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2023 Student Loan Refinance Company Reviews
Education Loan Finance
- "A-" rated by the BBB
- Promotions offer $200 to $1,000 off your principal balance, depending on how much you refinance
- Terms ranging from 5-20 years, attractive interest rates on both fixed- and variable-rate loans
- Minimum loan amount: $15,000
- Forbearance available up to 12 months
- Available in all 50 states and Puerto Rico
At first you might wonder if Educational Loan Finance (also known as ELFI) is worth your time: they've got a minimum loan amount of $15,000 and it can be more difficult to qualify for student loan refinancing here (especially without a cosigner). However, ELFI's low interest rates and fantastic reputation for customer service make them a lender to consider.
CommonBond
- Fixed-rate and variable-rate student loan refinancing rates competitive with other lenders
- Autopay discount option of 0.25%
- Hybrid refinance loan option (starts out as fixed, then changes to variable-rate)
- Up to 24 months of forbearance over the life of your loan
CommonBond is one of those companies that looks good on the surface but deeply disappoints the further you dig down. Their prequalification process on student loan refinancing is frustrating, and the company doesn't disclose critical details (like the fact that self-employed individuals won't qualify for loans here). Most of their site content and client feedback dates back at least two years, giving the impression that very few people are trusting CommonBond with refinancing their student loans. This company earns our lowest ranking.
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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.
Student Loan Refinance Company FAQ
Continued from above...
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:
- Referral service or loan originator. Some platforms let you compare loan possibilities with multiple lenders using a single prequalifying application. This one-stop "shopping" can save you some time and hassle, but ultimately you'll still have to complete a full application with the lender you choose. Other refinancing sites belong to the lenders themselves and that can make the process more streamlined.
- Loan minimums and other eligibility requirements. While most lenders let you refinance student loan balances as low as $5,000, some will only approve loans of $10,000 or $15,000 and up. Not all lenders will refinance your student loans if you didn't finish your degree, either.
- Customer service. Consider what borrowers have to say about their experience with the lender or referral service - not just during the application and approval process, but also while making payments. Choose a lender that has a good reputation for helping customers both before and after the refinancing is complete.
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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