all to find out what could help you pay off your loans faster. So now we will talk about the best student loan refinancing interest rates.
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What is student loan refinancing?
When you choose to take the balance of your private student loan and sell it to another bank that is considered refinancing. It’s like when you refinance a mortgage or a car loan; if approved, you can save money on interest and pay off your loan faster. You must qualify for refinancing, like getting a whole new loan.
Your credit score and payment history are taken into account when deciding if you qualify and what new rate you will receive. Refinancing student loans has a clear advantage during the low preferential interest rates established by the Federal Reserve. With lower interest rates overall, you may find that the savings on a new private loan are enough to pay off your debt early or set aside money for other needs. The student loan refinance rate is just the amount of interest you will pay on your loan, which is generally calculated as an annual percentage rate.
The best student loan refinance rates
With an emphasis on offering more than refinancing, SoFi is considered one of the best for support and education in general. It provides access to free live support seven days a week and free financial advisors to help with many aspects of cash management, not just student loan payments. You can even receive free vocational training as part of the agreed benefits of the loan service.
How much they cost?
SoFi does not charge any application or project fees, and you are free to prepay your loan without penalty. The entire process takes place from a single online portal, so you don’t have to meet with a banker in person. Fixed or variable rates depend on the current economic climate; currently, they are competitive with fixed rates ranging from 3.46 percent in April to 7.36 percent in April and variable from 1.81 percent in April to 7.36 percent, with a limit of 9.95 percent. Access the lower APR layers to enroll in the SoFi automatic payment program.
2. Citizens Bank
Offering various loan terms, ranging from five to 20 years, Citizens Bank is one of the few on the market with loan amounts of up to $ 500,000 for graduates. Although it offers smaller amounts (as low as $ 10,000), those with large amounts of debt will find it easy to work with. Its fixed rates are currently 3.45 percent – 9.02 percent April and variable 2.15 percent – 8.82 percent April, with discounts on certain behaviors, such as automatic refunds. If you have registered with a relative or spouse, which is common for those who may not have the best credit, Citizens Bank allows you to request the release of the co-debtor after 26 consecutive payments on time.
3. Lend key
If you finished college and loved your credit union, Lend Key is a solid choice. Made up of lenders who pool their money to invest in student loans, it’s completely in line with the features that many appreciate about their community bank. It also gives you various repayment terms from five to 20 years and offers interest rates as low as 1.90 percent variable and 3.49 percent fixed with its Auto-pay service. Because it handles federal and private loan refinancing, you can choose to combine your loans at a lower payment, usually at a better annual percentage rate.
Of all the companies that fight for their student loan refinance business, Earnest distinguishes themselves in several ways. First, their website is intuitive and offers to compare what you save with them and what the other companies offer. It allows you to choose the length of your term and the monthly payment amount; if you decide you want to change or refinance in the future that is also allowed. Earnest also offers a limited employment protection service to help you with payments if you also lose your job.
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