The Best Student Loan Refinance Companies

Sunday, October 6th

2024 Student Loan Refinance Company Reviews

Earnest

• Very competitive interest rates
• $5,000 loan minimum
• 680 credit score minimum
• Options for refinancing with or without a cosigner
• No application fees or origination fees
• Loan repayment terms of up to 30 years
• Interest rate discounts with automatic payments
• Deferment if you return to school
• 4.7-star average rating
• "A+" rated by the BBB

Operating for more than a decade, Earnest has emerged as a highly sought-after and acclaimed provider of private student loans and student loan refinancing. Having aided over 125,000 students and graduates with educational financing, it strives to promote accessibility and affordability by offering interest rates lower than the norm. It stands out as a company that focuses on customers first, offering a dedicated service team for customer happiness.

More details offer better rates

To begin qualifying, just click the "Get My Rate" button in the top right corner of the screen. This will give you an idea of your potential interest rate if you opt for refinancing through Earnest. You'll need to provide basic information like your name, email address, citizenship status, and details regarding your current student loans. To get a finalized prequalification rate, you'll need to create a login and give Earnest your Social Security number. If Earnest cannot match your information with your credit history for a soft pull, you'll be directed to initiate a full application.

Full application process

The full application asks for details about your major, graduation date, current employment status, salary information, and linking the account where your paycheck is deposited. The more complete your financial profile, the higher the likelihood of being offered the most favorable rates for your student loan refinancing. For Earnest, adding a cosigner to your loan application may qualify you for a lower interest rate. Keep in mind that submitting a full application will affect your credit report.

Minimum of $5,000 in loans to qualify

To be eligible for refinancing at Earnest, you'll need to have a minimum of $5,000 that you want Earnest to handle. Earnest offers assistance for both federal and private student loans, and there is a minimum credit score requirement of 680 for approval. At Earnest, your credit history isn't the sole factor in your loan application, though. Alongside the credit check, the company examines data other lenders overlook to offer the best student loan refinance rates. You also have the option to add a cosigner during the application if you're worried about your credit score.

Up to 30-year terms and low APRs

Earnest stands out for its unparalleled flexibility for repayment. Unlike other lenders, Earnest allows you to customize your preferred payment amount or select a specific repayment term with lengths going as high as 30 years. You may also qualify for deferment on your loans if you decide to pursue graduate school. Furthermore, after making on-time payments for six months, you have the option to skip a payment once every 12 months. On top of low rates, Earnest also offers a 0.25% auto-pay discount on your interest. So, if you choose to set up autopay, your interest rates (and final payment amount) will be even lower.

Earnest impresses across the board

Earnest holds an exceptional reputation as a student loan refinancing provider. With nearly 4,000 clients giving it a perfect five-star rating, Earnest garners high praise for its low interest rates and positive customer experiences. Across various finance blogs and review sites, it maintains an average rating of 4.7 stars out of 5. Earnest also holds an "A" rating by the BBB and accreditation. In reviews, customers praise Earnest's affordability, excellent customer service, and rate-matching program, consistently leaving glowing comments. Financial experts like those at Forbes noted that refinancing with Earnest was a simple process and the company offered impressively low rates.

Top option for refinancing out there today

Ranked as one of the leading contenders in the student loan sector, Earnest stands out for its commitment to customer satisfaction and potential financial benefits. Before undergoing a credit check, you'll find transparent information readily available, allowing you to make informed decisions about proceeding. With outstanding advantages and widespread acclaim, Earnest earns a five-star rating and secures the top position among student loan refinancing options on our list.

SoFi^®

• Refinance minimum of $5,000
• Refinance for private and federal loans
• Soft credit check during prequalification
• Terms from 5-20 years
• Low rate match/guarantee
• "A+" rated by the BBB

Founded in 2011, SoFi began as a lending model supported by Stanford Business School alumni, introducing student loan refinancing in 2012 and expanding to offer student loans in 2019. With over two million members and over $50 billion in funded loans across various financial products like personal loans and mortgages, SoFi has cemented its position as a significant lending institution.

