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Credible Review

Tuesday, January 25th

2022 Student Loan Refinance Company Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award Credible Review 5 Star Rating

Credible

5 Star Rating
  • "A+' rated and accredited by the BBB
  • Compare prequalified student loan rates from 12 lenders
  • Very competitive interest rates on refinanced student loans
  • $200 Best Rate Guarantee
Top Consumer Reviews Best-In-Class Blue Ribbon Award

Comparison shopping is a great way to save money and get good deals. Why should student loan refinancing be any different? Since 2012, Credible has made it possible to find the best rates on a number of financial products, from mortgages to personal loans, with nearly 1.5 million people using the platform to get the money they need.

12 lenders to choose from

There are a handful of referral services like this available today, but Credible is our favorite. Their online form makes it quick and uncomplicated to find out if you prequalify for refinancing with one of their 12 partner lenders: Advantage Education Loans, Brazos, Citizens Bank, College Ave, CommonBond, EDvestinU, INvestEd, ISL, MEFA, PenFed, RISLA and SoFi.

Find out if you prequalify

After you've answered the standard questions about yourself and your refinancing needs, Credible performs a soft pull on your credit. You'll get a results list that clearly shows you which lenders prequalified you, plus all of the terms of the loans they might offer (interest rate, monthly payments and loan length, total interest). We appreciate that Credible also shows you which of their lenders would prequalify you under certain circumstances, like a higher loan amount or adding a cosigner, as well as the ones that weren't a match. Don't be offended if you don't prequalify with some of Credible's partners: it could be due to state residency or other requirements you just don't happen to meet.

Do your homework on the lender you select

Once you click on "Select Lender" , your experience will depend on the provider. For example, with Citizens and EdvestinU, your process continues on the Credible platform, but SoFi will take you directly to their own site (with the information you provided to Credible pre-filled in at SoFi for your convenience). And, it should go without saying that the rest of the process - completing the full application, going through underwriting, and servicing of the refinanced loan itself - all goes through the lender and has nothing to do with Credible. We encourage you to read more about the lender before making your final decision (and you can find many of those institutions in the other reviews here!).

Best Student Loan Refinance Companies

Excellent feedback from clients

It's hard to find anyone with a negative thing to say about Credible. The Better Business Bureau gives the company their highest "A+" rating and accreditation, and there were almost no complaints registered there. Better yet, more than 4,200 people gave Credible a 5-star rating, saying that the service connected them with loans from reputable lenders and it saved them a lot of money. Those reviews aren't strictly limited to student loan refinancing, because Credible matches people with other types of lending, but it's still reassuring feedback.

Best rate guaranteed

Another compelling reason to work with Credible to source your student loan refinancing is their $200 Best Rate Guarantee. If you get an offer with a lower interest rate from a lender outside of Credible's network, it could get you some cash. Just be sure to read the terms and conditions of the offer before you start making plans for the money!

Ideal way to shop for student loan refinancing options

Credible is the best place to start if you're hoping to refinance your student loans. With just a few clicks, you'll know exactly which lenders will prequalify you - and you'll save yourself the hassle of applying with any lender who won't! There's no better way to make sure you're getting the best rates and terms on student loan refinancing. Credible easily gets our first-place ranking.

Where Can You Find the Best Options for Student Loan Refinancing?

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.

The Best Student Loan Refinance Companies Compare Student Loan Refinance Companies Compare Student Loan Refinance Company Reviews What are the best Student Loan Refinance Companies Best Student Loan Refinance Company Reviews

Student Loan Refinance Company FAQ

Refinancing your student loans essentially means that you're taking your current education debt and replacing it with a new loan. This can be done with both federal and private loans.
If interest rates have dropped significantly since you first got your loans, that's a great time to see if a new loan could save you money. And, if you're able to shorten the length of your loan at the same time - like going from having 15 years left on a 20-year term to a 10-year term - you'll save even more.
The qualifications for student loan refinancing are probably different from the ones you had to meet to get your original funding. Most lenders require a minimum refinanced amount of $5,000, though some have higher thresholds of $10-$15k. You'll also need a credit score in the upper 600s or more and a steady income - or a cosigner who meets those criteria. Finally, many financial institutions will only refinance your student loans if you completed your degree.
Be very careful when deciding to refinance federal student loans. You'll lose the perks that are only available with those loans, like income-driven repayment plans and loan forgiveness programs. And, of course, refinancing isn't a good idea if it doesn't help you in some way: lowering your interest rate, making your monthly payments more manageable, or saving you in interest over the timeframe of the loan.
Yes! It's the simplest way to get the best rates and terms too. Most providers will ask you some basic questions about your current situation, including your income and the amount of educational debt you're hoping to refinance, and they'll do a soft pull on your credit report (your score won't be affected). They'll use that information to tell you if you tentatively qualify for one of their refinancing loans. Once you decide to complete the full application, a hard pull will be done and if you're offered a loan, all that's left is for you to accept the terms and submit any required documentation. All of that can easily be done online!
It's a subtle distinction, and it can depend on who you ask. If you have multiple student loans (federal and private) and you combine all of that debt into a single new private loan, you're consolidating and refinancing your loans. But, there's also a governmental Direct Consolidation Loan program that is just for federal student loans: it makes it easier to manage your payments and preserves the benefits specific to federal loans, but it doesn't include any private loans you have and doesn't save you any money.
It shouldn't. Most lenders will happily tell you that they charge no fees for applying, originating loans, or really anything else (besides the loan itself, of course). Just remember that the process will usually include a soft pull of your credit during prequalification and then a hard pull when you decide to officially apply; the latter will temporarily impact your credit report.
That varies by lender. You can find out in just a few minutes if you prequalify, and another few minutes to get formally approved if you decide to complete the full application. From there, you'll probably be asked to submit documentation on your current loan, proof of income and other paperwork. Most lenders will tell you to expect it to take up to 45 days for your current loans to be paid off and for your new loan to be finalized.
Compare the Best Reviews

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!

The Best Reviews of Student Loan Refinance Companies