There are many student loan refinancing companies available these days. Some of the best include SoFi, Brazos, and Mefa.
Each has its own strengths and weaknesses, so it is important to research each company carefully before choosing one. It is also important to note that not all companies offer the same refinance options, so it is important to choose the right one for your needs.
List Of The Top 10 Best Student Loan Refinancing Companies
If you are considering refinancing your student loans, be sure to compare rates and terms from a variety of companies. The top 10 best student loan refinancing companies reviewed in this article are reliable and offer competitive rates.
1. Advantage Education Loan
Kentucky citizens who have U.S. citizenship or who possess proof of residency might be eligible for refinancing through Advantage Education Loans. The company offers fixed-rate loans exclusively. There are no charges to pay and borrowers are able to refinance as much as $500,000 of educational debt by taking a 10 15 or 20-year repayment period. Parents may apply for refinance loans.
Pros: Advantage Educational Loans offer a wealth of advantages, including options for forgiveness and refinancing options for those who don’t have their degree and the possibility to get an installment loan that doesn’t charge charges for origination or prepayment.
Cons: The disadvantage is that there aren’t any rates that are variable. Advantage does not even disclose how much credit is required to be considered and a credit test is required for prospective customers to determine eligibility and repayment conditions.
Utilizing Credible’s no-cost web-based tool You can evaluate multiple lenders, for example, Advantage Education Loan — and refinance rates in a matter of minutes.
2. Brazos
Texas residents with a household income that is at or below $60,000 may be eligible for refinancing up to $149,000 in undergraduate debt, or $249,000 of graduate student loans using Brazos. Fixed and variable rate loans are offered. The borrower has the option of paying back their loan over five, seven, 10 15, or 20 years. Additionally, economic hardship forgiveness allows you to stop payment for up to 12 months should they need to.
Pros: The benefits for borrowers include no prepayment or origination fees, and the choice between fixed-rate or variable-rate loans.
Cons: However, borrowers have to earn a substantial minimum annual income in order to qualify and this is a significant drawback. Cosigner releases are not offered as a result. This is a disadvantage when refinancing through this lender.
Utilizing Credible’s no-cost online service you can review multiple lenders like Brazos -and refinance rates in minutes.
3. Citizens Bank
Citizens Bank refinance loans are offered to all U.S. citizens, permanent residents and residents of other countries with a cosigner that is eligible. The borrower must have at least $10,000 in student loans in order to refinance with this lender.
They are able to refinance up to $149,000 of undergraduate loans or $150,000 of graduate loans. Fixed-rate loans are also available. The loan can be paid back over five, seven, 10 15, or 20 years. Cosigner release is made available after 24 months of timely payments.
Pros: The borrower gets the benefit of fixed or variable rate loans, the chance to refinance loans without first completing the degree, and also there are no origination or prepayment fees.
Cons: some drawbacks, including the possibility of a disability discharge option, isn’t available and there is no minimum credit score that is made public. The good news is that potential borrowers can determine whether they qualify by conducting a gentle credit check.
With Credible’s no-cost online service You can review multiple lenders such as Citizens Bank and refinance rates in a matter of minutes.
4. College Ave
College Ave provides the possibility of loans for U.S. citizens and permanent residents, with the exception of those who reside in Maine. Variable and fixed-rate loans are offered.
Customers can choose between a seven, five 10 12, 15, or 20-year term for repayment and forbearance can be arranged in the event of financial difficulty. You can apply for the help of a credit report and refinance up to $149,000 of undergraduate debt, or $150,000 of graduate debt.
Pros One of the biggest advantages of borrowing from College Ave includes no prepayment or origination charges and the option of choosing between fixed or variable rates, and the ability to apply for a loan using just the use of a credit check.
Cons: Unfortunately it’s not for everyone. The downsides are the fact that it isn’t available to Maine residents, as well as the fact that the lender does not provide an acceptable credit score needed for approval.
Utilizing Credible’s no-cost web-based tool you can review multiple lenders like College Ave and refinance rates in a matter of minutes.
5. EdvestinU
Any resident of any state is eligible to apply for refinancing student loan loans through EdvestinU however, the loans are provided by an organization that is not for profit called the New Hampshire Education Assistance Foundation. The maximum amount you can refinance for loans that are undergraduate is $249,000, and the maximum balance for graduate loans is $199,000. The borrower has the option between a fixed-rate loan and one with a variable rate.