Trusted partner

Sofi's services are available to residents of all 50 states and Washington DC, from undergraduate to graduate degrees and professional programs. SoFi stands out as a top choice for students seeking to refinance their loans. SoFi has earned recognition as one of the industry's best by US News and World Report. SoFi is frequently recommended as a trusted partner on various platforms that connect borrowers with lenders.

Quick prequalification with no Social Security number

By answering a few questions regarding loan type and reason for refinancing, you can input your current loan information manually to get a basic idea of your prequalification and how much money you can refinance with SoFi. If you want, you can also link your accounts through Plaid to automatically pull in your financial details. SoFi collects extra details such as graduation year, the field of study, and annual income before conducting a soft credit check. Notably, providing a Social Security number is not required for prequalification, unlike many other lenders.

Flexible options for refinancing

There are several reasons why SoFi is a preferred option for refinancing student loans. The company offers refinancing to residents in all 50 states and Washington DC, with a minimum loan requirement of just $5,000. SoFi is among the few lenders that also refinance loans for associate's degrees, not solely bachelor's and higher degrees, making their eligibility requirements much more flexible than competitors'.

Competitive low rates

SoFi offers a wide range of loan options, including both fixed-rate and variable-rate loans with terms spanning from 5 to 20 years. All loan options come with a potential 0.25% autopay discount. While the lowest rates are for those who have fantastic credit, you can get a cosigner to help you get the best deal. One of the greatest benefits of choosing SoFi is that the company offers a lowest-rate guarantee, promising to match any lower rate found elsewhere and provide a $100 reward.

Good rates and solid reputation

SoFi holds an impressive "A+" rating from the Better Business Bureau, and overall feedback is highly favorable. Numerous review platforms consistently rate SoFi between 4.5 and 5 stars, with one financial blog awarding it a perfect 5-star rating. However, most of these reviews encompass SoFi's entire range of services, with only a handful focusing specifically on its student loan refinancing. One dedicated student loan refinancing review noted that SoFi helped them get a much better deal than they were offered at any other site, which made them ultimately choose SoFi over other competitors.

Impressive site with increasing popularity

SoFi maintains its position as a recommended choice for student loan refinancing, particularly for borrowers who may face eligibility constraints with other lenders. With a range of rates and terms, SoFi remains a solid option for refinancing student loans. Plus, customer feedback for SoFi gets better every year, so we expect that trend to continue in the future. Overall, SoFi is highly praised as a financial institution, earning it an excellent rating in our review.

Credible

• Connects you with multiple lender options
• Very competitive APRs
• Refinance minimum of $10,000
• Refinance maximum up to $250,000
• Refinance for private and federal loans
• Soft credit check during prequalification
• Terms from 5-20 years
• 4.8-star average rating
• "A+" rated by the BBB

Rather than offering refinancing itself, Credible is a comparison tool. Since 2012, Credible has provided a platform for nearly 1.5 million borrowers to discover competitive rates on various financial products, ranging from mortgages to personal loans. Credible offers a user-friendly online form that streamlines the process of determining whether you prequalify for student loan refinancing through one of their partner lenders, including Citizens Bank and LendKey.

Highly detailed comparison listings

After completing the standard questionnaire about your personal information and student loan refinancing requirements, and making a Credible account, Credible conducts a soft credit pull. Then, you'll receive a list showing which lenders have prequalified you, along with the terms of the potential loans they offer, such as interest rates, monthly payments, loan duration, and total interest. Credible also informs you about lenders that might prequalify you under specific circumstances, like higher loan amounts or with a cosigner, as well as those that are not a match. One helpful part of this process is that Credible tells you all the relevant information for each lender in an easy-to-see outline. This includes APRs, credit requirements, and Credible star ratings, making it much easier to compare companies side by side.

