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Tuesday, January 25th
Lend-Grow can help you refinance your student loans by connecting you with lenders in their marketplace. This service specializes in partnering with smaller financial institutions who might not have the budget to get noticed on larger platforms, and who are willing to offer better-than-average rates and terms to earn your business.
Refinance loans from $25K to $750K
In order to qualify for student loan refinancing through Lend-Grow, you'll need to have total outstanding loans from $25,000 to $750,000. At the time of this evaluation, Lend-Grow was offering refinancing loans with competitive APRs and repayment terms of 5, 10, 15, 20 or 25 years.
Basic information required
To get started, click on "See My Offers" . Select "Student Loan Refinance" and then indicate whether or not you're applying as an individual or joint with a cosigner. You'll have to provide your mobile number and email, gross annual income, rent/mortgage amount, address, and other relevant details.
Nice rewards program
One nice perk you'll get with student loan refinancing at Lend-Grow is their Payback Rewards program. They'll pay 0.10% APR of your loan amount for three years to help bring down your outstanding balance, as long as you enroll in the rewards program and make on-time, full payments. There's a maximum benefit of $1,500 over those three years. Another part of the rewards program is a $250 donation every year for two years to your school's Alumni Fund, for a total of $500.
Not enough feedback
Lend-Grow winds up towards the bottom of our rankings for student loan refinancing. Why? At the time of this review, there just wasn't enough feedback to give the service a higher rating. Even though they'd been in business for more than two years, Lend-Grow didn't have a listing with the Better Business Bureau, and we found very little commentary from students who had used them to refinance their loans.
Extremely limited service area
Also, when we went through the application process, we got all the way to the last screen only to be told that Lend-Grow isn't available in our area. Given that we entered a location in a major metropolitan area, we were surprised (and disappointed) to see that we couldn't use the service. Lend-Grow should come right out and say which states are included in their student loan refinancing program, instead of making prospective clients disclose a lot of personal information and then find out that they don't qualify.
Not competitive with other services
We love the idea of including smaller-scale lenders in the student loan refinancing marketplace. Unfortunately, Lend-Grow has a long way to go before we can recommend them over their competitors.
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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