In an ideal situation, the best lender refinancing your student loan can help save you some money. This circumstance can work out best when a company, an online lender, a credit union, or a bank pays off the student loans. In this case, you decide to refinance. In return, you will receive a new loan that will have its interest rate linked to your income level, credit report, and other crucial information.
Suppose you have an excellent or a good credit score, a very stable income, or a co-signer who has both. In that case, it will be of tremendous benefit if you deliberate and decide on opting for a student loan refinancing. Most especially if your present loan has a high-interest rate that will profit from a lesser offer.
Student Loan Refinancing
Why Comparing Student Loans
The research allows you to compare loan offers and see if you have the best interest rates and repayment terms on your student loans. When you compare companies that offer student loan refinancing, you can also look at the repayments and terms that suit your needs. To ensure that your decision to refinance your student loans is the right one for you, you can always compare interest and savings using our Student Loan Refinancing Calculator. You can sift through the numbers and compare options with different private lenders to find out what type of student loan refinance rates you might qualify for, as well as the terms of each one
Check Your Eligibility
If you have bad loans, refinancing student loans is not the best option for you, but it could potentially save you money. Ultimately, the best place to refinance your student loans will be one that offers you a loan that will help you save most of your loan. When applying for student loan refinancing, you should consider your eligibility. It is essential to do some research to determine whether federal or private student consolidation is the right choice for your situation. Is it a good option, or is it not just another option on the list of available options
Best Lender For Student Loan Refinancing
The following companies are recognized as the best student loan refinance lenders, particularly those who qualify, based on details, including hardship repayment options, availability to borrowers, and interest rates. These lenders are some of the leading companies in refinancing student loans, and you will significantly benefit from comparing your options with these lenders.
1. Advantage Education Loan (AEL)
For borrowers who are United States citizens and even those who are not but have proof of residency card, this company plan provides loans. After three years of consecutive on-time payment, Advantage Education Loan allows borrowers to apply for a consigner’s release.
They also give disability and death discharge and, on top of that, have available graduated and standard repayment plans.
Pros
- Those who have not finished their college degrees can offer the available offers of refinancing to borrowers.
- Forbearance options are available.
- No origination, prepayment fees.
Cons
- No variable-rate loans.
2. Education Loan Finance (ELFI)
The SouthEast Bank sponsors ELFI is known for the student-loan debt coalition program. They provide momentary forbearance for financial difficulties up to one year(12 months). Also, if borrowers are facing medical challenges, there is a possibility that they are granted forbearance at the discretion of the SouthEast bank.
Pros
- No fees
- Availability of forbearance options
- Gives referral bonus
- Offers fixed and variable rates
Cons
- No availability of co-signer release
- ELFI do not offer any discounts
3. Citizens Bank
For United States citizens, permanent residents, and resident aliens with qualified co-signers, Citizen Bank offers the option of refinancing student loans. Application for Cosigners release is allowed after three years of consecutive payment. During economic hardship, Citizens bank offers hardship forbearance for their borrowers to delay payment for two straight months, with a maximum of 12-month deferment.
Pros
- No origination, prepayment fees.
- Offers fixed and variable interest rates.
- They have up to 0.50% interest rate discount available for their customers.
Cons
- They do not offer the discharge of disability.
- Maximum APR is above 7%
- The Max. Loan term is more than 15 years.
4. Brazos
For borrowers who reside in Texas, Brazos offers refinancing to them. Brazos offers hardship forbearance for their borrowers during economic hardship to delay payment for three consecutive months, with a maximum of 12-month deferment.
Pros
- Offers fixed and variable interest rates
- No origination or prepayment fees
Cons
- There must be a high minimum of yearly income.
- No availability for the co-signer release.
5. College Ave
Except for Maine residents, College Ave makes refinancing available and accessible to all United States residents and permanent residents. College Ave also provides super flexible terms, up to a total of 15, for you to have access to more options for repayment.
Pros
- No origination or prepayment fees
- Offers fixed and variable interest rates
Cons
- Not available to Maine residents
6. Rhode Island Student Loan Authority (RISLA)
This company sounds like it provides loans only for Rhode Island residents, but that not the case. RISLA also offers loans to residents from other parts of the United States. After two years of consecutive payments. RISLA provides a co-signer release, which is part of its policy. RISLA offers them the option for income-based repayment for borrowers who are facing some financial hardship.
Pros
- No origination or prepayment fees
- Low minimum credit score
- They provide refinancing to borrowers who haven’t yet finalized their college degrees.
Cons
- No deferment or forbearance options
- No availability of co-signer release.
- Max. APR is above 7%
7. Pentagon Federal Credit Union (PenFed)
You need to register as a member to refinance your federal and private loan with PenFed. Pentagon Federal Credit Union permits borrowers’ application for co-signer release after one year of serial on-time payments. PenFed also allows the transfer of loans to a spouse or parent or from parent to child.
Cons
- No prepayment penalties or origination fees.
- Enables application for refinancing with one’s spouse.
- Offer fixed and variable interest rates.
- The co-signer release option is available after a shorter time.
Pros
- Registration as a member is necessary before eligibility to refinance.
- Do not offer any discount.
- No forbearance or deferment options.
- There is no deferment option for borrowers who returns to school.
- They Charge late fees.
8. Sofi
Sofi is a company that offers flexible repayment terms, no fees, and competitive interest rates. This circumstance is why they have refinanced more than 260,000 with a massive amount of $18 billion in student loans. SoFi provides its student loan refinancing service to visa holders, U.S citizens, and permanent residents.
Pros
- Offers fixed and variable rates
- No prepayment or origination fees
Cons
- No availability of co-signer release option.
- The Max. loan term is more than 15 years.
- They charge a late fee.
Student Loan Comparison
The table below highlights the above-listed companies’ features that offer student loan refinancing for easy comparison.
Lender | Fixed rates from (APR) | Variable rates from (APR) | Repayment terms (years) | Max. Loan Balance | Eligibility |
 | 4.54%+ | N/A | 10, 15, to 20 | Undergrad: $250,000 - $500,000 | Must be a resident of Kentucky |
 | 2.79%+³ | 2.39%+³ | 5, 7, 10, 12, 15, to 20 | Undergrad: No maximum | Must be a U.S. citizen or permanent resident, and must have at least $15,000 in student loan debt, and have a bachelor's degree or higher from an approved school |
 | 2.99%+¹ | 1.99%+¹ | 5, 7, 10, 15, to 20 | Undergrad: $100,000 - $149,000 Grad: Less than $150,000 | Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans |
Brazos  | 2.70%+ | 1.92%+ | 5, 7, 10, 15, to 20 | Undergrad: $100,000 - $149,000 | Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas |
 | 3.34%+² | 3.24%+² | 5, 7, 10, 12, 15, to 20 | Undergrad: $100,000 - $149,000 | All states except for Maine |
 | 3.49%+ | N/A | 5, 10, to 15 | Undergrad: $150,000 - $249,000 | Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 |
 | 2.99%+ | 2.25%+ | 5, 8, 12, to 15 | Undergrad: $300,000 | Must be a U.S. citizen and have at least $7,500 in student loans |
 | 2.99%+5 | 2.25%+5 | 5, 7, 10, 15, to 20 | Undergrad: No maximum | Available in all 50 states |
The Bottom Line
Refinancing student loans is a huge step, and you would want to be sure it will help you attain your financial objectives rather than causing any setbacks. One way to be sure that refinancing student loans can positively impact is to use the best provider of student loan refinancing. Apart from those listed above, many other student loan providers can ensure your objectives.
