When you have difficulty for paying you student loan, there is another way before having a bad credit score. If you have graduated from your school or if you are still in college, you can refinance your student loan. In this article, you can find 6 Best Lenders to Refinance Student Loan. You can compare them according to your need.
Before you apply for refinancing, you need to know that you will need some requirements to get it such as credit score, annual income, college degree or your school certificate to prove you are still studying, savings. If you can’t meet these requirements, you need to find cosigner with a good credit score. Here are the best 6 banks and lenders.
SoFi can refinance your private and federal student loan. It is available for graduated and also under graduated students. With auto payment system interest rates are between from 2.54% APR to 7.12% APR. It depends on the term of loan. If you choose without auto pay, it can be up to 9.95% APR. Payments options are 5, 10, 15, 15 and 20 years’ terms. It has unemployment protection so if you do not work; it is paused until you find a job.
Earnest offers refinancing both private and federal student loans for graduated and under graduated students. Interest rates are between 2.54% APR to 3.89% APR fixed with autopay system. You can choose your payment option between 5 years and 20 years. It does not have set income requirements. And also earnest offer you to change payment dates. If you want, you can skip a year to pay.
Fixed rates are 3.49% APR to 8.93% with auto payment. It offers 5, 7, 10, 15 and 20 years’ repayment terms. It is available for both private and federal student loans. It is also available for graduated and under graduated students. You can also get an interest reduction to 0.25%. It has employment protection up to 18 months when you quit job. Minimum balance should be 5.000 $ and minimum income has to be 24.000 $ per year. It has no pre-payment penalties. And also you can check whether you can get it or not in 2 minutes without affecting your credit score.
Laurel Road has 3.23% to 6.65% interest rates with auto pay. For 5-10 years payment rates are up to 9% but over 10 years it is 10% APR. It also has 0.25% interest reduction with ACH. It is graduated and under graduated students. It is also for both private and federal loans.
It is also both graduated and under graduated students. You can get it for private and federal loans, too. It has 2.69% APR to 7.43% APR interest rates with auto pay. You can get an unemployment protection while changing your job also CommonBond can hire you as consultor for short term projects. It has 5, 7, 10, 15 and 20 year’s payment terms. It also has Parent PLUS student loans.
In Citizens Bank minimum loan should be 10.000$ minimum. It has 5, 10, 15 and 20 years’ payment options. Interest rates are 3.89% APR to 9.72% APR. If you deduct your monthly payment from any bank, you can get 25% interest reduction.
These are some lenders that you can refinance your student loan easily. However before choosing one you can check the comments of the other students. With this way, you can choose the best one for yourself and also you can decide whether they do what they offer. Before applying one, check if you credit score is affected or not when it is turned down.