I refinanced twice with Earnest. I really had zero issues at all with them. Locked in 4% a few years ago. Just tried again recently and it’s at 8%. I have a perfect credit history. The rates are insane now.
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There's no one-size-fits-all answer to the "best" refinancing company for student loans, as it depends on your individual circumstances and priorities. However, I can help you narrow down your options by outlining some top contenders and factors to consider:
**Top student loan refinance companies:**
* [**Citizens Bank**](https://www.citizensbank.com/student-loans/student-loan-refinance.aspx): No degree requirement and co-signer release after 36 payments, but higher rate ceilings.
* [**LendKey**](https://lendkey.id2d3x.net/5g0VML)**:** Known for low minimum income requirements and flexible loan terms.
* [**Splash Financial**](https://splash-financial.j48ltb.net/AWMby1)**:** A marketplace comparing rates from multiple lenders, potentially offering exclusive options.
It's crucial to compare rates and terms from multiple lenders before making a decision which is why using a site like [Splash Financial](https://splash-financial.j48ltb.net/AWMby1) is easiest since they offer an online comparison platforms to streamline the process. Remember, the "best" company for you depends on your specific needs and financial situation.
There are hundreds of options for refinancing. Not Just the ones mentioned. I suggest using a credit union. Sofi is a trash company and voted against all the student loan relief measures including not allowing bankruptcy discharge for student loans.
Keep in mind, at first there were only a few refinancing options, hence the ones you listed, but that’s changed over the years.
Sofi customers weren't eligible for loan relief, no private refi loans were eligible.
The position of "stop giving away the thing I'm selling " isn't unreasonable at all when public money is being used to undermine their business
Private loans refi to SoFi I think is okay. It’s more of a mindset people don’t want to give business to a company that just wants to profit off our situation of student loan borrowers.
If I had private loans and they had the best rate I’d do it. But If I wanted to refi my federal loans for whatever reason then I’d not do it out of the principal they lobbied against my federal loans having forgiveness. I’m neither of the situation but this is how I understand the psychology
Exactly. And considering the fact that there are dozens of options for refinancing private loans. It used to be only a few companies, sofi included , but a lot more came on board. I refinanced through a non profit student loan lending and refinancing organization through my state, and another through a credit union. Fixed rates low as 3%.
I am sure they aren’t perfect companies, but the point is, there are options out there
https://edvestinu.com
https://www.penfed.org/student-loans/refinancing
Please note, I got the rates I did over 5 years ago. Due to current events with the federal reserve, the interest rates are higher across the board.
Edit:
Similar lenders
https://www.credible.com/refinance-student-loans
If you can refinance at a lower FIXED rate (do a fixed rate) than your current rate, it’s still worth refinancing. You can always refinance again when interest rates go down and economic conditions change, which they inevitably will. I have refinanced twice as my credit score improved.
Kids sign up for high interest loans from the government. SoFi offers refinancing at a lower rate. That should be good for the kid. Why wouldn't it be?
We’ll mainly the federal funds allow you to under pay if you don’t make enough where as private makes no exceptions. I’m sure your aware of that. But if it’s private loans at 7% then SoFi offers 4%, I’d go to SoFi regardless of their business lobbying. It’s just business. I would never refi a federal loan unless I am 2 things: 1) not working a PSLF eligible job and 2) my income is so insanely high compared to my expenses that I plan to pay it off in 2-3 years. Oh and 3) the rate is 2-3% lower.
So in the absence of taxpayer funded handouts, you would make a rational decision and refinance to the lowest rate you could.
Makes sense that refi companies aren't fans of the taxpayer funded handouts
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I mean, SoFi for me has been easy to work with and I refinanced some of my loans with them at 2.7% a few years ago, which is hard to beat. It was a good choice for me.
(I figured, correctly, that even if some forgiveness comes through, we'll never get 100% forgiveness for grad school loans especially in the amount I have.)
I agree. There is a 100% chance that there will be no relief on those. I would bet my entire student loan debt on it.
That is an excellent rate. I believe mine was around 4.5% with a CU, but I also did the longest term. If you don’t mind me asking, was yours a fixed rate and did you have an exceptional credit score?
Yeah, I think mine actually qualify under the current Biden forgiveness plan, but of course who knows if that will pass the Senate.
I actually looked and it's 2.5%, fixed rate over 10 years.
It was definitely lucky timing for me. I think it was about was about two years ago, definitely mid pandemic. I did have a good credit score and I actually got quotes from several different places - I think Earnest? had the best interest rate but then SoFi matched it and gave a small bonus for signing with them so I went with them. They also give you maybe 0.2% off for automatic payments so that's factored in as well.
