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Student Loan Refinancing: Comparing the Best Rates for August 2018

The post Student Loan Refinancing: Comparing the Best Rates for August 2018 appeared first on Club Thrifty.

Let’s face it: With over $1.3 trillion in outstanding student loan debt, we’ve got a serious epidemic on our hands. Making those huge monthly student loan payments can cripple your budget and make it hard for you to get ahead. Student loan refinancing could be just the boost you need to get your savings and your finances back on track.

We’ve talked before about whether or not refinancing your student loans is a good option. Generally speaking, if you can refinance your loans into a better interest rate, you could save thousands of dollars in interest over the life of your loan. Refinancing can also help you lower your monthly payments. You can use that extra money to pay your bills, save money for retirement, or pay down your debt faster.

Of course, before you refinance you need to make sure that it’s the right move for you. You should usually stay away if your credit score has dropped or if you plan on using federal “loan forgiveness” benefits. Although most borrowers don’t qualify, refinancing your federal loan into a private student loan could eliminate that option.

If you’re in the market to refinance your student loans, you’ve come to the right place. In order to save you time and effort, we’ve done some of the dirty work for you. Listed below is a comparison of some of our favorite student loan refinancing companies. Check them out, and be sure to click on our affiliate links if you want to learn more!

Start Here! – Compare student loan refinancing rates from multiple lenders all in one spot with Credible. Just fill out a short form, and start comparing real rates in less than 2 minutes. Oh, and you may be eligible for a bonus of up to $200 if you refinance with them! Get started here.

Best Student Loan Refinancing Companies

Before we dig into the nitty-gritty details, here’s a list of our favorite places to refinance your student loans.

SoFi: Our Favorite Place to Refinance Your Student Loans

SoFi Logo horizontalWith excellent customer service and great rates to boot, SoFi is our favorite place for refinancing student loans. Founded by Stanford University graduates in 2011, this online loan program was originally offered only to students at Stanford. SoFi has grown quickly and is now helping borrowers all across the U.S. save big when they refinance their student loans.

SoFi offers both fixed and variable rates for refinancing your student loans. Fixed rates range from 3.899% to 7.804% APR* when you choose their autopay option. Current variable rates range from 2.510% to 7.554%* with autopay.

One of the coolest things about SoFi is that they don’t just rely on your credit score to determine your interest rate. Instead, they take a holistic approach to determining your creditworthiness. When making a lending decision, SoFi considers your employment history, the merit of your account, and a number of other factors above and beyond a simple FICO® score.

As of March 1, they’ve also decreased the minimum loan amount required to secure a loan. Now, borrowers need only refinance $5,000 in student loan debt – down from the previous $10,000 minimum.

Here’s a little more information about SoFi:

  • Fixed rates starting at 3.899%* APR with autopay
  • Variable rates starting at 2.510%* APR with autopay
  • Available for undergraduate, graduate, and Parent PLUS loans
  • No origination or prepayment fees
  • $5,000 minimum to refinance student loans
  • Federal and private student loan refinancing available
  • Term lengths of 5, 7, 10, 15, and 20 years
  • Unemployment protection
  • Learn more about SoFi here

LendKey: Community Lending Online

Tired of high rates, confusing applications, and bad customer service? Lendkey can help.

LendKey offers borrowers the chance to refinance both federal and private student loans – including undergraduate, graduate, and Parent PLUS loans. They offer extremely competitive fixed and variable rates to their customers, with variable rates starting at 2.49% APR and fixed rates beginning at 3.15% APR. If you’re in school right now, you can also secure a private student loan through the site.

Our favorite thing about Lendkey is that they use community banks and credit unions to fund their loans. In many cases, this can help you get even lower rates. You can search for loans, customize your needs, and apply for funding all through one easy and convenient platform. If you ask us, that’s pretty freakin’ cool!

Here are a few more things to know about refinancing student loans through LendKey:

  • Fixed rates starting at 3.15% APR
  • Variable rates starting at 2.49% APR
  • Private and federal student loan refinancing available
  • Undergraduate, graduate, and Parent PLUS loan refinancing available
  • No origination fees
  • Flexible payment options, including interest-only payments for the first four years
  • Term lengths of 5, 7, 10, 15 and 20 years
  • Borrowers save an average of over $16,600 over the life of the loan
  • Private student loan financing available for those attending school now
  • Read Here to Learn More About Lendkey

Earnest: Radical Repayment Flexibility

Earnest logoA self-described team of “math and computer nerds,” Earnest strives to help financially responsible people save money on student loans. Rather than basing lending decisions completely on fixed credit score or income requirements, Earnest bases application approval and interest rates on merit-based data points. The more financially responsible you are, the better your interest rate.

Like other lenders, Earnest offers fixed and variable rate options. At Earnest, fixed rates start at 3.89% APR while variable rates begin at 2.57% when you choose autopay. Through their system, you can get an easy to understand rate quote within 2 minutes.

Of all the student loan refinancing companies available, Earnest may provide borrowers with the most flexibility. Instead of shoving you into a predetermined payment plan, Earnest allows you to choose your own monthly payment and builds your repayment terms around your preferred amount. That means you can choose any repayment length between 5 and 20 years in order to achieve your desired monthly payment. You can also switch between fixed rate and variable rate options without being charged a fee.

Here’s some more info about refinancing student loans with Earnest:

  • Fixed rates starting at 3.89% APR with autopay
  • Variable rates begin at 2.57% APR with autopay
  • Minimum loan amount to refinance is $5,000
  • Federal and private student loan refinancing available
  • Choose your own repayment term length between 5 and 20 years
  • No origination or prepayment fees
  • Eligible to skip payment every 12 months when you make 6 months of on-time payments
  • Switch between fixed and variable rates with no fees
  • Average borrower saves $30,939 over the life of the loan
  • Read Here to Learn More About Earnest

Save Money on Your Student Loans

Student loan refinancing could save you thousands of dollars over the life of your loan. We compare some of the best student loan rates here!If high student loan payments are becoming unmanageable, you should strongly consider refinancing them into a lower rate. Doing so can help free up money for other bills, save money on interest, or help you pay your student loans off faster. Regardless of which company you select, refinancing your student loans could potentially save you thousands of dollars.

As always, be sure you understand all of the terms and conditions before you make the leap. To learn more about any of the companies listed above, or to get free quotes, just follow the links!

*SoFi Disclaimers

The post Student Loan Refinancing: Comparing the Best Rates for August 2018 appeared first on Club Thrifty.

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