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Lend-Grow Review

Tuesday, August 9th

2022 Student Loan Refinance Company Reviews

Lend-Grow Review 2 Star Rating


2 Star Rating
  • Referral service that gives access to big and small lenders
  • Results based on relevancy, not commissions
  • Refinancing on loans from $25,000 to $750,000
  • Loan terms of 5, 10, 15, 20 and 25 years
  • Rewards program + donation to your school alumni fund

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.

Best Student Loan Refinance Companies

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.

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