How to refinance high interest rate student loans

Contents
  1. Should I Refinance My Student Loans?
  2. Let’s start with when you shouldn’t refinance
  3. You should avoid refinancing if:
  4. You want a repayment plan your income
  5. You have bad credit
  6. As soon as you have a stable income (and good credit)
  7. If you have loans with high interest rates
  8. You have multiple, expensive loans
  9. After grace periods
  10. Check your credit
  11. Keep a debt-to-income ratio is low
  12. Where to refinance
  13. Credible
  14. SoFi
  15. Earnest
  16. Summary
  17. How much could you save by refinancing your student loans?
  18. The 7 Best Ways To Lower Your Student Loan Interest Rate
  19. 7 ways to lower your student loan interest rate
  20. 1. Consider refinancing
  21. 2. Automate your payments
  22. 3. Negotiate with your lender
  23. 5. Work with a co-signer
  24. 6. Choose your loans carefully
  25. 7. Borrow equity from your home
  26. What to do if you can’t get a lower rate
  27. Deduct interest payments from your taxes
  28. Check for cash back specials or rebates
  29. Adjust your payment plan
  30. Final considerations
  31. Next steps
  32. Learn more:
  33. Here’s How To Refinance Student Loans At Ridiculously Low Rates
  34. Student Loan Refinance: Here’s How To Apply
  35. Step 1: Compare rates for student loan refinancing
  36. Step 2: Use a student loan refinance calculator 
  37. Step 3: Apply online to refinance student loans
  38. 1. What are the requirements for student loan refinancing?
  39. 2. Which student loans should I refinance?
  40. 3. Can Parent PLUS Loans be refinanced?
  41. 4. What’s the latest on student loan cancellation?
  42. 5. How often can you refinance student loans?
  43. Democrats plan ,000 of student loan cancellation by executive order
  44. Current Student Loan Refinance Interest Rates
  45. Student loan refinancing historical rate trends
  46. Current student loan refinancing rates by credit score
  47. About Credible

Should I Refinance My Student Loans?

How to refinance high interest rate student loans

Paying student loans isn’t fun. But there are ways to make managing your student loans easier and more affordable. If you’re wondering: “Should I refinance my student loans?” Read on.

At the very least, refinancing your student loans can make your life easier by consolidating multiple loans into one, low-interest, monthly payment.

In the best-case scenario, you may be able to save money and pay off your student loans faster if you’re able to get a refinance loan at a lower interest rate than you’re currently paying.

You can use our student loan refinance calculator to estimate your savings or explore our recommended student loan refinance options.

Here, we’re going to talk about whether or not you should refinance your student loans right now. With student loan debt piling up for Millennials, rising benchmark rates mean that variable interest rates on student loans are going up too.

In most scenarios, it’s best to refinance at a fixed interest rate as soon as possible when interest rates are going up. But let’s first unpack what you need to know before refinancing.

Let’s start with when you shouldn’t refinance

While student loan refinancing can help organize multiple student loans, refinancing can cancel out a lot of important programs that federal loans offer.

You should avoid refinancing if:

You want to qualify for federal forgiveness programs

Federal loans offer federal forgiveness programs that’ll help you pay off your student loan debt.

Refinancing your loans means paying off your old loans with a new loan, given by a private company rather than the federal government. This means that the federal repayment opportunity will disappear.

If you work in the public service sector (government or nonprofit work) and plan to continue to do so for a while, you could qualify for loan forgiveness after you’ve made 120 payments towards your loan. This also applies to teachers that work at low-income schools, some doctors (and nurses) in certain states, and those who are or were in the military.

You want a repayment plan your income

Income-based repayment plans or pay-as-you-earn plans are essential for some borrowers. If your income is an issue, you could qualify for very low payments, or even put off payments until you’re in a more financially stable place.

the loan forgiveness program, if you refinance your loans through a private company, this payment plan is no longer an option.

You have bad credit

If you have bad or no credit so many younger adults do, qualifying for refinancing can be difficult. You’re taking out another loan, and loans require good credit.

Of course, there’s always the one way around the bad credit situation—finding a co-signer. With student loans, however, finding a co-signer might be more difficult because that person is agreeing to pay the mass amount of student debt you owe if you fail to make payments. That can be a big responsibility.

Even with poor credit, if you can show that you’ve at least been paying off your student loans regularly (even if you haven’t been paying off some other things), refinancers might take that into consideration. Here’s what to do if your refinancing application is rejected.

