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Saturday, August 20th
MEFA provides student loan refinancing even if you never finished your degree (and you're still paying for it!). Interest rates here are decent, but you'll have fewer repayment terms and a minimum required refi amount of $10,000. MEFA also doesn't have a formal deferment or forbearance option if you encounter financial troubles and can't make your payments. This lender is too limited to rank well among student loan refinancing providers.
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.
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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