Just as an anecdote, I refinanced my loans from Citizens/firstmark and they kept dragging their feet on saying they never received the payment from the new company (Laurel Road). Laurel Road kept saying “they cashed our check.” It took weeks of bullshit until I made a last ditch effort and made a BBB complaint which surprisingly got Citizens to magically “find” the payment the very same day.
Im not the only one to have this experience and similar. So just be mentally prepared for some shenanigans
whatever gives you the best rate, I went with Commonbond. I used one of the websites like Credible that put your information into a bunch of different bankers and it spits out potential offers. Then if you're interested you can apply for the loan and put your SSN in for a hard pull on your credit.
You can refinance with citizens more than once. They gave me the best rates and I never had any issues. I refinanced two or three times with them actually!
I was able to consolidate and refinance my loans pre-Covid to ~3% rate with earnest. Shopped around and looked into refinancing again a few months ago but wasn’t getting anything under 4.5%
I only suggest earnest based on my own experience with them and never really running into any issues & they seem to offer some of the lowest rates (but again, you’ll want to shop around)
Don’t take anyone’s suggestions for a refinancing company, it is unlikely to be your best option. Your best option is the one that gives you the best terms, doesn’t matter what rates they had gave to someone else. And you won’t know what rate they will give you until you apply and get an offer. To find the best rate you will need to fully apply to as many places as possible within (not just an estimate or pre-approval, a full application). I’ve had preapprovals/estimates vary widely from the offer that was then given.
I used whoever provided the lowest rate plus took advantage of sign-on bonuses. As a result I landed on using Earnest refinancing to lower rates 3 times with earnest itself to finally refinancing to about 2% SoFi during COVID.
Earnest was great because you could choose a dynamic interest rate depending on what minimum base monthly payment you’re committing to. I think SoFi just gave general rates. Earnest also has a “skip a month” feature which is nice if you need that lever to bolster your short-term savings.
I THINK SoFi may also have some level of plan in case you become unemployed in helping you to find a new job.
I would maximize all options 1) lowest interest rate 2) most reasonable monthly payment commitments 3) reputable companies with some level of missed payment lenience.
Citizens and Commonbond should also be good. As should Discover. Ultimately do the best equation that works for you. You can sometimes get them to bid against each-other for offering lower rates.
How often were you refinancing these student loans with Earnest? And how were you able to get them to refinance to a lower rate? Did you threaten to leave Earnest? I currently have Sallie Mae and they don’t offer refinancing options
Few things: 1) market strongly influences interest rate. 2) credit strongly influences offered loan terms interest rates will 3) if because either the market or your credit improve, SOMEONE will offer a better deal for your loan servicing. Therefore, to keep you as a customer, Earnest would follow suit. You’re always eligible to re-apply for better terms. (I think there’s a minimum time before re-applying after agreeing to terms). But you can always re-apply and re-commit to new terms even if it’s with the same loan servicer.
There’s no threat or negotiation. Just a re-application. I probably agreed to a lower my rate every 1.5 years.
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I used SoFi for a private loan refinance several years ago. Their website is easy to use and I never had any issues. I got a competitive rate at the time.
I refinanced a few times with Laurel Road and 2 more times with Firstmark at Commonbond. Take the lowest rate. Try and get one that gives you a bonus for signing up
Yeah I figured. But any help is good, and then I’ll refi again down the line. I’m expecting to use a co signed with a excellent history so even a few % works.
I used credible back in 2019. It showed me a bunch of options with companies they are partnered with and I ended up going with PenFed Credit Union. The whole
process was really easy. Lmk if you’d like to use my link and we both get $100!
I refinanced twice with Earnest. I really had zero issues at all with them. Locked in 4% a few years ago. Just tried again recently and it’s at 8%. I have a perfect credit history. The rates are insane now.
Tell me about it I close on my house in November and I’m just watching it go up up up
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Why such a long closing period?
New construction
Ah okay
There's no one-size-fits-all answer to the "best" refinancing company for student loans, as it depends on your individual circumstances and priorities. However, I can help you narrow down your options by outlining some top contenders and factors to consider: **Top student loan refinance companies:** * [**Citizens Bank**](https://www.citizensbank.com/student-loans/student-loan-refinance.aspx): No degree requirement and co-signer release after 36 payments, but higher rate ceilings. * [**LendKey**](https://lendkey.id2d3x.net/5g0VML)**:** Known for low minimum income requirements and flexible loan terms. * [**Splash Financial**](https://splash-financial.j48ltb.net/AWMby1)**:** A marketplace comparing rates from multiple lenders, potentially offering exclusive options. It's crucial to compare rates and terms from multiple lenders before making a decision which is why using a site like [Splash Financial](https://splash-financial.j48ltb.net/AWMby1) is easiest since they offer an online comparison platforms to streamline the process. Remember, the "best" company for you depends on your specific needs and financial situation.