As soon as you have a stable income (and good credit)

The sooner you refinance the more you save on the interest of your loans. And a higher credit score means a better interest rate.

If you can get a lower interest rate immediately you can save thousands of dollars in interest payments and pay off the loan quicker.

This probably means you won’t be able to finance right after you graduate. Jobs most people take right after graduation are ly not permanent and, depending on the job, don’t pay a whole lot.

Right after graduation is also when most people take advantage of the income-based plans—so take that into consideration before you think of refinancing.

If you have loans with high interest rates

As I’ve said, refinancing student loans sooner rather than later is important because you’ll save on interest. This is especially important in the current economic world because the Federal Reserve has just raised variable interest rates.

What does that mean for your student loans?

It means that the rate banks charge each other when they exchange money overnight is going up, therefore the interest on your loans is also going up.

Luckily, this variable rate mostly applies to private loans. Federal student loans no longer offer a variable rate (if you have loans that originated before 2006, you might still have a variable rate), but rather a fixed rate that isn’t subject to change.

You have multiple, expensive loans

If you less than $10,000 in loans, refinancing probably isn’t worth it. Since most borrowers have much more debt than this, lenders offer lengthy plans that allow you to pay smaller amounts over time with an interest rate that won’t force you to pay tens of thousands of dollars more than you borrowed.

Related: Should You Pay Off Student Loan Debt Early?

After grace periods

Federal student loans offer a six-month grace period right after you graduate from your undergraduate program. You can also defer paying your student loans if you go to grad school (this should not be the only reason you go to grad school).

These grace periods exist for a reason—chances are you will need them. Many people take on extra loans when they go to graduate school, so avoiding payments from previous loans as long as you can will be helpful. And the six-month period is about how long it takes most recent graduates to find a job.

Check your credit

You can check your credit through sites Credit Karma or Credit Sesame where checking your score won’t affect it. If you’ve got 700 or better, your score is ly good enough to qualify for the refinancing loan.

Keep a debt-to-income ratio is low

If you’re making more than you have in debt, that is obviously a good thing.

Your debt doesn’t just include student loans, it also includes credit card debt, car loan payments, and mortgage payments, among others.

Say you have recurring monthly debt payments of $2,000 and your monthly income is $5,0000—your debt-to-income ratio is 40%. The lower this percentage, the better.

Where to refinance

Now that you think you might be ready to refinance your loans, who do you refinance with? Read more about student loan refinance options or check out these recommended lenders:

Credible

Credible  to say they are the “Kayak” of student loans. Credible’s free and easy-to-use website lets you pre-qualify for student loan refinancing in a few easy steps. If you qualify, you can compare actual interest rates and monthly payments from dozens of leading student loan lenders. Compare student loan refi rates at Credible now.

Plus, Money Under 30 readers who refinance their student loans with Credible can get a $100 bonus!

SoFi

SoFi offers variable loan rates as low as 2.31% (with autopay)—a rate that’s hard to beat. With 5-20 year plans, you’ll be able to pay off your debt at a fraction of the cost than if you stuck with your 7% interest rate.

If you have a good job and a history of reliable student loan payments, you can refinance with SoFi at a very competitive rate. See if you qualify for a SoFi refinance loan now without affecting your credit score.

All rates, member figures, estimates, terms, state availability, and savings calculations are current at the time this article was written. All of the above may update in the future. For the most up-to-date information, visit SoFi.com.

Earnest

Earnest offers APRs on both fixed and variable student loans

  • Fixed APR – 2.98% – 5.79% (includes 0.25% autopay discount)
  • Variable APR – 1.99% – 5.64% (includes 0.25% autopay discount)

Earnest also offers the closest to an income-based repayment plan as you’re going to get if you refinance. You can set your monthly payment—meaning you can pay off your loan as fast (or as slow) as you want.

With other features such as built-in employment protection if you lose your job and the ability to skip one payment a year, Earnest is one of the best student loan refinancing options available now. Check your refi rates with Earnest now.

Summary

Knowing when it’s time to refinance your student loans is an important step towards saving money and making the whole payment process less of a headache.

The bottom line is—if you have multiple student loans, a good paying job, and decent credit (or a cosigner), refinancing your loans is probably the right answer. However, if you rely on one of the federal programs, such as income-based repayment, it’s best to stick with that until you’re in a stable financial place.