Pros: EdvestinU offers a variety of advantages such as the possibility of variable or fixed-rate loans and the possibility of applying while still at school, and the possibility of refinancing without having completed an education. There is no origination cost or penalties for prepayment.
Con: Unfortunately the borrowers require two references from their personnel to be approved, and an 800-credit score is needed to be eligible for the lowest rates from lenders.
6. ELFI
ELFI loans are accessible at no cost to U.S. citizens or permanent residents with an undergraduate degree who have at least $15,000 of credit card debt from a student. Credit score requirements for borrowers are at least 680 in order to be eligible. They can select between a fixed or variable rate loan. The loan can be paid back over five, seven, 10 12-15, or 20 years and forbearance can be arranged for up to 12 months in the event of financial difficulty.
Pros: The advantages of using ELFI are the availability of fixed or variable rate loans and the fact that the lender does not charge fees and offers forbearance in the event of an emergency as well as the possibility to earn a referral bonus.
Con: However the disadvantages of this lender are the lack of discounts or options for the release of cosigners.
7. MEFA
MEFA loans are provided by the Massachusetts Educational Financing Authority but can be accessed by citizens of all states. Fixed and variable rates are loan options available and borrowers can pay back loans over 7-10 fifteen or seven years.
MEFA will require at least $10,000 of student loans to be refinanced with them, and an average credit score of 670. There’s no loan maximum which makes this lender the best choice for people with a large number of student loans.
Pros: The advantages of borrowing through MEFA include refinance opportunities for those who haven’t yet completed any degree, the possibility of fixed or variable rate loan options, as well as the fact that there aren’t costs for prepayment or origination when you apply with MEFA.
Cons: But the absence of discounts, such as a lower APR on autopay, is an issue and is a reason why MEFA does not allow the release of cosigners or offer any alternatives for deferring or forbearance.
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8.PenFed
PenFed refinances loans are offered to borrowers of student loans with credit scores of 670 and who have at least $7,500 in outstanding debt to education.
It is possible to qualify using a simple credit assessment and to refinance as much as $500,000 worth of student loans. The PenFed refinance loans can be paid back over five, twelve, and 15 years. If the borrowers aren’t current members, they can simply join.
Pros: There are advantages of using PenFed are the lack of origination fees or penalties for prepayment and the possibility of applying to refinance loans using spouses and the selection of variable or fixed interest rates for loans.
Con: However there are some drawbacks, including the absence of discount, and the fact that there is no option to defer or forbearance during circumstances of need as well as the requirement to be an active member of a credit union to be able to borrow.
9.RISLA
It is the Rhode Island Student Loan authority that allows borrowers from all states to refinance their loans with them subject to the following eligibility requirements such as having a minimum annual income of $40,000 and having at least $7,500 of existing student loans.
The maximum amount of $249,000 of education debt is able to be refinanced, and the loan could be paid back over five, 10, and 15 years.
Pros: RISLA can be that its minimum credit of 680 is not too high which means that more borrowers will be eligible. The lender makes refinance loans accessible without a degree. There are also no initial or prepayment fees.
Cons: However the drawback of using this lender is the fact that cosigner release isn’t readily available.
10.SoFi
SoFi refinances loans are offered to citizens, permanent residents, and holders of visas. The borrower can select between fixed-rate loans or loans at variable rates that are based on the rate they receive according to credit.
SoFi does not provide the maximum amount of refinancing or the minimum credit score required, however, it is possible to prequalify and learn about the terms of loans with an informal credit assessment. The borrower can pay back the SoFi refinance loan in five, seven, 10 15, or even 20 years.
Pros: the possibility of choosing a variable as well as a fixed rate in addition to the lack of origination fees and penalty for early payment benefits from SoFi.
Cons: However the drawback of cosigner releases is the fact that they aren’t an alternative.
FAQ
How Do You Refinance Student Loans?
- Compare rates before you shop. There are a lot of different lenders out there, and each has its own rate schedule. You can find the best deal by comparing multiple lenders online or through a broker.
- Get pre-approved for refinancing.
Is It Worth It to Refinance Student Loans?
Yes, there are definitely benefits to refinancing, but it’s important to be realistic about what you can realistically afford and make sure you understand all the implications of the refinance.
Conclusion
Refinancing student loans can be a great way to save money and get the best terms possible. There are many companies available to help, so it is important to do your research to find the best one for you.
About Author
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.
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