Most lenders require a minimum amount of $10,000 to refinance

While the eligibility requirements change depending on which loan provider you ultimately choose, the minimum student loan amounts offered through Credible's partners start at $10,000. You can refinance amounts as high as $250,000 for those that list a dollar value. Other companies offer up to the "total refinance amount” of your consolidated loans. Eligibility ranges from a minimum credit score of 670-700 for those that list one. Ultimately, your options may change depending on your state of residence, your credit score, and how much you're trying to refinance.

7 partner sites to choose from

Upon selecting a lender, your experience may vary depending on the provider. For instance, while some lenders continue the process on the Credible platform, others redirect you to the lender's site. Here's the basic rundown of the lenders Credible offers through its partner network:

• Citizens
• Interest rates: Both fixed and variable APRs
• Eligible Degree: Both Undergraduate and Graduate
• Loan Terms: 5, 7, 10, 15, 20 years
• Fees: None
• Minimum Credit Score: Not disclosed
• Education Loan Finance
• Interest rates: Both fixed and variable APRs
• Eligible Degree: Both Undergraduate and Graduate
• Loan Terms: 5, 7, 10, 12, 15, 20 years
• Fees: None
• Minimum Credit Score: 680
• EdvestinU
• Interest rates: Both fixed and variable APRs
• Eligible Degree: Both Undergraduate and Graduate
• Loan Terms: 5, 10, 15, 20 years
• Fees: None
• Minimum Credit Score: 700
• INvested
• Interest rates: Both fixed and variable APRs
• Eligible Degree: Both Undergraduate and Graduate
• Loan Terms: 5, 10, 15, 20 years
• Fees: Late fee, returned payment fee
• Minimum Credit Score: 670
• LendKey
• Interest rates: Both fixed and variable APRs
• Eligible Degree: Both Undergraduate and Graduate
• Loan Terms: 5, 7, 10, 15 years
• Fees: Late fee
• Minimum Credit Score: 680
• Mefa
• Interest rates: Fixed rates only
• Eligible Degree: Both Undergraduate and Graduate
• Loan Terms: 7, 10, 15 years
• Fees: None
• Minimum Credit Score: 670
• Risla
• Interest rates: Fixed rates only
• Eligible Degree: Both Undergraduate and Graduate
• Loan Terms: 5, 10, 15 years
• Fees: Late fee
• Minimum Credit Score: 680

Best-rate guarantee

Credible offers a compelling incentive for choosing them to help you refinance your student loans: their $200 Best Rate Guarantee. If you receive an offer with a lower interest rate from a lender outside of Credible's network, you may be eligible for a cash reward. This makes Credible a highly competitive option in the market, especially since you already have a lot of tools at your fingertips to compare lenders at this provider.

Impressive praise across the board

Credible receives overwhelmingly positive feedback from clients. With an "A+" rating and accreditation from the Better Business Bureau, along with minimal complaints, Credible has earned the trust of its borrowers. Over 4,200 reviewers have awarded Credible a 5-star rating, earning the company an impressive 4.8 stars out of 5 from Trustpilot. In general, most reviews express satisfaction with Credible for connecting borrowers with reputable lenders and saving them money in the long run.

Top comparison tool

Credible is an excellent starting point if you're considering student loan refinancing. With just a few clicks, you can identify which lenders prequalify you, saving you the time and effort of applying with unsuitable options. There are numerous benefits to initiating your student loan refinance journey with Credible, making it a top choice in our assessment. Despite not offering refinancing itself, Credible holds a very high rating in our review as one of the top places in the industry to find the best refinancing for your individual loans.