How much could you save by refinancing your student loans?

Check your rate and payment with Credible—it’s fast, free, and won’t affect your credit score:

Источник: https://www.moneyunder30.com/should-i-refinance-my-student-loans

The 7 Best Ways To Lower Your Student Loan Interest Rate

How to refinance high interest rate student loans

For the tens of millions of Americans who borrowed money for college, chipping away at student loan debt probably seems high on the financial priority list. A good place to start is lowering the interest rate you pay on those loans.

If you’re trying to snag a lower interest rate on your student loan, financial experts have a number of tips in their toolkit – from automating your payments to refinancing. Here are seven ways to score a lower interest rate on your student loans and other money-saving tips to help you trim your student loan payments in general.

7 ways to lower your student loan interest rate

The best method for lowering your student loan interest depends on your overall financial picture. Some of the most common ways to lower interest rates are:

1. Consider refinancing

If you have a solid credit foundation, are employed and plan to pay off your loan quickly, you should consider refinancing into a lower rate. Refinancing costs have come down markedly due to the coronavirus pandemic, with fixed rates as low as 2.78 percent and variable rates as low as 1.89 percent.

Don’t be afraid to get strategic and refinance multiple times. “There are no prepayment penalties on federal or private student loans. And most private student loans do not charge any kind of a fee to originate a new loan. So, nothing stops you from refinancing your student loans into a private refinance multiple times,” says Mark Kantrowitz, publisher of PrivateStudentLoans.guru.

However, if you have federal student loan debt, be sure to weigh the pros and cons of refinancing into a private loan. By doing so, you give up federal borrower protections, the automatic forbearance period through the end of 2020. That trade-off may not be worth it.

Takeaway: With the decrease in interest rates, it’s possible to save quite a bit of money on student loans by refinancing. But weigh your options carefully before proceeding, particularly if you have federal student loans. By refinancing into a private loan, you’ll lose many key protections.

Who this helps the most: Those who have a solid credit score, are employed and are seeking to pay off their loan quickly.

2. Automate your payments

One of the simplest ways to lower your interest rate is by automating your payments. Many lenders offer discounts of 0.25 percent to 0.5 percent if you set up autopay from a checking or savings account.

It might not sound much, but it can all add up in the end, saving you about $25 a year if you have an interest rate of 5 percent on a balance of $10,000.

“This may be the simplest and quickest way to realize a reduction in interest and requires little effort on the borrower’s part,” says Jon Long, an attorney with Long, Burnett, and Johnson who specializes in student loan debt.

Takeaway: This is a straightforward option for borrowers with no downside. The first step is to check with your loan servicer to see if your loan qualifies.

Who this helps the most: Borrowers who are confident that they’ll have enough money in their bank account each month when the payment will be deducted.

3. Negotiate with your lender

If you borrowed at the private level or have already refinanced, you might be able to shop around for a more competitive rate and present it to the lender you’re already working with. Although it’s not a guarantee, the lender might be willing to match that rate to keep your business.

Takeaway: Negotiation with your lender for better interest rates is possible for those who have private student loans.

Who this helps the most: Those who obtained their student loans during times of higher lending rates.

Having a solid credit score is an important foundation to any type of financial goal. That’s especially true when it comes to student loan borrowing, particularly from private lenders. You may still be able to get a student loan with a bad credit score, but your rates will be higher.

“For private loans, the higher your credit score, the lower the interest rate,” says Michael Micheletti of Freedom Financial Network.

“For federal loans, however, boosting your credit score will not matter, because most of these loans do not require a credit check. That includes all federal loans for undergraduates.

And while federal Direct PLUS loans require a credit check, rates are not affected by credit scores.”

To boost your credit score, be mindful of paying all of your credit card bills on time and maintaining a balance of less than 30 percent of your credit line.

Takeaway: A good credit score can help you lock in a lender’s most competitive rate.

Who this helps the most: Those taking out a private student loan or refinancing their student loans with a private lender.

5. Work with a co-signer

If you have no credit built up or if you have a low score, consider working with a parent or relative who has a more established record. Adding a co-signer who has good credit improves your overall credit picture and may help you score a lower rate.

“From the lender’s perspective, if one of the two people is low risk because he or she has good credit and the means to repay, the overall loan is lower risk,” says Long.

