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Tuesday, June 6th
SoFi does a lot of student loan refinancing: more than 375,000 students and a total of more than $30 billion funded. Their loans are available in all 50 states and even associates' degree loans can be refinanced here. While we found some disappointing feedback from SoFi clients, the BBB gives SoFi their highest rating and there are plenty of people who have successfully used this lender to save money on their student loans.
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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