Education Loan Finance

• Refinance minimum of $10,000
• Refinance for private and federal loans
• Soft credit check during prequalification
• Terms from 5-20 years
• 4.8-star average rating
• "A+" rated by the BBB

Education Loan Finance, provided by SouthEast Bank based in Tennessee, is a student loan consolidation and refinance program available nationwide. Recognized as a top Student Loan Refinance Lender by U.S. News & World Report in 2023, ELFI aims to aid borrowers in managing their loans more effectively. Focusing only on refinancing, this program specializes in saving you money on your consolidated student loans. Customers have reported substantial monthly savings averaging $272 and an estimated total savings of $13,940 after refinancing with Education Loan Finance.

Detailed prequalification, but strict guidelines

To access rate estimates from ELFI, you'll need to provide personal information, educational background, income details, and your Social Security number for a soft credit check. ELFI's prequalification process is immediate, but we found their criteria to be stricter compared to other lenders. Some borrowers may require a cosigner to proceed with their application.

More stringent qualification requirements

To qualify for a loan from the company, you need to meet their specific requirements. You must request a minimum loan amount of $10,000 and have earned a Bachelor's degree or higher. On top of that, you'll need a minimum income of $35,000, a credit score of at least 680, and a credit history spanning at least 36 months to qualify, which may be limiting for some recent graduates or students who are going on to higher-ed degrees. On the bright side, the following loans are eligible for refinancing:

• Private student loans
• Federal student loans
• Undergraduate student loans
• Graduate student loans
• Parent PLUS Loans
• Private parent student loans

Low Rates

Despite the strict requirements, ELFI offers competitive rates, including both fixed and variable rate loans. They also offer a variety of repayment terms ranging from 5 to 20 years. Of course, the actual APRs will change depending on your specific finances and current loan terms.

Customers love the ease of use

ELFI holds a stellar reputation with no complaints filed with the BBB in the past year and an "A+" rating. With over 2,000 five-star reviews and an average rating of 4.8 stars out of 5, customers praise ELFI for delivering on their promise to save money through student loan refinancing. Clients commend the helpful and knowledgeable support representatives for providing a smooth and transparent refinancing experience. In general, borrowers agreed that the process was quick, stress-free, and less expensive than they expected for student loans.

Impressive option for those who meet the criteria

Despite some drawbacks like the higher minimum loan amount and the potential need for a cosigner, ELFI earns a very high rating for consistently offering low-interest rates and reliable service. While you may need to explore other options if you don't meet ELFI's criteria, borrowers who do fall within ELFI's parameters can expect a positive student loan refinancing experience.

College Ave

• Refinance minimum of $5,000
• Refinance for private and federal loans
• Soft credit check during prequalification
• Terms from 5-20 years
• 4.5-star average rating
• "A+" rated by the BBB

Established in 2014, College Ave was created by previous students who are familiar with the challenges of college preparation and financing. While they have a strong focus on students, we found some discrepancies between College Ave's promises and what the company delivers.

Impressive focus on student loans

On the bright side, College Ave stands out for its focus solely on student loans, for both new students seeking initial funding and those looking to refinance existing loans. Despite claiming to prioritize clarity and transparency, the company doesn't offer any specific financial details or previews until you've completed the prequalification process which includes all your personal details (Social Security, name, address, and more).

No personalization until you enter your Social Security

To determine if you prequalify for refinancing with College Ave, you'll need to input essential details, including your Social Security number, annual income, and desired refinancing amount. Thankfully, the quick qualification process doesn't require a check on your credit history until you decide to complete a full application. However, there's no way to preview exact numbers for your refinancing plan without entering all of your personal information. Everything else offered by College Ave is just generalized information.

Have at least $5,000 in debt to begin

When it comes to student loan refinancing, College Ave requires a minimum amount of $5,000. The maximum loan amount depends on your degree type, though the actual numbers for maximums are not listed before prequalification. This is another point showing College Ave's disappointing transparency. According to our research, College Ave used to offer maximum numbers on the site, but that is no longer the case.

Same fixed and variable rates

Refinancing with College Ave provides new loan terms ranging from 5 to 20 years. At College Ave, you can consolidate your high-interest student loans, both federal and private, into one convenient monthly payment. If you decide to refinance with College Ave, the current interest rates offered include variable rates and fixed rates.