Just keep in mind that your co-signer will be equally responsible for the loan, meaning their credit score could suffer if you fail to make timely payments.

Takeaway: Having a co-signer can be helpful if your credit is less than ideal and you want to obtain the best interest rate possible. However, both you and the co-signer need to be fully aware of the responsibility involved.

Who this helps the most: Those whose credit score is not strong enough to obtain the most competitive interest rates on their own or who have minimal credit history.

6. Choose your loans carefully

For federal borrowers, there are generally three types of loans: Direct Subsidized and Direct Unsubsidized, which are sometimes referred to as Stafford Loans and Direct Stafford Loans, and Direct PLUS Loans (which also includes parent PLUS loans).

Direct Subsidized and Unsubsidized Loans have lower interest rates than Direct PLUS Loans, but most colleges and universities cap how much you’re able to take out.

Private student loans may also have caps, and your interest rate is determined by your credit score.

Deciding which loans to take out to fund your education is one of the hardest parts about starting school. Review the terms and interest rates associated with each loan option available to you and be sure to max out the loan with the lowest interest rate first, which will help minimize the amount of debt you accumulate to pay for your education.

“A smart borrower will maximize the amount of the loan with the lower interest rate before moving to one with an increased interest rate,” says Long. While a difference of 1 or 2 percent may not seem a lot on paper, remember that you will typically make 120 loan payments — which means that borrowing as much as you can with the lowest interest rate could save you thousands of dollars.

Takeaway: Take the time to methodically review the interest rates associated with your loan options and plan strategically how you’ll borrow money, relying as much as possible on the funds from the loans with the lowest interest rates.

Who this helps the most: Those who are just beginning their college education and still have the opportunity to compare various loans offers.

7. Borrow equity from your home

This is perhaps one of the trickiest options for lowering your student loan interest rate. If you own a home and have student loan debt, it is possible to “refinance” that debt with a lower interest rate by taking out a home equity line of credit (HELOC) and using the cash to pay off the educational debt.

HELOCs and mortgage rates have come down significantly in 2020 from what were already record lows a year earlier. Still, it’s important to look carefully at your finances and determine whether this is the right step for you, as there are many drawbacks.

“If you do not pay, the lender can take the collateral and sell it to pay the loan,” says Long. “Carefully consider the risk to your home that you’re undertaking. If you don’t pay a private student loan, it is very unly and a lot more difficult for the lender to threaten your home. If you don’t pay a home equity line or second mortgage, your home may be lost.”

Takeaway: It is possible to obtain a lower interest rate by paying off your student loan debt using a home equity line of credit, but it’s important to weigh the benefits and drawbacks first.

Who this helps the most: Those who have significant equity in their home and a reliable source of income to make the HELOC payments.

What to do if you can’t get a lower rate

Sometimes these money moves aren’t a viable option for student loan borrowers. But don’t fret – there are still ways you can trim your student loan costs in general, even with the same interest rate.

Deduct interest payments from your taxes

You might be able to deduct a portion of your interest payments from your topline earnings, which would therefore reduce your income and ultimately how much you have to pay in.

For individuals whose adjusted gross income (AGI) is less than $70,000 (or married filers whose income is less than $140,000), you can deduct $2,500 worth of interest payments, according to the IRS. Phaseouts occur for single filers who make between $70,000 and $85,000 and joint filers earning between $140,000 and $170,000.

Check for cash back specials or rebates

Though it’s not knocking down your interest rate, cash back specials and refinancing rebates offered through many servicers and lenders in the private space could help you spend less money in the long run – if you use the cash right.

Credible, for instance, will offer you a $200 gift card if you’re able to find a lower rate than what it offers you.

Adjust your payment plan

Experimenting with different payment plans is a sure way to maximize your money and pay less in interest over time, even if the rate at which you’re borrowing stays the same. That can include steps such as selecting a shorter repayment plan or making multiple payments a month. Be sure to also prioritize paying off the loans with the highest interest rate.

By reducing the loan in regular increments, over time you’ll lower how much interest you pay in each installment.

“Many people find a way to bring in extra income, anything from online tutoring or yard work to a traditional part-time job to put toward student loan debt,” says Micheletti. “If you can pay more, make sure to contact your lender or servicer and request that your extra payments go toward the outstanding balance, versus your next payment.”

Final considerations

Lowering your student loan interest rate is just one way to maximize your payments; it’s not the be-all and end-all. Being savvy with your money is what ultimately saves you money in the long run.

