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Best Student Loans Refinancing Programs
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Refinancing your student loans entails getting a new loan, which will pay off your existing student loan balances. This can be beneficial because by lowering your interest rate and extending the time to pay off the loan, it will lower your monthly payments. Also, by lowering your interest rate, you will pay less money in interest over time – thus saving you money.
Refinancing your student loans entails getting a new loan, which will pay off your existing student loan balances. This can be beneficial because by lowering your interest rate and extending the time to pay off the loan, it will lower your monthly payments. Also, by lowering your interest rate, you will pay less money in interest over time – thus saving you money.
Special Considerations
There are private student loans and government guaranteed student loans, usually through the federal government. Federal student loans come with certain protections and rights available to the borrower. Some of these include programs where you can postpone or even have your debt cancelled, plus allow payment forgiveness due to economic hardship. Student loan refinancing is done through private lenders and if you refinance federal student loans, you could lose most or all of the federal protection rights.
Unless your federal loans have a very high interest rate, you should be very cautious about refinancing them. Instead, you should consider another type of program called Direct Consolidation Loans. Below are discussed some of the best sources available if you want to refinance your existing student loans.
Best Overall - RISLA
The Rhode Island Student Loan Authority (RISLA) is a refinance lender that offers a combination of low interest rates, no fees and a bundle of borrower rights that are similar to federal student loans. Despite their name, they service borrowers nation wide.
– Interest rate: 3.3 – 6.1% fixed rate
– Payment term: 5, 10 and 15 years
– No fees
– Benefits including: forbearance, deferment, income based repayments, disability discharge
Lowest Interest Rates - Splash Financial
– Interest rates: Variable: 1.88% to 6.15%; Fixed: 2.49% to 5.79%
– Payment term: 5, 8, 10, 12, 15, or 20 years
– No fees
– No maximum loan amount
Good Repayment Options - CommonBond
– Interest rates: 2.46% to 6.81%
– Payment term: 5, 7, 10, 15, and 20 years
– Special hybrid loans, combining fixed and variable rates
– No fees
– Generous hardship forbearance: Up to a total of 24 months over the life of the loan
For Borrowers Who Didn't Finish Their Degree - Citizen's Bank
Citizens Bank is one of the few national lenders that allows borrowers to refinance without having gotten a degree.
Requirements: Not be currently in school and you need to have made 12 on-time, consecutive payments on your existing student loans
– Interest rates: 2.25-9.15%
– Payment term: 5, 7, 10, 15, and 20 years
– No fees