Praise for its focus on college students

College Ave currently holds an "A+" rating and accreditation from the Better Business Bureau. However, some borrowers have voiced concerns about encountering interest rates higher than anticipated or facing challenges in approval. While some reviewers said they encountered higher-than-average rates, casting doubt on the feasibility of securing lower rates, most of these reviews were related to student loans themselves rather than the refinancing portion of College Ave. Review sites, including Forbes and NerdWallet, have awarded College Ave an average rating of 4.5 stars out of 5 for its refinancing. In particular, College Ave is praised as a loan provider that focuses specifically on student loans, making it more efficient and supportive for students or graduates who want to refinance.

Made by students for students

While College Ave remains a reputable option for student loan refinancing, its complex application process and potential for higher rates as well as its limited transparency set it slightly behind other lenders. However, if you're looking for a site that has a laser-like focus on student loans, you can trust College Ave to have your back. For this reason, it earns a solid rating with the option to move up in the future if College Ave focuses more heavily on transparency.

LendKey

• Connects you with a network of lenders
• Refinance minimum of $5,000
• Refinance for private and federal loans
• Soft credit check during prequalification
• Terms from 5-20 years
• 4.5-star average rating
• "A+" rated by the BBB

LendKey is a refinancing option that offers you access to multiple banks and credit unions. However, there are some issues right off the bat: LendKey primarily serves borrowers with a stable income rather than those with very low or no current income. But, if you fall into the latter category, LendKey does provide some assistance for you. LendKey has been collaborating with a network of credit unions and banks since 2009, though the company lacks transparency on exactly which institutions are included on their partner list.

Some issues completing prequalification

To determine if you prequalify for student loan refinancing with LendKey, you'll input basic information into their prequalification questionnaire. In cases where LendKey cannot match your details with your credit profile, you'll need to provide your Social Security number. Notably, this step only results in a soft credit check. However, despite providing our SSN and other personal details, LendKey was unable to locate our information, which contrasts with our experience with other similar services. On the bright side, LendKey has added a refinancing calculator to the website to help you see numbers without submitting any personal details.

Minimal details for eligibility

As noted above, detailed information about LendKey's network of lenders is scarce, leaving uncertainty about eligibility. Our inability to progress through the prequalification process further underscored these transparency issues. While we did discover that you can improve your chances of eligibility by having a cosigner, it is also clear that refinancing through LendKey is unavailable in many US states, such as Maine, Nevada, North Dakota, Rhode Island, and West Virginia. Currently, you also need to have a minimum of $5,000 that you'd like to refinance to be eligible.

Good Interest rates

Nevertheless, LendKey distinguishes itself by offering loans that can cover up to 100% of tuition if you qualify. You can expect terms from 5 to 20 years, all without any origination fees. While your actual APR can vary based on your particular circumstances, you can get a good approximation through LendKey's calculator tool.

Praise for ease of use and service team

While facing some transparency concerns, LendKey remains a top choice among borrowers. It holds an "A+" rating from the Better Business Bureau and an average score of 4.5 stars on various review sites and financial blogs. Customers express satisfaction with the straightforward application process and the supportive nature of the LendKey customer service team. Many customers praised the calculator tool as an easy way to compare LendKey to other competitors without having to go through a qualification process.

Lost some points for the qualification process

Considering the frustrations with prequalification, LendKey falls short of being a top recommendation for student loan refinancing. The uncertainty surrounding eligibility and security concerns associated with providing sensitive information like Social Security numbers detract from the overall experience. While LendKey shows satisfied borrowers and a positive reputation, exploring alternative student loan refinancing platforms may offer a more straightforward and secure process.