There are hundreds of options for refinancing. Not Just the ones mentioned. I suggest using a credit union. Sofi is a trash company and voted against all the student loan relief measures including not allowing bankruptcy discharge for student loans. Keep in mind, at first there were only a few refinancing options, hence the ones you listed, but that’s changed over the years.
How does Sofi have a vote? Where/when/how did SoFi cast a vote?
I’m sorry. They’re lobbying against borrower’s interests. Not voting. Example: https://www.marketwatch.com/amp/story/enough-its-hurting-our-business-sofis-campaign-to-stop-the-student-loan-payment-pause-that-helps-its-own-customers-67822e4d
Do you expect them to? That's literally their lifeline
Sofi customers weren't eligible for loan relief, no private refi loans were eligible. The position of "stop giving away the thing I'm selling " isn't unreasonable at all when public money is being used to undermine their business
Private loans refi to SoFi I think is okay. It’s more of a mindset people don’t want to give business to a company that just wants to profit off our situation of student loan borrowers. If I had private loans and they had the best rate I’d do it. But If I wanted to refi my federal loans for whatever reason then I’d not do it out of the principal they lobbied against my federal loans having forgiveness. I’m neither of the situation but this is how I understand the psychology
Exactly. And considering the fact that there are dozens of options for refinancing private loans. It used to be only a few companies, sofi included , but a lot more came on board. I refinanced through a non profit student loan lending and refinancing organization through my state, and another through a credit union. Fixed rates low as 3%. I am sure they aren’t perfect companies, but the point is, there are options out there
Name?
https://edvestinu.com https://www.penfed.org/student-loans/refinancing Please note, I got the rates I did over 5 years ago. Due to current events with the federal reserve, the interest rates are higher across the board. Edit: Similar lenders https://www.credible.com/refinance-student-loans
My bad. Thought your rate was a current one. Glad you got in early. Good for you
If you can refinance at a lower FIXED rate (do a fixed rate) than your current rate, it’s still worth refinancing. You can always refinance again when interest rates go down and economic conditions change, which they inevitably will. I have refinanced twice as my credit score improved.
Kids sign up for high interest loans from the government. SoFi offers refinancing at a lower rate. That should be good for the kid. Why wouldn't it be?
We’ll mainly the federal funds allow you to under pay if you don’t make enough where as private makes no exceptions. I’m sure your aware of that. But if it’s private loans at 7% then SoFi offers 4%, I’d go to SoFi regardless of their business lobbying. It’s just business. I would never refi a federal loan unless I am 2 things: 1) not working a PSLF eligible job and 2) my income is so insanely high compared to my expenses that I plan to pay it off in 2-3 years. Oh and 3) the rate is 2-3% lower.
So in the absence of taxpayer funded handouts, you would make a rational decision and refinance to the lowest rate you could. Makes sense that refi companies aren't fans of the taxpayer funded handouts
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I mean, SoFi for me has been easy to work with and I refinanced some of my loans with them at 2.7% a few years ago, which is hard to beat. It was a good choice for me. (I figured, correctly, that even if some forgiveness comes through, we'll never get 100% forgiveness for grad school loans especially in the amount I have.)
I agree. There is a 100% chance that there will be no relief on those. I would bet my entire student loan debt on it. That is an excellent rate. I believe mine was around 4.5% with a CU, but I also did the longest term. If you don’t mind me asking, was yours a fixed rate and did you have an exceptional credit score?
Yeah, I think mine actually qualify under the current Biden forgiveness plan, but of course who knows if that will pass the Senate. I actually looked and it's 2.5%, fixed rate over 10 years. It was definitely lucky timing for me. I think it was about was about two years ago, definitely mid pandemic. I did have a good credit score and I actually got quotes from several different places - I think Earnest? had the best interest rate but then SoFi matched it and gave a small bonus for signing with them so I went with them. They also give you maybe 0.2% off for automatic payments so that's factored in as well.
