10 Best Student Loan Refinance Companies To Lower Payments

In this article I will define the Best Student Loan Refinance Companies to Drastically Lower Your Payments. This will provide a side by side review of the top lenders according to interest rates, fees, flexibility in repaying loans, and bonus options borrowers gain.

This will help borrowers make the proper adjustments in choosing a the financially savvy path while lowering interest and payment amounts in a way that serves their financial needs.

Key Points

Lender	Explanation
SoFi	Best for member benefits, no fees, and competitive fixed rates.
Earnest	Offers flexible terms, customized payments, and one annual skip-payment option.
LendKey	Connects borrowers with refinancing offers from community banks and credit unions.
Splash Financial	Helps compare refinancing offers from multiple lenders in one place.
RISLA	Provides strong borrower protections and income-based repayment options for borrowers.
ELFI	Specializes in refinancing Parent PLUS loans with competitive options.
Citizens	Offers rate discounts to existing customers and qualifying account holders.
College Ave	Provides flexible repayment terms and supports large student loan amounts.
EDvestinU	Nonprofit lender offering competitive fixed-rate and variable-rate refinancing options.
Credible	Compares prequalified lender rates without negatively affecting your credit score.

10 Best Student Loan Refinance Companies to Drastically Lower Your Payments

1. SoFi

SoFi’s strong points are competitive rates, flexible benefits, refinancing options, and a user-friendly online application. With its student loan refinancing, SoFi combines eligible federal and private loans into a single private consolidation loan, which may reduce your payments and interest.

SoFi also provides customer service and a service which allows you to check your rate without affecting your credit. Launch: SoFi was created in 2011 and initially focused on refinancing student debt.

Fees and starting rates: SoFi is currently advertising fixed refinance rates for student loans starting at 3.99% APR with corresponding discounts (0.25% discount for autopay and 0.125% SoFi Plus), and states there are no application, origination, prepayment, or late fees. Support: Borrowers can reach out to SoFi’s customer support team for assistance.

SoFi Features

• Competitive fixed and variable student loan refinancing rates
• No application, origination or prepayment fees
• Member benefits and exclusive financial services
• Autopay discounts reduce interest rates
• Online check your rate tool circumvents a hard credit pull

2. Earnest

Borrowers looking for control over payment and term structure will appreciate Earnest. Borrower’s payment options are more flexible; Earnest will allow qualified borrowers to pick a payment amount that will not take a financial hardship on them.

This is a great option for borrowers whose budget, income or financial objectives do not jive with a traditional repayment term structure. Launch date: Earnest launched in 2013 and prioritized disrupting the lending industry with technology.

Fees and starting rates: Earnest claims to have no application, origination, late, prepayment, or extra-payment fees. Actual refinance rates will be dictated by the applicant’s qualifications and term selected.

There is an option to skip a payment through Earnest’s program as well (as long as you qualify for it). Support: Earnest places a heavy emphasis on the direct Client Happiness team helping customers.

Earnest Features

• Customized repayment terms
• Choose your own payment amount
• Annually, you can skip one payment
• No application, origination or prepayment penalties
• Rate checking is a soft pull

3. LendKey

For customized control of payment and term flexibility, borrowers will appreciate Earnest. Earnest will allow flexible payment options to borrowers at a payment amount that will not put the borrower through a financial hardship.

Your payment amount flexibility is excellent for borrowers whose budget, income and financial goals do not align with the traditional payment term and repayment flexibility. Launch date: Earnest was launched in 2013 and focused on disrupting the lending business with technology.

Fees and starting rates: Earnest claims to have no application, origination, late, prepayment or extra payment fees. The actual refinance rates will be based on the term selected and the borrower’s qualification.

There is the flexibility to skip a payment through Earnest’s program (as long as you qualify for it). Support: Earnest has placed an enormous focus on the Client Happiness team and their direct customer support.

LendKey Features

• Connects borrowers with community banks and credit unions.
• Offers fixed and variable refinancing options.
• Provides multiple repayment-term choices for eligible borrowers.
• No application or origination fees through participating lenders.
• Online application simplifies the refinancing process.