Splash Financial

• Connects you with a lender network
• Refinance minimum of $5,000
• Refinance for private and federal loans
• Soft credit check during prequalification
• Terms from 5-25 years
• 4.8-star average rating
• "A+" rated by the BBB

Splash Financial is dedicated to helping you reduce your student loan costs through refinancing. Since 2013, they've provided a platform for comparing rates and terms from their lending partners. With over 100,000 borrowers and billions of dollars in refinancing requests, Splash Financial has established itself as a reputable service in the industry.

Connects you with lenders

Splash Financial connects you with lenders, but the servicing of your loan is handled by the lender itself, not Splash Financial. So, if you're looking for a service that offers its own student loan refinancing rather than brokering for other companies, Splash Financial may not be for you. However, it does offer a good way to compare different lenders side by side, so it is a solid place to start your research.

Simple prequalification with competitive rates

To receive a rate estimate, you'll need to answer questions about your educational background, loan amount, financial status, and contact information. Providing your Social Security number is the final step, but rest assured, it only results in a soft credit inquiry. However, if you decide to proceed with a specific loan application, a hard credit check will be conducted. During the prequalification process, we received rate quotes that were competitive with top lenders in the market. While rates vary based on market conditions and Splash Financial's partner network, the quotes we obtained were favorable based on a relatively high credit score, so your individual rates may change.

Finish your degree to be eligible

There are some eligibility requirements to keep in mind. First, Splash Financial's partners won't refinance for students who did not complete their degree program. You will need a minimum of an Associates Degree to qualify. The minimum amount you need to refinance is $5000, which is competitive within the industry, and Splash Financial doesn't have any maximums. You can refinance federal, private, and Parent PLUS student loans through Splash Financial, making it more open than some competitors.

Nice APRs

Once you choose a loan and proceed, you'll find out which lender you've been connected with. All the details you provided during prequalification are sent to the lender to speed up the full refinancing application process. Although we anticipated more lender options at the end, we received several offers, mainly from Earnest, the #1 student loan refinancing service on our list. You can expect payment terms from Splash Financial's providers to range from 5 to 25 years.

Impressive reputation for a broker

While Splash Financial has fewer reviews due to its shorter operational history, the feedback is overwhelmingly positive, particularly regarding its responsive and knowledgeable customer support team. The site also has an "A+” rating with the Better Business Bureau to support the positive reviews. On Trustpilot, Splash Financial is particularly popular, with a 4.8-star average rating out of 5.

A mid-tier site that connects you to lenders

Splash Financial ranks well among student loan refinancing resources. Their strong customer service and positive client feedback demonstrate their reliability as a platform for refinancing student loans, despite not being the most comprehensive in our evaluations. Since it doesn't offer its own refinancing and instead connects you with lenders, Splash Financial doesn't rank as highly as other sites in our review. It also falls slightly behind the other broker sites in terms of details and the total number of recommended lenders.

MEFA

• Refinance minimum of $10,000
• Refinance for private and federal loans
• Soft credit check during prequalification
• Terms from 7-15 years
• 4.6-star average rating
• "A+" rated by the BBB

MEFA, short for "Massachusetts Educational Financing Authority," originated in 1982 through the Massachusetts state legislature to support college affordability statewide. MEFA now extends its private student loans and loan refinancing services nationwide. Promising that its goal is to support students, MEFA only offers fixed-rate loans so that you can be certain prices never change once you refinance with this lender.

Full application may take 2 weeks

Similar to other lenders we assessed, MEFA simplifies the prequalification process for student loan refinancing, so there's no impact on your credit score unless you choose to complete the full application. By creating an account and inputting details like monthly income and desired refinanced amount, along with your personal information, you'll be quickly shown your prequalification status along with specific reasons for any rejection of your application (if that is the case). However, with the full application, you won't get such a quick response. After completing the full application and document submission, the final review may extend up to two weeks. After loan approval and e-signing, funds disbursement typically occurs within five days.