And even though student loan debt feels a heavy burden, don’t let it derail your other financial goals, such as saving for retirement and building up an emergency fund.

Next steps

If, despite all your efforts, you can’t seem to obtain a lower interest rate than you have, it’s a good idea to try and figure out why.

“Maybe you already have a great rate. Maybe it’s because you have a dinged credit report or poor earnings,” says Long. “Once you understand the why, you can choose a course of action to either mitigate the cause — perhaps by rehabilitating your credit or seeking a co-signer — or accept you have the best you will get.”

Learn more:

Источник: https://www.bankrate.com/loans/student-loans/lower-student-loan-interest-rates/

Here’s How To Refinance Student Loans At Ridiculously Low Rates

How to refinance high interest rate student loans

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Student loan refinancing rates are ridiculously cheap, and that’s good news for student loan borrowers.

Here's what you need to know.

If you want to refinance student loans, now may be a good time. Rates for student loan refinancing have dropped to as low as 1.9% for variable rates and 2.6% for fixed rates. Why are these rates so low? The Federal Reserve has cut interest rates multiple times over the past several years and have continued to keep rates low.

Here's how to refinance your student loans.

Many borrowers ask: Should I refinance student loans? There are many reasons to refinance student loans, including:

  • get a lower interest rate
  • get a lower monthly payment
  • save money
  • pay off student loans faster
  • improve your credit score
  • make one monthly payment
  • get a new student loan servicer

When you refinance student loans, you exchange your current student loans for a new, single student loan with a lower interest rate. You can refinance private or federal student loans, or both.

With student loan refinancing, you can also choose a fixed interest rate or variable interest rate, and you can choose a student loan repayment term from 5 to 20 years.

There are no application fees to apply.

Student Loan Refinance: Here’s How To Apply

If you want to know how to refinance student loans, here’s what to do:

There are three easy steps:

Step 1: Compare rates for student loan refinancing

Compare low interest rates with multiple online lenders to find the best match for you. This includes not only interest rates, but also loan terms too.

Most lenders will let you check your new interest rate online for free with no impact to your credit score. The process takes about two or three minutes. If you your new interest rate, you can complete the application.

If you don’t, there’s no obligation to do anything else.

Step 2: Use a student loan refinance calculator 

This student loan refinance calculator shows you how much money you can save when you refinance student loans.

It’s important to understand how much you can save when you refinance student loans. For example, let's assume you have $80,000 of student loans at an 8.0% interest rate and 10-year repayment term. If you refinance your student loan with a 2.75% interest rate and 10-year repayment term, your monthly payment would be $207 lower and you would save $24,880 in total student loan payments.

Step 3: Apply online to refinance student loans

You can apply online to refinance student loans in about 10-15 minutes. To maximize your chances of approval, apply to multiple lenders at once. This way, you can also choose the best rate and loan terms.

Each lender makes it own separate underwriting decision, so getting rejected from one lender doesn’t directly impact your chances with another lender.

For the application, you may be asked to upload pay stubs, a copy of your driver’s license, or other supporting documentation.

1. What are the requirements for student loan refinancing?

Student loan refinancing is not everyone. To qualify for student loan refinancing, you typically have:

  • A credit score of 65o or higher
  • Current employment or a written job offer
  • Stable, recurring monthly income
  • A low debt-to-income ratio
  • No recent history of student loan default or bankruptcy

Student loan refinancing is especially beneficial for borrowers with large balances who meet these requirements such as doctors, lawyers, dentists, and veterinarians. What if you have bad credit? If you have bad credit or don’t have stable income, for example, it may be harder to get approved for student loan refinancing.

That said, you can apply with a cosigner with good credit and income who meets these requirements. Your cosigner will be equally responsible for your student loans, and can also help you get approved and get a lower interest rate.

Some lenders can release your cosigner from your student loan after you make a certain number of monthly student loan payments to demonstrate financial responsibility.

2. Which student loans should I refinance?

Borrowers often wonder if they should refinance their private or federal student loans, or both. The answer depends on your financial goals and unique situation. Most borrowers who qualify for student loan refinancing refinance both private and federal student loans to get a lower interest rate and save the most money.

However, you should not refinance federal student loans if you are unemployed, plan to pursue public service loan forgiveness, think you’ll need an income-driven repayment plan, or want the options of forbearance or deferment from the federal government.