4. Splash Financial

Splash Financial aids borrowers in comparison shopping rather than filling out many individual lender applications. Its marketplace connects borrowers with banks and credit unions in order for them to review potential offers after providing their info.

This speeds up the process of loan Comparison shopping. Launch date: Splash Financial launched in 2013 and initially began its marketplace to aid borrowers in the refinancing of their student loan debt.

Fees and starting rates: Splash Financial refinances student loans with fixed rates starting at 3.99%. Splash Financial states there is no fee or penalty for paying a student refinance loan early; the lowest advertised rate includes a 0.25% autopay discount. Splash Financial guides borrowers through the entire process including checking their rate and completing their loan.

Splash Financial Features

• Evaluates student loan refinancing choices across numerous lenders.
• Allows borrowers to comparison shop without reaching out to each individual lender.
• Has both fixed and adjustable interest rate options.
• Offers an online pre-qualification tool that won’t ding your credit score.
• Refinances student loans for borrowers that qualify and have different financial profiles.

5. RISLA

RISLA, the Rhode Island Student Loan Authority, is a great fit for borrowers who are less concerned about having the lowest interest rate and more concerned about protections and assistance offered during the repayment process.

RISLA, as a nonprofit quasi-state agency, offers loan refinancing at fixed rates with more flexible terms and programs that offer support for the repayment process. RISLA’s income-based repayment option could help borrowers who are having financial problems.

Launch Date: RISLA was created in 1981 and has been supporting students and their families for close to 40 years. Fees and starting rates: RISLA currently promotes refinance rates starting at around 3.99% APR with applicable discounts and claims

To charge no application, origination, or late fees. Support: RISLA cites that borrowers have the support of real people rather than being solely reliant on automated systems. They emphasize the quality of customer service.

RISLA Features

• A student loan lender focused on prime student loan financing.
• Offers fixed rate student loan refinancing.
• Has an income-based repayment program for qualifying borrowers.
• Has a range of borrower protections and flexible assistance programs for borrowers.
• Has personalized customer service and borrower support.

6. ELFI

ELFI (Education Loan Finance, Inc.) is an excellent option for borrowers wanting to refinance Parent PLUS loans and other eligible education debt. BLFI offers refinancing subject to approval, and has created various student loan products for graduates, parents, and professionals.

BLFI also offers personal assistance by student loan advisors, which gives borrowers the option of understanding the available refinancing options. Also, the refinancing advertisement started in December 2015.

Fees and starting rates: ELFI charges no application or origination fee, although its terms allow for charges for late or returned payments, and APR ranges for refinancing are dependent upon the borrower and the loan. Support: ELFI Have Student Loan Advisors and offer customer-service assistance during the entire refinancing process.

ELFI Features

• EQUITY LOAN FINANCE INC. provides student loan refinancing for qualified individuals.
• ELFI refinances Parent PLUS loans.
• Borrowers choose between fixed and variable interest rates.
• Student Loan Advisors assist borrowers.
• There are no application or origination fees for refinancing.

7. Citizens 

Citizens may be a good option for borrowers who already have accounts at the bank and/or who qualify for bank customer discounts and rate reductions. Refinancing can consolidate eligible education loans into a single payment and may lower your interest rate and monthly payment.

Current customers have to consider the benefit of the relationship vs. what they would receive from competing banks to see if it is worth refinancing or banking with Citizens. Launch date: Citizens has been a major U.S. bank for a number of years, and the modern Citizens Financial Group dates back to the 19th century.

Fees and starting rates: Check with Citizens for the latest rates for refinancing as relationship discounts will vary based on the borrower, term, and market conditions. You also have to verify the fees, if any. Support: Citizens has banking and lending customer-service during the application and repayment process.

Citizens Features

• Works with a bank to offer refinancing for students.
• May provide relationship-based discounts for existing customers.
• Refinancing options for eligible private and federal loans.
• Consider both fixed and variable interest rates.
• Easy online application, with provided support.