MEFA is more stringent about credit

To qualify for student loan refinancing at MEFA, you'll need to be able to show an established credit history, which can be bolstered by a cosigner if necessary. You'll also have to show that you've made six on-time payments within the last six months on all loans you intend to refinance. Any issues with defaulting or issues paying your loans may disqualify you from refinancing with MEFA. On top of that, MEFA also imposes a higher minimum requirement for student loan refinancing at $10,000.

APRs slightly higher

MEFAs interest rates tend to be slightly higher compared to other lenders we reviewed. Like many lenders, their lowest rates reserved for highly creditworthy applicants. MEFA also offers fewer repayment term choices - only 7, 10, or 15 years - omitting the 5- or 20-year terms often provided by competitors. Nonetheless, MEFA accommodates student loan refinancing for borrowers who didn't complete their degree, a feature not widely offered by other lenders. On the other hand, MEFA lacks forbearance or deferment options for borrowers facing temporary financial constraints, placing it below competitors that provide such assistance during challenging times.

Positive reputation overall, but a bit slow

MEFA's borrower feedback remains sparse, but they now have a rating with the Better Business Bureau. At the time of our review, MEFA held a perfect "A+” rating, though there were no reviews on the BBB that described why that was the case. In terms of third-party reviews, there are just over 400 comments on Trustpilot showing a 4.6-star average out of 5 for MEFA. In general, most of the reviews cover taking out loans or the education aspects of the website, with very little focus on refinancing. For those who didn't like the company on financial blogging sites, the main complaint was that MEFA was slow, and the process for one reviewer took up to 60 days to get the refinancing taken care of completely.

Doesn't impress in any category

While MEFA's student loan refinancing presents no alarming concerns, its offerings fail to impress. With interest rates that are much higher than competitors and less generous loan terms compared to rival financial institutions, superior alternatives likely exist elsewhere. On top of that, MEFA's funding can be a long and slow process, usually around 2 weeks, but as long as 60 days to finish your refinancing, which may be frustrating to some. Given these concerns, MEFA earns a lower rating in our review of student loan refinancing options.

Yrefy

• Refinance for private loans
• Terms estimated around 10 years
• 4-star average rating
• "A" rated by the BBB

Yrefy (pronounced why-refi) was founded in 2017 by experienced professionals in the Student Loan industry. The company set out on a mission to help distressed private student loan borrowers facing late fees, collection costs, and default interest rates, which often exceed 20% APR and sometimes even hit the maximum usury laws in their state. Yrefy's goal is to offer borrowers a necessary solution. Through Yrefy's refinancing program, borrowers can access a low fixed interest rate with tailored terms, enabling them to manage their payments effectively and swiftly improve their FICO credit score.

Prequalification over the phone

One problem with Yrefy is the qualification process. While you're very likely to qualify due to Yrefy's mission to help borrowers who are struggling and defaulting on payments, there isn't a simple online application like at most of the other sites we reviewed. Instead, Yrefy requires that the potential client provide their name and phone number and wait for a call to get started on prequalification. While this makes sense, given that if you're struggling to pay off loans, you may prefer to figure out the details person to person, this can create a much longer process for prequalification than other companies in our review.

Some issues with transparency

If you don't call in to chat with a Yrefy rep, the specific details for eligibility are pretty slim. Despite the promise to help customers, Yrefy raises some questions due to its lack of transparency. The only eligibility statement on the website itself says that Yrefy uses more than just your credit score to determine eligibility since it works primarily with borrowers who are struggling or have defaulted on loans. However, there are no details on what these "other methods” might be. The only other thing we could find about eligibility is that Yrefy only serves borrowers with private loans. You can't refinance federal loans with Yrefy. From outside research, we found that borrowers don't need a degree to qualify, but there is a 5% origination fee when you refinance with Yrefy.

Limited repayment terms

Yrefy offers fixed interest rates only. According to the site, the rates remain unaffected by your credit score. However, to get specific details, you have to call in. There are other benefits available, though. Through timely payments, you can release your Co-Borrower from the loan agreement. Plus, you can enjoy the flexibility to skip payments every six months, up to twelve times, without facing any penalties. While specific repayment terms aren't provided until you speak with a representative, external sources suggest that terms longer than 10 years may not be available.

