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Thursday, December 9th
College Ave does just one thing: student loans. Whether you're borrowing for the first time or trying to get a better rate on a current loan, you've got options here. When it comes to refinancing your educational loans, College Ave requires a minimum of $5,000 and offers a maximum of $150,000 to $300,000, depending on the type of degree you have. This lender has a good reputation but a tricker-than-average application process, earning College Ave a "just okay" ranking among student loan refinancing providers.
Lend-Grow looks good at first but falls short under further inspection. They're not available in all states, and you must be refinancing a minimum of $25,000 in student loans to qualify. Although their rewards program is intriguing, their lack of client feedback definitely isn't inspiring. We recommend you consider other student loan refinancing options before using Lend-Grow.
If you got your student loans back when interest rates were high, you're smart to think it might be a good idea to refinance when rates have dropped. Whether you get a lower rate or take years off your loan (or both!), your savings could be in the tens of thousands of dollars.
You can typically qualify to refinance your student loans if your outstanding balance is at least $5,000, though some lenders have higher minimums. You'll often need to be in good standing and up to date on your current loan payments, have steady income and a credit score of 660 or higher. Otherwise, your refinancing may require a cosigner.
But, be careful if you're considering refinancing your federal student loans into a private loan. There are some benefits offered with government student loans that don't carry over into privately-funded ones. Do your research before you sign on the dotted line and make sure that the benefits you'd gain outweigh the perks you'd lose.
So, you've determined that it's the right time to refinance your student loan. What should you look for in a lender? Here are some factors to guide your decision-making:
To help you determine the best way to refinance your student loan, TopConsumerReviews.com has evaluated and ranked today's top lenders. We're confident that with this information, you'll easily find the right rate and term on your loan refinancing!
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