Get Best Banks to Refinance Student Loans in 2020

by admin August 02, 2020
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Refinance Student Loan:

If you are in college, then you might have a good idea about the student loan repayment. Millions of Americans facing problems to repay their student loans. According to the Experian, there is more than $35,620 student loan debt that carries Americans. If your loan comes with a very high-interest rate, then the balance might go out of control.

To manage your debt, the student loan refinancing could be a smart choice. You can lower your interest rate, by working with a private lender. That will reduce your monthly payment and will help you to pay off your loan early.

Pros and Cons of the Refinancing Student Loans:

Pros:

  • You can simply consolidate all the student loan into one. That means, you just have to make one single payment each month.
  • It will easily simplify your financing life.
  • After refinancing your loan, you will get a lower interest rate.
  • To get a lower monthly payment, you can refinance to a longer period.

Cons:

  • For the new with the best rates and terms, you will require good or excellent credit.
  • After refinancing your federal loans with a private lender, you might lost federal protections.
  • With the refinancing, you are looking for another repayment plan.

Best Banks for Refinancing Student Loans:

Currently, you will get several refinancing companies with competitive interest and low rates for qualified buyers. They also offer helpful resources on their official website. For the student refinancing, you can apply online. But before applying, you should check their terms and conditions.

SoFi:

Overview:

SoFi is one of the most well know lenders for the student loan financing company in the market. SoFi student loans usually comes with competitive interest rates and you don’t have to worry about any hidden fees or any origination fees with the SoFi student loan. You might also get prequalified for the refinancing online, without any credit check.

Perks:

With the SoFi, there will be no hidden fees and you might also get qualify for the 0.25% autopay discount. Although the interest rates are exceptionally low, the quotes depend on your income, credit, and other factors.

Terms and Conditions for SoFi Refinancing:

  • APR: Variable 3.50% to 7.70%. Fixed: 4.25% to 7.70%.
  • Loan Amount: The SoFi student loans are started from $5,000 and up to the full balance of the student loan account.
  • Loan Terms: You will get over 5 to 20 years to complete your repayment.
  • Fees: There will be no hidden fees or neither the origination fees for the SoFi student loan.

Earnest

Overview:

You can refinance your student loans with the Earnest, that offers the flexible repayment option and low APR. You can also choose the payment, which will fit with your budget. The interest rates for the Earnest starts only at 3.50% and fixed rates from 4.25%.

Perks:

With the Earnest student loans, there will be no origination fee or not any other hidden fees. You will get the customized rates with the Earnest. But that depends on several factors outside your credit score.

Terms and Conditions for Earnest Refinance:

  • APR: Variable: Starting at 3.50% and Fixed Starting at 4.25%.
  • Loan Amount: Starting from $5,000 and up to the full amount of your education loans.
  • Loan Terms: The loan term is between 5 to 20 years.
  • Fees: None.

Figure

Overview:

Get the competitive interest rates and no loan fees with the Figure. You don’t even have to pay any origination fees. Here in Figure, you can borrow from $5,000 and $250,000. You will get the time over 5 to 20 years to pay off your loan.

Perks:

The application process with the Figure is quite simple and the application can be done within a minute. Without a hard inquiry on your credit report, you will get the prequalified. The figure says that the refinancing process can be done within five days.

Terms and Conditions for Figure Refinance:

  • APR: The variable APR started at 3.49%.
  • Loan Amount: $5,000 to $250,000.
  • Loan Terms: You will get the time over 5 to 20 years to pay off.
  • Fees: You would not charge any fees for the Figure student loan.

CommonBond

Overview:

CommonBond is another great student loan refinancing company in the market. Without any hard inquiry on your credit score, you will get the pre-qualified for the new loan at CommonBond. They provide fixed and variable rates, which started at 3.38%. You will get over 5 to 20 years for repayment. With the CommonBond loans, you don’t have to pay an origination fee and no pre-payment fees.

Perks:

CommonBond provides a unique hybrid-rate loan, that gives a fixed rate for the first five years of the loan.

Terms and Conditions of CommonBond Refinancing:

  • APR: The variable APR is 3.38% to 5.64%, fixed APR is 3.38% to 6.45% and hybrid APR is 4.34% to 6.06%.
  • Loan Amounts: $5,000 to $500,000.
  • Loan Terms: You will get over 5 to 20 years to complete the repayment.
  • Fees: For the late payment fee, you will be charged 5% or at least $10, whichever is less. For the returned check fee, you will be charged $5.

Citizens Bank

Overview:

For the borrowers who want refinance up to $500,000 in student loans, Citizens Bank might be a good choice for them. The variable interest rates start with 2.72% and get the repayment option between 5 to 20 years.

Perks:

In the Citizens Bank, you might qualify for several discounts. You will get an automatic payment discount on the Citizens Bank loan. In these loans, you will get a discount of 0.50% APR.

Also Read : Minimum Spending Requirements For Credit Card

Terms and Conditions of Citizens Bank Refinancing:

  • APR: The variable APR rates start from 2.72% to 9.05%.
  • Loan Amounts: $10,000 to $500,000.
  • Loan Terms: You will get over 5 to 20 years to make the repayment.
  • Fees: Citizens Bank does not charge any fees for the student loan refinancing.

LendKey

Overview:

You will get the refinancing student loan from the LendKey with variable APRs starting at 2.70% and the fixed starting at 3.39%. With this loan, you will be charged origination fees.

Perks:

Like most of the lenders, LendKey offers student loans in terms of up to 20 years. So, just by taking on a longer loan, you will get very significantly lower your monthly payment.

Terms and Conditions of LendKey Refinancing:

  • APR: The variable APR started with 2.70% and fixed APR started at 3.39%.
  • Loan Amounts: $5,000 to $300,000.
  • Loan Terms: The loan term is over 5 to 20 years.
  • Fees: There will be no fees for the student loan.

Conclusion

To save money and accelerate your debt repayment, you have to refinance your student loans. Every lender does not provide a rate, so before applying, you should check the rates.

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