Mid-tier reputation for transparency issues

Yrefy has a solid reputation, though it's a little lower than many competitors in our review. Yrefy currently holds an "A” rating from the Better Business Bureau. From reviewers, Yrefy only gets a 4-star average. While this isn't bad, per se, it is much lower than the 4.5+ ratings we see at other companies. There are some mixed reviews too, and all of them are from financial blogs or professionals. We struggled to find reviews from actual borrowers. According to the feedback out there, the fees and lack of transparency are two major concerns at Yrefy. While some finance bloggers like this option for customers who are struggling, Yrefy seems much more limited due to this focus.

Missing the mark for most borrowers

Without a lot of buzz from actual borrowers, it's hard to gauge how effective Yrefy is for those who need more financial help or want to rebuild their credit through student loan refinancing. Considering that the ratings are lower overall, and there's a serious lack of transparency unless you call in and talk to a rep, we'd recommend picking one of our higher-rated sites instead. This may still be a good site if you're looking for a forgiving site for refinancing that won't judge too harshly if your credit isn't where you want it to be, but if you can, aim for a better option that supports you with detailed information and a more robust review presence.

Lend-Grow

• Connects you with smaller banks and credit unions
• Refinance minimum of $5,000
• Refinance for private and federal loans
• Terms from 5-25 years
• 4-star average rating

Lend-Grow, a brand of Konduit Works located in Virginia, presents a solution for refinancing student loans by connecting borrowers with lenders in its marketplace. The company specializes in partnering with smaller financial institutions, typically unnoticed on larger platforms, to offer appealing rates and terms to borrowers. By creating a kind of competition among smaller banks and credit unions, Lend-Grow expands options and enables access to lower rates for borrowers hoping to refinance student loans.

No details until you've completed the full application

Lend-Grow promises that its process for prequalification takes just 60 seconds. To get started, just click on the "Check My Rate” button located in the top corner of the scrolling screen of the site. The questionnaire will ask you about your personal information including name, address, income, mortgage (where applicable), degree, length of employment, and whether or not you want to apply with a cosigner. However, you can't continue in the process without including your Social Security number, which is frustrating if you want to see some basic ballpark numbers.

Eligibility for multiple degree types and unfinished degrees

Eligibility for refinancing includes a range from $5,000 to $750,000, covering existing federal, private, and parent-plus loans. The amount you can refinance depends on the degree level for which the student loan was acquired. Both federal and private loans obtained for associate's, bachelor's, master's, or professional courses are eligible. Completion of the program of study is not a requirement for eligibility.

Minimal details available on the site

We found only minimal details for Lend-Grow's APRs and loan terms. While these numbers are competitive, we have no way to know how accurate they are for you specifically, as your application will generate different information than ours. Currently, Lend-Grow promises loan terms spanning 5, 10, 15, 20, and 25 years. The rates for student loans include fixed rates and variable rates. Compared to other sites that compare different lenders, Lend-Grow was pretty minimal with transparency.

Needs more buzz

Lend-Grow ranks lower in our evaluation due to limited feedback and service availability. Despite being in operation for over five years, the absence of a Better Business Bureau listing and minimal user commentary was somewhat concerning. While Lend-Grow does have a 4-star average rating from financial bloggers, we would feel more confident if other borrowers had more to say about the student loan refinancing process at Lend-Grow.

Good idea, but unclear execution

Until Lend-Grow increases its online presence, it won't be able to stand out from the pack. While we like the idea of smaller banks and lower interest rates, the lack of transparency on the website and lack of feedback makes us wonder how accurate the estimates for APRs really are. For now, Lend-Grow earns a low rating in our review, though we hope it fixes some of the transparency problems so we can rank it higher in the future.