Once you refinance federal student loans, they become private student loans so they won’t be eligible for these programs. The good news is that even if you keep your federal student loans outstanding, you can still refinance private student loans only.

If you refinance federal student loans, many lenders still allow you to pause your student payments if you lose your job or face other economic hardship. Check with your lender for details.

3. Can Parent PLUS Loans be refinanced?

Yes, Parent PLUS Loans can be refinanced. Parent PLUS Loans have relatively high interest rates and limited options for student loan repayment through income-driven repayment plans. Therefore, if you meet the requirements, refinancing Parent PLUS Loans could be a helpful option to save money and get a lower interest rate.

4. What’s the latest on student loan cancellation?

There are several proposals to cancel student loans. President Joe Biden wants Congress to cancel $10,000 of student loans immediately. Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) want Biden to cancel up to $50,000 per borrower through an executive order.

Neither proposal would cancel everyone’s student loans or cancel all student loan debt. Neither proposal would cancel any private student loans. Rather, the proposals could include student loan cancellation for federal student loans owned by the U.S. Department of Education, which could exclude some FFELP Loans and Perkins Loans.

Further, current proposals, if you have annual income over $125,000, you would not qualify for student loan cancellation. Biden says he is unly to cancel student loans through executive order, and current strategy, it’s unclear if Democrats can pass legislation with student loan cancellation.

If student loans are cancelled, it’s more ly there will be limitations on who qualifies and how much student loan forgiveness there would be.

5. How often can you refinance student loans?

Many borrowers who already refinanced their student loans ask: “How often can you refinance student loans?” The answer is as often as you can save money.

Student loan refinancing has no application fees or prepayment penalties. There is no limit to how often you can refinance student loans.

If you refinanced last week, last month or last year, for example, and you can find a lower interest rate today, you can refinance student loans again.

Democrats plan $50,000 of student loan cancellation by executive order

Источник: https://www.forbes.com/sites/zackfriedman/2021/02/16/student-loan-refinancing-rates-hit-record-low/

Current Student Loan Refinance Interest Rates

How to refinance high interest rate student loans

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

Student loan refinancing can be a good strategy for paying off education debt faster or lowering your monthly payments. But a lot depends on the interest rate you could qualify for. Here are the latest trends in interest rates for student loan refinancing from the Credible marketplace, updated monthly.

Student loan refinancing historical rate trends

The chart above shows average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender. The chart shows average monthly rates for the last three years.

During the month of February, 2020:

  • Rates on 10-year fixed-rate loans averaged a record low 3.75%, down from 3.81% in January and 4.73% a year ago.
  • Rates on 5-year variable-rate loans averaged 3.32%, up from 3.27% in January but down from 3.78% a year ago.

Current student loan refinancing rates by credit score

Check Your Refinancing Rates

If you qualify for student loan refinancing, the interest rate you may be offered can depend on factors your credit score, the type of loan you’re seeking (fixed or variable rate), and the loan repayment term.

The chart above shows that a good credit score can help you get a lower rate, and that rates tend to be higher on loans with fixed interest rates and longer repayment terms. Because each lender has its own method of evaluating borrowers, it’s a good idea to request student loan refinancing rates from multiple lenders so you can compare your options.

Through Credible, you can compare your prequalified rates from the lenders below without affecting your credit score.

LenderFixed rates from (APR)Variable rates from (APR)Loan terms (years)

View details

4.54%+N/A10, 15, 20
  • Fixed rates from (APR): 4.

    54%+

  • Variable rates from (APR): N/A
  • Repayment terms (years): 10, 15, 20
  • Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident
  • Customer service: Phone
  • Soft credit check: No
  • Cosigner release: After 24 – 36 months
  • Min. credit score: Does not disclose
  • Max. undergraduate loan balance: $250,000 – $500,000
  • Max. graduate loan balance: $250,000 – $500,000
  • Offers Parent PLUS refinancing: Yes

View details

2.95%+1.89%+5, 7, 10, 15, 20
  • Fixed rates from (APR): 2.95%+
  • Variable rates from (APR): 1.