8. College Ave

Borrowers looking for flexibility in repayment should consider College Ave. College Ave lets borrowers choose the period of time over which their loans are to be repaid, in 5 year increments, up to 20 years.

Larger loan amounts can mean lower monthly payments, but a longer repayment term may also increase the total amount repaid.

College Ave was founded in 2014 to provide education loans. Fees and starting rates: College Ave offers fixed and variable refinancing rates starting at around 6.99% APR, and displays these rates with their autopay discount.

College Ave does not charge origination or application fees. Borrowers can calculate their potential payments, and check their rates without affecting their credit score, through College Ave’s online lending and customer-support resources.

College Ave Features

• One of the loan refinancers with flexible repayment terms.
• Offers loan options with fixed or variable interest rates.
• Supports balances that surpass what many loan refinancers support.
• Does not charge an application or origination fee.
• Gives borrowers the ability to see potential rates without applying.

9. EDvestinU

EDvestinU is a nonprofit refinancing program for federal, private, and PLUS education loans. Like other loan refinancing programs

EDvestinU allows multiple education loans to be combined into a single refinancing loan. EDvestinU’s nonprofit status means it is worth checking their offer against conventional banks and fintech lenders.

Refinancing loans offered by EDvestinU, however, are not the absolute cheapest. In fact, it is worth checking against all commercial lenders.

EDvestinU operates under the nonprofit New Hampshire Higher Education Loan Corporation. While they have strong roots in education financing, EDvestinU has yet to set a firm date for the launch of their refinancing program.

Other companies have set their refinancing programs to auto-discount. EDvestinU, however, has set their rates at 4.15% APR with an option to further auto-discount their rate to 4% APR.

EDvestinU also states there will be no application fees or origination fees. EDvestinU provides online application resources and customer assistance.

EDvestinU Features

• EDvestinU is an organization providing education funding as a service.
• EDvestinU provides refinancing options with fixed and variable rates.
• EDvestinU refinances eligible Federal loans and private education loans.
• No application or origination fees.
• Qualified refinance loans are eligible for an automatic payment discount.

10. Credible 

Credible isn’t actually a direct student loan refinancing lender. Rather, it is a personal finance marketplace that allows users to compare refinance offers from many different lenders. This makes it valuable for users who want to see multiple offers to determine the best lender to apply to.

Credible says users can check pre-qualified offers without affecting their credit score, which is the first step for comparison shopping. Launch date: Credible was established in 2012, and at that time, offered user specific student loan and refinancing rate comparisons.

Fees and starting rates: For the most part, Credible does not charge a fee for offer comparisons. Currently, Credible’s marketplace shows fixed student loan refinance APRs starting at 3.98%, variable based on lender offer. Support: Credible has an online comparison tool, plus resources and tools to assist users in evaluating potential lenders.

Credible Features

• Users check multiple participating lenders for refinance offers.
• Borrowers can check prequalified rates.
• Checking rates does not lead to an initial hard credit inquiry.
• Assists borrowers in comparing potential rates and loan terms.
• A marketplace for consumers to compare financial products for free.

Criteria for Selecting the Top Student Loan Refinance Companies.

• Interest Rates: The starting APR and rate decrease offers are compared.
• Fees: Components of cost are application, origination, and prepayment. Low to no fee preference is used.
• Repayment Options: Flexibility based on the offered loan terms and payment options is reviewed.
• Borrower Eligibility: Reviewed are the credit, income, degree, and loan requirements.
• Loan Amounts: Considered are the minimum and maximum allowable refinance amounts.
• Borrower Awards: Considered are offered discounts based on autopay, hardship, and other benefits.
• Customer Service: Assessed is the support available, the quality of service, and how it can be contacted.

Conclusion

Conclusion The thing to consider while choosing the best student loan refinance company is your credit score, income, loans, and your financial goals. You should look into all the offered interest rates, fees, repayment windows, discount offers, borrower protections, and customer service.

Refinancing can lower your monthly payments and the total interest you pay, but borrowers with federal loans should consider the loss of valuable protections when shifting to a private loan.

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