Thu. Dec 1st, 2022

best student loan refinance companies

If you are looking to refinance your student loans, you should know your options and which companies offer the best refinancing options. While there are plenty of options on the market, we’ll focus on a few companies that stand out from the rest. Read on to learn about CommonBond, SoFi, Laurel Road, and ELFI. They have many benefits, but they’re not perfect, and we’ll discuss the best ones in this article.

SoFi

The SoFi student loan refinance company offers a number of benefits to members. In addition to its low interest rates, members can receive a discount if they set up automatic payments. Those who are members can also receive a 0.125 percent rate reduction if they have a co-signer. Additionally, the application process is fast and hassle-free. This student loan refinancing company is well-known for its customer service, which is why it has a good reputation.

When applying for a loan with SoFi, applicants must input basic information about themselves. These include income, education, and other pertinent information. During the application process, applicants can review repayment plans, interest rates, and minimum loan amounts. SoFi will not share this information with third parties. After reviewing the application process, applicants may want to consider applying for a fixed-rate or variable-rate loan. For example, variable-rate loans are only available if a borrower’s income is above seven hundred thousand dollars.

CommonBond

In order to refinance your student loans, you must complete an online application and submit all necessary documentation. Once approved, you must continue to make your monthly payments on the old loan until you can start on the new one. Once you have completed the application, you can opt for autopay and receive a 0.25% rate discount. If you choose to make automatic payments, you must be a college graduate and have no other outstanding debt.

When it comes to student loan refinancing companies, CommonBond stands out as a standout. The company was founded by college students who have been through the process themselves. This allows it to be intuitive for college students and provide useful information about student loan options and rates. It also offers useful blog articles that provide valuable information on student loan repayment, as well as competitive rates. Additionally, this student loan refinance company is committed to helping students in need and has a visionary philanthropic program.

Laurel Road

The Laurel Road student loan refinance companies offer private graduate student loans, as well as student loan refinancing. The website provides pre-screening forms that take a soft credit pull to ensure the borrower is a good fit for the program. The company will provide a range of interest rates, but final approval will be dependent on a hard credit pull and the applicant’s final application.

Laurel Road student loan refinancing does not charge origination or prepayment penalties. Their fees vary slightly, but they don’t exceed $50 per payment. However, they charge a late fee of 5% of the late payment amount, up to a maximum of $28. You can also expect a $20 returned payment fee if you send your payment through the mail. In addition, you should check the Better Business Bureau rating of the company. This organization evaluates businesses based on how responsive they are to complaints and how transparent they are with their business practices.

ELFI

When choosing an ELFI student loan refinance company, you will have to have a decent credit score and a 36-month credit history. Additionally, you must have a bachelor’s degree. ELFI offers refinancing options in all 50 states and Puerto Rico. To qualify for ELFI student loan refinancing, you must prequalify online. During this process, a soft credit pull will be performed on your credit report. Once your application is approved, you will receive an offer for a loan.

ELFI offers two interest rate plans: fixed and variable. A fixed rate will not change throughout the term of the loan, while a variable rate will fluctuate with the market. The variable rate, however, may cost you more money in the long run because it will depend on market conditions. If your financial situation is stable, however, you should opt for a fixed rate repayment plan. ELFI’s variable rate will not increase more than three times in a three-month period and will not exceed 9.95%.

Citizens

Using a citizen student loan refinance company can be a smart decision, especially if you’re in the process of paying off your college loans. If you’re looking for a lender that offers competitive rates and excellent customer service, Citizens may be a good option. With the company, you can refinance up to $750,000 in student loans. They also refinance federal and private loans. But there are some things to be aware of before refinancing, including the potential for a lower rate and lesser protections.

Although Citizens is among the best lenders in some loan categories, they tend to fall outside the top three in others. However, advertised rates are competitive, and you should apply with several companies before choosing one. Because each lender has its own credit-evaluation formula, applying with several different student loan refinance companies is an excellent way to make sure you get the best rate for your needs. Using a citizens student loan refinance company is a great idea if you’re in need of money for school, and you don’t want to end up in the red with a large bill.

College Ave

A college graduate looking to refinance student loans may want to consider the College Ave student loan refinance company. This company has no minimum FICO credit score but requires that you be at least half-time enrolled in school. If you have no credit history, a co-signer can help. A good credit score will increase your chances of qualifying for a low-interest rate. While College Ave does not publicly list its credit requirements, it does require that you have excellent credit and be planning to pursue your undergraduate degree part-time. Their application process is quick and easy, and includes calculators so you can see the monthly payments of your loan.

College Ave offers a five-year, eight-year, or 10-year term on undergraduate loans. Graduate loans, MBA, and career loans have a ten-year term. Law school and dental school loans come with a 20-year term. Refinance loans, on the other hand, offer a five-year term. This allows parents and students to choose a term length that works best with their financial situation. They can also choose a payment option that allows them to pay off their loan in full when they begin attending school.

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