Are You Looking For Best Student Loan Refinancing ? Refinancing your student loans can be a wise debt management move. You can lower your interest rate, lower your monthly payment, or even pay off your loans early by partnering with a private lender to obtain a loan to pay off your current debt.
Best Student Loan Refinancing Company
1) College Ave
College Ave is a Wilmington, Delaware-based online student loan provider. The lender’s only goal is to help students and parents pay for the escalating expense of higher education in order to increase access to a college education.
You can benefit from College Ave’s Multi-Year Peace of MindTM when you borrow money from them. Because of this benefit, 90% of undergraduate borrowers who apply with a cosigner are accepted for further loans for subsequent years.
The advantages of College Ave. don’t end there. Additionally, it enables you to set your payback period and explains how your choice of term and plan affects the overall cost of your loan.
2) Sallie Mae
The most well-known provider of student loans, Sallie Mae, has its headquarters in Newark, Delaware. It was established as a government organization in charge of servicing federal student loans. Sallie Mae then changed into a fully privatized bank between 1997 and 2004 and started dispensing private student loans.
Sallie Mae currently holds the greatest market share for private student loans. Additionally, it has increased the range of products it offers by adding savings accounts, credit cards, and more.
Benefits available to Sallie Mae borrowers include no origination or application costs, Multi-Year Advantage, and four months of free Chegg® study assistance. Returning undergraduate students using Multi-Year Advantage who have a cosigner have a 95% approval rate for a subsequent loan3.
Earnest is a San Francisco, California-based internet lender. The lender was established with the intention of providing everyone with access to higher education at a reasonable price.
The absence of costs is one of the key advantages of getting a loan from Earnest. Many lenders advertise their student loans as having no application or origination fees, however this only applies to those. With Earnest, there are no application fees and no penalties for paying off your loan early or making late payments.
Earnest doesn’t charge any fees and also provides a longer grace period than the industry standard as well as the option to miss a payment once a year.
Ascent a California-based online student loan provider. In contrast to other lenders, it offers three distinct options for its student loan program. Traditional cosigned loans, non-cosigned credit-based loans, and non-cosigned future income-based loans are among the possibilities available.
Ascent has various choices for deferment and forbearance, which will please borrowers seeking repayment protection. In addition to in-school deferral, residency or internship deferment, Ascent’s student loans also allow for active-duty military deferment.
Loans offer temporary hardship forbearance, administrative forbearance, and forbearance in the event of a proclaimed emergency or a natural disaster. All three of these choices will lengthen the loan’s repayment period.
Based in San Francisco, California, SoFi is an online personal finance company that prioritizes using mobile devices. As the first company to refinance both federal and private student loans, it gained notoriety in 2012. Since then, it has grown across almost all consumer lending markets and funded loans totaling more than $50 billion.
The vast array of benefits offered to SoFi members is without a doubt one of the main draws for borrowers. These advantages can be divided into three groups: financial, social, and professional.
Advice on financial planning from qualified advisors, referral bonuses, and member rate discounts are all financial advantages. Participating in meals, happy hours, and networking gatherings all provide community benefits. Personalized career guidance, raise-earning tools, and an unemployment insurance program are all included in career benefits.
For the sake of this article’s research, national banks, credit unions, and lenders of private student loans for undergraduates were narrowed down. All possible APR ranges for these loans, fees, repayment plans, hardship choices, and the inclusion of additional features and advantages were all considered while evaluating each lender.