Last updated on January 21st, 2020 at 06:18 am
When it comes to reviewing the best banks for refinancing student loans, we’ve got you covered.
There are a few requirements that need to be met for eligibility. These include whether you have a college degree, annual income, what your credit score is and your savings.
Now let’s take a look at those 7 top banks for refinancing student loans:
Top 7 Banks Compared
Earnest gives you some of the best options for customizing terms along with very competitive starting variable rates.
Overview of Earnest refinancing offerings:
Extremely transparent on rates, terms & eligibility requirements Must be a U.S. Citizen or have a 10-year Permanent Resident Card No variable rate loans offered in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas Minimum amount that can be refinanced is a $5000 loan 3.20% – 6.99% APR Fixed (with auto pay) 1.99% – 6.89% APR Variable (with auto pay) Must be at least 18 years of age Maximum loan amount $500,000 Minimum credit score 650 Stable job required to qualify or verified consistent income Need to have attended a Title IV school Loan serviced by Earnest .25% auto pay discount Must be within 6 months of graduation to qualify
Lendkey is the best option for those who want refinancing through a local bank or credit union
Overview of Lendkey:
A+ Rating with the Better Business Bureau Over 87,000 people have benefited from LendKey’s financing partners Lendkey does not actually offer refinancing, they connect people with lenders No impact on credit score getting your rates through their platform with soft credit check 3.39%-7.75% Fixed APR (includes autopay) 1.90%-8.59% Variable APR (includes autopay) .25% autopay discount Some lenders who partner with Lendkey offer a cosigner release Loan servicer: Lendkey Terms between 5 and 20 years Refinancing available for undergraduate, graduate, medical, dental and veterinary degrees Minimum refinancing amount: $7500 Maximum refinancing amount: $300,000
Education Loan Finance (or ElFI) is offered through a special program from
Overview of ELFI refinancing offerings:
Refinancing for loan amounts of $15,000 or more No maximum for loan amounts 3.14% – 6.69% APR Fixed Interest Rates 2.39% – 6.01% APR Variable Interest Rates No application fees No origination fees No penalties for paying early Terms of 5, 7, 10, 15 or 20 years Slightly less payment flexibility than competitors Must be a U.S. citizen to qualify A great option for those with financial stability Must attend a school on their approved list to qualify
Started by Stanford grad students, SoFi was designed to help other undergrad and graduate students get out of debt.
Overview of SoFi refinancing offerings:
Borrowers must have a credit score of 650 or higher to qualify .25% ACH auto-pay discount 3.46% – 7.36% APR Fixed Interest Rates (with AutoPay) 2.31% – 7.36% APR Variable Interest Rates (with AutoPay) Interest rates on variable rate loans are capped at either 8.95% or 9.95% Conducts a soft credit check to show qualifying rates Unemployment Protection offered Borrowers typically have a six figure income Up to 12 months of forbearance Refinancing for loans from $5000+ Terms of 5, 7, 10, 15 or 20 years
Laurel Road is one of the best refinancing companies out there for doctors and dentists.
Overview of Laurel Road refinancing offerings:
Borrowers must have a credit score of 660 or higher to qualify Refinancing available in all 50 states Very flexible terms and limits compared to others in the industry 3.50% – 7.02% APR Fixed (with .25% AutoPay discount) 1.99% – 6.65% APR Variable (with .25% AutoPay discount) Terms of 5, 7, 10, 15 or 20 years Refinancing for select healthcare-focused associate degree programs Low payments during residency or fellowship Minimum loan amount for refinancing is $5000 Two loans are required for refinancing in excess of $300,000 Up to 12 months of total forbearance time, allowed in 3 month periods Must be a U.S. citizen or permanent resident with a valid I-551 card
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Not a U.S. citizen or current graduate? Citizens Bank might have your back.
Overview of Citizens Bank refinancing offerings:
Minimum loan of $10,000 to refinance Valid Social Security Number, whether a US Citizen, resident alien or permanent resident Up to a .5 percentage point discount on APR .25 percent auto pay discount is part of the potential .5% APR discount Typical credit score of approved borrowers: 700 3.45% – 9.02% Fixed APR (includes auto pay and loyalty discount) 2.29% – 9.02% Variable APR (includes auto pay and loyalty discount) Terms of 5, 7, 10, 15 or 20 years Soft credit pull to see your rate without affecting credit score Forbearance available in 2 month increments, up to 12 months total Co-signer release available after making 36 consecutive payments of principle and interest on-time Loan serviced by Firstmark Services No bi-weekly payments on auto pay No degree required to qualify
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The team at Commonbond has been offering students opportunities for refinancing their loans since 2012.
Overview of Commonbond refinancing offerings:
Offers a unique hybrid loan option – although you should make sure if that’s right for you. 3.21% – 6.45% APR Fixed Interest Rates 1.81% – 6.29% APR Variable Rates 4.35% – 6.17% APR Hybrid Interest Rates Up to 24 months of forbearance No penalties for prepayment 1:1 social promise – for each loan funded, they also fund the education of a child in need Terms of 5, 7, 10, 15 or 20 years No origination fees .25% auto pay discount Over 2000 Title IV schools are eligible to refinance with Commonbond
Visit Commonbond Before you do anything:
In any major financial decision making process, be sure to evaluate multiple sources, reviews and any available news on the companies you plan to deal with. This information is provided solely for educational purposes and is not meant to be taken as financial advisory services.
Education Loan Finance
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