    89%+

  • Repayment terms (years): 5, 7, 10, 15, 20
  • Repayment options: Military deferment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
  • Customer service: Email, phone
  • Soft credit check: Does not disclose
  • Cosigner release: No
  • Min. credit score: 690
  • Max. undergraduate loan balance: $100,000 – $149,000
  • Max. graduate loan balance: $200,000 – $249,000
  • Offers Parent PLUS refinancing: Does not disclose

View details

2.97%+¹2.24%+¹5, 7, 10, 15, 20
  • Fixed rates from (APR): 2.97%+¹
  • Variable rates from (APR): 2.

    24%+¹

  • Repayment terms (years): 5, 7, 10, 15, 20
  • Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay, loyalty
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 – 36 months
  • Min. credit score: Does not disclose
  • Max. undergraduate loan balance: $100,000 – $149,000
  • Max. graduate loan balance: Less than $150,000
  • Offers Parent PLUS refinancing: Yes

View details

3.34%+23.24%+25, 7, 10, 12, 15, 20
  • Fixed rates from (APR): 3.

    34%+2

  • Variable rates from (APR): 3.

    24%+2

  • Repayment terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: All states except for ME
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 – 36 months
  • Min. credit score: Does not disclose
  • Max. undergraduate loan balance: $100,000 – $149,000
  • Max. graduate loan balance: Less than $150,000
  • Offers Parent PLUS refinancing: Yes

View details

2.79%+32.39%+35, 7, 10, 12, 15, 20
  • Fixed rates from (APR): 2.79%+3
  • Variable rates from (APR): 2.

    39%+3

  • Repayment terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Forbearance
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S.

    citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school

  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Min. credit score: 680
  • Max. undergraduate loan balance: No maximum
  • Max. graduate loan balance: No maximum
  • Offers Parent PLUS refinancing: Yes

View details

3.47%+42.47%+45, 10, 15, 20
  • Fixed rates from (APR): 3.

    47%+4

  • Variable rates from (APR): 2.

    47%+4

  • Repayment terms (years): 5, 10, 15, 20
  • Repayment options: Academic deferment, military deferment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be U.S. citizen or permanent resident
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: Yes
  • Min. credit score: 670
  • Max. undergraduate loan balance: $250,000
  • Max. graduate loan balance: $250,000
  • Offers Parent PLUS refinancing: Yes

View details

3.05%+3.05%+7, 10, 15
  • Fixed rates from (APR): 3.

    05%+

  • Variable rates from (APR): 3.

    05%+

  • Repayment terms (years): 7, 10, 15
  • Repayment options: Military deferment, loans discharged upon death or disability
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Min. credit score: 670
  • Max. undergraduate loan balance: No maximum
  • Max. graduate loan balance: No maximum
  • Offers Parent PLUS refinancing: Yes

View details

2.99%+2.16%+5, 8, 12, 15
  • Fixed rates from (APR): 2.99%+
  • Variable rates from (APR): 2.

    16%+

  • Repayment terms (years): 5, 8, 12, 15
  • Repayment options: Does not disclose
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S.

    citizen and have and at least $7,500 in student loans

  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 12 months
  • Min.

    credit score: 670

  • Max. undergraduate loan balance: $300,000
  • Max. graduate loan balance: $300,000
  • Offers Parent PLUS refinancing: Yes

View details

3.19%+N/A5, 10, 15
  • Fixed rates from (APR): 3.

    19%+

  • Variable rates from (APR): N/A
  • Repayment terms (years): 5, 10, 15
  • Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
  • Customer service: Email, phone
  • Soft credit check: Does not disclose
  • Cosigner release: No
  • Min. credit score: 680
  • Max. undergraduate loan balance: $150,000 – $249,000
  • Max. graduate loan balance: $200,000 – $249,000
  • Offers Parent PLUS refinancing: Yes

View details

2.99%+52.85%+55, 7, 10, 15, 20
  • Fixed rates from (APR): 2.99%+5
  • Variable rates from (APR): 2.

    85%+5

  • Repayment terms (years): 5, 7, 10, 15, 20
  • Repayment options: Academic deferment, military deferment
  • Fees: None
  • Discounts: Autopay, loyalty
  • Eligibility: Available in all 50 states
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: No
  • Min. credit score: Does not disclose
  • Max. undergraduate loan balance: No maximum
  • Max. graduate loan balance: No maximum
  • Offers Parent PLUS refinancing: Yes
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Home » All » Data Insights » Current Student Loan Refinance Interest Rates

Источник: https://www.credible.com/blog/refinance-student-loans/student-loan-refinance-rates/

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