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Best Student Loan Refinancing Services

Student Loan Refinance systems can benefit your business in many ways, with a number of important features and functions. With COVID-19 constantly changing the rules of the game, the features offered by the latest Student Loan Refinance systems can keep you ahead of the competition, so look out for special New Year deals and make sure your business is ready for whatever Student Loan Refinance has in store.

Last Updated December 2022

Splash Financial banner
  • Loan amount - Minimum of $5K and varies by lender
  • Loan types - Undergraduate, healthcare graduate, and Parent PLUS
  • Fixed interest rate - Start at 2.59%
  • Prepayment penalty - Varies by lender
  • Fees - No origination and application fees
  • Variable interest rate - Start at 1.74% with autopay
  • Minimum income requirements - Varies by lender
  • Cosigner release - Varies by lender
  • Minimum credit score - 640

Splash Financial has the most affordable repayment options for medical students and provides the lowest rates for student loan refinance and affordable repayment options to them. The Company has partnered with loan lenders to refinance other student loans.

Borrowers must thoroughly fill in an application for loans that the Company will review before responding promptly. Splash Financial does not display its multiple bank and credit union partners in its network.

For fixed-rate loans, the terms range from 5 to 20 years, while for variable interest loans, it is 25 years. The minimum amount for a loan refinance is $5,000.

Borrowers can access the Parent PLUS and undergraduate loans through an easy application and prequalification process. Splash Finance has a unique offering, “take over” your spouse’s loans, that allows spouses to refinance their loans together. Splash Finance will enable Parents to transfer loans to their children.

For undergraduate and Parent PLUS loans, Splash offers an easy prequalification and loan application process for Parent PLUS and undergraduate loans. The Company has a “take over” your spouse’s loans option that allows spouses to refinance their loans together. Parents can also transfer their loans to their children.

Pros

Cons

Splash Financial logo
Credible banner
  • Loan amount - Varies by lender
  • Loan types - Private undergraduate, graduate, and Parent PLUS
  • Fixed interest rate - Varies by lender
  • Prepayment penalty - Varies by lender
  • Fees - The marketplace does not charge you for its services.
  • Variable interest rate - Varies by lender
  • Minimum income requirements - Varies by lender
  • Cosigner release - Varies from lender to lender. However, several offer it.
  • Minimum credit score - Varies by lender

Credible has a prequalification tool that allows borrowers to make comparisons of customized rates from multiple lenders by just filling a single application. This is why Credible is among the top best marketplace for student loans.

Credible is a great online marketplace that provides personalized quotes from banks, fintech companies, and state loan authorities for private student loans and student loan refinancing.

Some finance institutions lending loans through Credible include Rhode Island Student Loan Authority (RISLA) and Massachusetts Education Financing Authority (MEFA).

Credible offers student loan refinancing through graduate, undergraduate, and Parent PLUS loans. Some Credible loan lending partners provide higher interest rates than other private lenders in the market. However, this lending company is well known for:

· High approval rates

· Repayment plans that are income-driven (particular to RISLA)

· Not partnering with lenders charging application, prepayment, and origin fees.

Some lenders partnered with Credible include Brazos, Advantage Education Loan, EFLI, PenFed, EdvestinU, and College Ave.

Credible as a marketplace does not list all terms and conditions for each lender. It is vital to research more about forbearance policies, unemployment protection, and discounts before signing up for a loan.

Pros

Cons

Credible logo
PenFed banner
  • Loan amount - Up to $300,000
  • Loan types - Graduate, undergraduate, and Parent PLUS
  • Fixed interest rate - 5.49%-7.68%
  • Prepayment penalty - None
  • Fees - None
  • Variable interest rate - Unavailable
  • Minimum income requirements - Ranges from $42,000 to $50,000. However, it depends on the loan amount and whether there is a cosigner or not.
  • Cosigner release - After one year of consecutive on-time payments
  • Minimum credit score - Unavailable

PenFred offers low-interest rates and spousal loan options, making it the best credit union in the market. Purefy is the exclusive online lender providing PenFed's student loan products.

Pentagon Federal Credit union ranks second as the nation's largest credit union offering student loan refinancing. Borrowers are offered fixed and variable-rate options by the company with loan

repayment terms ranging between five to fifteen years. The company serves students, parents, and couples with up to $300,000 refinancing in private or federal student loan debt.

Married couples have the option of refinancing their loans together with PenFed when they file a loan application. To ensure the best rates, the primary applicant should be the spouse with the highest degree. Refinancing through PenFed's Couple Loan requires only one person to have completed a bachelor's degree or higher, unlike traditional refinancing.

Depending on whether there is a cosigner or not, the annual income requirement ranges from $42,000 to $50,000, depending on the loan amount. Financial offers, member rate discounts, and an advice center can be accessed when you are a member of PenFed.

Pros

Cons

PenFed logo
Laurel Road banner
  • Loan types - Undergraduate, healthcare graduate, and Parent PLUS
  • Fixed interest rate - 3.99%-6.40%
  • Prepayment penalty - None
  • Fees - None
  • Variable interest rate - 2.50%-6.30%
  • Minimum income requirements - None but varies per each applicant's financial profile.
  • Loan amount Min - $5,000 for a bachelor's degree and higher. Max: $50,000 for all non-parent PLUS refinance loans
  • Cosigner release - No, you must reapply for a loan to remove a cosigner.
  • Minimum credit score - 640, 650, or 660 depending on the education level

Laurel Road has reduced rates on student loan refinancing for optometrists, nurses, dentists, physicians, or physician's assistants. This is why it is the best loan consolidation option for medical students.

The medical school loan program by Laurel Road is available for medical fellows or residents who want to consolidate into a single loan payment their federal and private loans.

During your residency, the interests won't compound. The Company also allows you to reduce your payments for up to four years to as little as $100 per month before you start standard repayments.

Residents' eligibility requirements depend on their:

· Credit profile

· Monthly debt payments

· Income projections at the end of their training period

For medical students with associate degrees in eligible healthcare fields, Laurel Road offers a refinancing option for up to $50,000. This maximum of $50,000 will not apply to parents borrowing for children pursuing an associate degree.

Prospective borrowers can see their potential savings with a refinance using the Company's online calculator.

Pros

Cons

Laurel Road logo
Earnest banner
  • Loan amount - $5,000-$500,000
  • Loan types - Undergraduate, graduate, and Parent PLUS
  • Fixed interest rate - Starting at 3.24%
  • Prepayment penalty - None
  • Fees - None
  • Variable interest rate - Starting at 1.74%
  • Minimum income requirements - The lender currently does not accept cosigners. Varies per each applicant's financial profile.
  • Cosigner release - Unavailable
  • Minimum credit score - 700

Earnest is the best choice for customized loan repayment with an exciting approach to underwriting based on earning potential and its precision pricing model.

While offering multiple loan repayment options and refinance loans at competitive rates for students and parents, Earnest is backed by student loan giant Navient. The lending company's unique underwriting approach factors in the client's earning potential to determine their interest rate and payments. Clients' degrees, credit scores, and history of on-time payments are the basis of your earning potential.

One offering of the Company is a "precision pricing" option, where:

· You have a choice over your loan repayment term depending on your ideal payment amount per month.

· Clients have one to three-month term length intervals between five and twenty years.

· Allows recent graduates or borrowers with a bad or unsatisfying credit history can qualify to refinance their loans elsewhere.

The requirement is a minimum loan balance of $5,000, or $10,000 if you reside in California, to refinance your student loan through Earnest. You are automatically approved for your entire loan amount once approved according to the Company, but you can choose to refinance less.

Pros

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Earnest logo
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