Did you know that over 94,000 people refinanced their student loans last year—saving an average of $18,668? Imagine a life without a student loan payment.
Beat Student Loans is helping to transform the $1.56 trillion dollar student loan debt problem by showing consumers real rates from America’s community lenders. We’re ensuring thousands of borrowers are making educated financing choices and putting themselves in the best position to repay their student loans.
|2.25% to 6.65%|| |
Laurel Road Details
|2.02% to 7.09%|| |
|1.81% to 6.49%|| |
|2.01% to 8.88%|| |
|1.81% to 5.74%|| |
Today, more than ever, various private lenders are helping student loan borrowers refinance at lower rates and save thousands of dollars in interest — that is, borrowers with good credit.
Before you decide if student loan refinancing is right for you, you should check to see if you would qualify.
Here are some common eligibility requirements:
Each lender will have a different credit score requirement, but typically you'll want to have a credit score of 700 or above.
You should have graduated with an associates’ degree or higher from a Title IV school.
Most lenders require that you are employed or have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
You'll want to be current on your bills, credit cards, and other loans, including student loans.
*Once you have determined that refinancing your student loans is right for you, we would recommend reviewing your credit report. You can get your credit report for free by using AnnualCreditReport.com or Credit Sesame. If there are any discrepancies on the report, dispute them. This could improve your score and, in turn, improve the terms of the loan.
There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.
Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.
Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.
Fixed 3.89% – 6.97% APR
Variable 2.47% – 6.23% APR
Variable 2.56% – 7.94% APR
Consolidation simply means combining multiple student loans into one loan, but you get different results by consolidating with the federal government vs. consolidating with a private lender. Student loan refinancing is when you apply for a loan under new terms and use that loan to pay off one or more existing student loans.
The biggest benefit of refinancing your student loans is receiving a lower interest rate than your previous student loans carried, which will save you a lot of money over time.
To get a list of your federal student loans, go to the National Student Loan Data Services website maintained by the U.S. Department of Education.
99% of all federal student loans are listed on the National Student Loan Data Services website. If a particular student loan is not listed there, it is most likely a private student loan.
Set up an automatic direct debit from your checking account to make the monthly payments on your loans. Borrowers with auto-debit are much less likely to miss a payment. Many lenders offer discounts for borrowers who set up auto debit. Federal loans offer a 0.25% interest rate reduction while private student loans often offer a 0.25% or 0.50% interest rate reduction for the remainder of the repayment period. Some lenders will require electronic billing to get the discount.
There are hundreds of companies out there that will help you refinance your student loans, but a select few rank above the rest. The five best, are SoFi, Laurel Road, Commonbond, LendKey, and Earnest. All 5 of these companies offer competitive rates with a variety of term lengths, ranging from 5 years to 20 years.
The actual interest rate you will receive is based upon your credit score, income, savings, degree type, and/or presence of a co-signer. To increase your chances of getting approved and receiving the lowest interest rate, it is recommend applying with a co-signer.
Yes. Student Loan Debt Relief Companies and Student Loan Debt Law Firms are very different. Student loan companies are often in the news for scamming student loan borrowers. On the other hand, debt relief attorneys are held to specific ethical and legal standards to act in their clients’ best interest. If they don’t follow these standards, they will be disbarred.
If you are solicited by a student loan debt company – BEWARE! This is a red flag and means they probably obtained your information from a list that they bought. Most of these companies are just out to make a buck and don’t really care about your personal student loan debt struggle.
If you have private and federal loans, SoFi may be your best bet, as they will refinance both loan types together. It is important to apply to several different lenders. Odds are not all of them will offer the same interest rate and terms, so shop around and get the best deal you can find. You can check your rate in under 3 minutes.
|1.89% – 5.99%|| |
|1.99% – 5.64%|| |
|2.25% – 6.88%|| |
|1.92% – 5.25%|| |
Disclosure: Some of the links above may be affiliate links. Beat Student Loans is helping to transform the $3.2 trillion dollar consumer lending market. By showing consumers real rates from America’s community lenders, we’re ensuring thousands of borrowers are making educated financing choices and putting themselves in the best position to repay their low-interest rate loans.