Top 5 Lenders for Refinancing Student Loans

Do you have student loans? Probably. Do you want to save money? Hopefully.

If you are like most college students these days, more likely than not you’ve picked up some student loan debt along the way. It’s a scary day when those loan payments become reality, but don’t panic yet!  Here’s a NO BRAINER for you. Try refinancing your student debt and see if you can get a lower rate or a lower monthly payment.  It only takes a few minutes and it could save you thousands of dollars in interest over your lifetime.

At over $1.3 trillion, student loan debt is second to only mortgage loans as the highest category of consumer debt in the United States. Borrowers average close to $30,000 each in outstanding student loans!

Thankfully, if you’re in the same boat as me and over 44 other million Americans, there are some great companies that want to help you get the lowest interest rates possible. These companies will help you refinance your loans to ensure the payment structure and interest rates are right for you.

SoFi, LendKey, Earnest, CommonBond, and Citizens Bank have climbed to the top of the ladder in the field of student loan refinancing. Although each has different strengths, they all offer low rates, flexible structures, and are the most inclusive lenders in the industry.

Here’s a chart comparing the five companies and according to fifteen key refinancing metrics:

CategorySoFiLendKeyEarnestCommonBondCitizens Bank
Variable Interest Rates2.56% to 7.40%2.58% to 7.96%2.57% to 5.87%2.54% to 6.65%2.90% to 8.00%
Fixed Interest Rates3.25% to 7.13%3.15% to 8.12%3.25% to 6.32%3.20% to 6.65%3.50% to 8.34%
Loan Terms5-20 years5-20 years5-20 years5-20 years5-20 years
Least You Can Borrow$5,000$5,000$5,000$5,000$10,000.00
Most You Can BorrowNo Max$125,000 Undergrad
$250,000 Graduate
$300,000 Medical
No Max$500,000$90,000 Undergrad $350,000 Graduate
Average Money Saved$288

per month

$192

per month

$30,939

total

$24,046

total

$271 per month
Unemployment Protectionup to 1 yearup to 18 monthsup to 1 yearup to 24 monthsup to 1 year
Can Be Resident of Any StateYesAny except

ME, ND, NV, RI, WV

Any except

AL, DE, KY, MS, NV, RI

Any except

ID, LA, MS, NV, SD or VT

Yes
Degrees That QualifyUndergrad

& Graduate

Undergrad

& Graduate

Undergrad

& Graduate

Undergrad

& Graduate

Undergrad

& Graduate

Types Of LoansPrivate

& Federal

Private

& Federal

Private

& Federal

Private

& Federal

Private

& Federal

Minimum Credit ScoreGood

or Excellent

680660660680
Minimum Income RequiredNone$24,000

per year

NoneNone$24,000 per year
Can Apply with CosignerYesYesNoYesYes
Borrower Must Currently Be EmployedYes or signed job offerYesYes or signed job offerYes or signed job offerYes
Completing an Application Takes10 minutes or less10 minutes or less10 minutes or less10 minutes or less20 minutes or less

 

As you can see there are many factors to consider when refinancing. Although juggling all these metrics may be confusing at first, they allow you to easily distinguish which companies and loan offerings are right for your student debt circumstance.

Start with the two companies that have built the best reputation in the field: SoFi and LendKey.

SoFi is leading student loan refinancing provider with low rates, an easy to use platform, and a super convenient application process. Their average borrower over $15,000! Check out their website here.

LendKey is another great company to refinance through! Check out how much money they can save you here.

Be thorough in your research, but don’t let an opportunity to refinance pass you by. Applying only takes a couple minutes, so don’t hesitate to let one of these companies build your ideal student loan package today!

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