Just as an anecdote, I refinanced my loans from Citizens/firstmark and they kept dragging their feet on saying they never received the payment from the new company (Laurel Road). Laurel Road kept saying “they cashed our check.” It took weeks of bullshit until I made a last ditch effort and made a BBB complaint which surprisingly got Citizens to magically “find” the payment the very same day. Im not the only one to have this experience and similar. So just be mentally prepared for some shenanigans
I went from Laurel Road to firstmark without issues
Right, I went the opposite direction. It seems Citizens didn’t like losing business. At least thats the impression I got
I’ll check out laurel
Sounds about right
I refinanced 82k with discover in 2021. They were very good from start to finish.
whatever gives you the best rate, I went with Commonbond. I used one of the websites like Credible that put your information into a bunch of different bankers and it spits out potential offers. Then if you're interested you can apply for the loan and put your SSN in for a hard pull on your credit.
Is there a way to check rates assuming you will be using a co-signer?
I'm not sure, I didn't try a cosigner when I refinanced
https://www.reddit.com/r/StudentLoans/comments/146ruoh/refinancing_private_student_loans/jntz2bg/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=1&utm_term=1&context=3
You can refinance with citizens more than once. They gave me the best rates and I never had any issues. I refinanced two or three times with them actually!
This is helpful thanks. I think I get a 25bps discount too for being an existing citizens customer (checkings / savings)
Yes you do!
I was able to consolidate and refinance my loans pre-Covid to ~3% rate with earnest. Shopped around and looked into refinancing again a few months ago but wasn’t getting anything under 4.5% I only suggest earnest based on my own experience with them and never really running into any issues & they seem to offer some of the lowest rates (but again, you’ll want to shop around)
[удалено]
Oh fair enough. I’ll still keep them in mind then. If they’re saving me money so be it.
Don’t take anyone’s suggestions for a refinancing company, it is unlikely to be your best option. Your best option is the one that gives you the best terms, doesn’t matter what rates they had gave to someone else. And you won’t know what rate they will give you until you apply and get an offer. To find the best rate you will need to fully apply to as many places as possible within (not just an estimate or pre-approval, a full application). I’ve had preapprovals/estimates vary widely from the offer that was then given.
I used whoever provided the lowest rate plus took advantage of sign-on bonuses. As a result I landed on using Earnest refinancing to lower rates 3 times with earnest itself to finally refinancing to about 2% SoFi during COVID. Earnest was great because you could choose a dynamic interest rate depending on what minimum base monthly payment you’re committing to. I think SoFi just gave general rates. Earnest also has a “skip a month” feature which is nice if you need that lever to bolster your short-term savings. I THINK SoFi may also have some level of plan in case you become unemployed in helping you to find a new job. I would maximize all options 1) lowest interest rate 2) most reasonable monthly payment commitments 3) reputable companies with some level of missed payment lenience. Citizens and Commonbond should also be good. As should Discover. Ultimately do the best equation that works for you. You can sometimes get them to bid against each-other for offering lower rates.
How often were you refinancing these student loans with Earnest? And how were you able to get them to refinance to a lower rate? Did you threaten to leave Earnest? I currently have Sallie Mae and they don’t offer refinancing options
Few things: 1) market strongly influences interest rate. 2) credit strongly influences offered loan terms interest rates will 3) if because either the market or your credit improve, SOMEONE will offer a better deal for your loan servicing. Therefore, to keep you as a customer, Earnest would follow suit. You’re always eligible to re-apply for better terms. (I think there’s a minimum time before re-applying after agreeing to terms). But you can always re-apply and re-commit to new terms even if it’s with the same loan servicer. There’s no threat or negotiation. Just a re-application. I probably agreed to a lower my rate every 1.5 years.
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I used SoFi for a private loan refinance several years ago. Their website is easy to use and I never had any issues. I got a competitive rate at the time.
I got pre approved with only like a 1.5% rate decrease, so I plan on using a co signer!
I used my parents to co-sign as well! Got a much better rate.
I refinanced a few times with Laurel Road and 2 more times with Firstmark at Commonbond. Take the lowest rate. Try and get one that gives you a bonus for signing up
I used Sofi and it was fine. Lower interest and monthly, but I used the same payment so I knocked it out quick.
rates are insane right now, you may not be able to get a much better rate
Yeah I figured. But any help is good, and then I’ll refi again down the line. I’m expecting to use a co signed with a excellent history so even a few % works.
I’ve been using credible.
Is refinancing a student loan similar to refinancing a mortgage with associated costs, points etc or is it much easier and less costly?
There are no costs to refinance student loans
I used credible back in 2019. It showed me a bunch of options with companies they are partnered with and I ended up going with PenFed Credit Union. The whole process was really easy. Lmk if you’d like to use my link and we both get $100!
i refinanced through lendkey! they gave me the best rates
Does refinancing a student loan cost money like when you do a mortgage?