Refinance Student Loans
Student Loan Refinance
Private student loan consolidation or refinance is where you combine your private student loans or your private student loans and federal student loans into one student loan. Many lenders offer extended terms and lower interest rates than your in school loans. This option is best for those who have graduated, are working and have managed their credit responsibly. You can use this option to adjust your loan to your current condition and potentially refinance your loans to a lower rate.
It only takes a few minutes to apply. You could reduce your monthly payment and save money.
Student Loan Refinance Lenders
| LENDER | VARIABLE APR | FIXED APR | LOAN TERMS | MAX LOAN | |
|---|---|---|---|---|---|
|
4.75% – 14.00% APR 3 | 3.59% – 14.25% APR 3 | 5-15 YEARS | 125k |
Lender Disclosures |
|
4.78% -11.14% | 5.08% - 11.24% | 5 -15 YEARS | 500k |
Lender Disclosures |
|
5.52% - 8.70% | 5.49% - 12.18% | 5 - 20 YEARS | UG 125k Grad 250k |
Lender Disclosures |
|
5.99% - 9.74% | 5.19% - 9.74% | 1 - 20 YEARS | 500k |
Lender Disclosures |
Options to take under consideration:
- Fixed rate versus variable rate. Do you want to lock in the rate, while rates are low or do you want to take a risk on a variable rate since it is usually lower and you want to pay off faster.
- Shorter loan term versus longer term. Lenders offer rates from 5 to 20 years. Keep in mind the longer the term, the higher the rate.
- Private only versus Private and Federal. Please remember that federal loans do offer certain benefits and protections that do not transfer to a private loan. By refinancing your federal student loans to a private loan you will lose any federal benefits that may apply to you, including benefits like: deferment, extended forbearance, loan forgiveness, extended or income sensitive repayment and potential death and disability discharge.
- Cosigner versus no cosigner. Lenders usually look at the higher of the applicants credit scores. So using a cosigner with good credit will increase your approval odds as well as potentially getting a lower rate. Just remember cosigners are equally responsible for the debt.
- Federal Direct Consolidation is where you consolidate only your student loans from the government. You get a weighted average interest rate, so you usually do not save money by reducing your rate. However you can extend out your term from 10 years to up to 30 years. This is the solution, if you are looking to reduce your monthly payment and make one payment instead of numerous. You will pay more in interest over the life of the loan since you extended the term. You will also be able to maintain many federal benefits that private lenders cannot offer.