Updated on June 12, 2019
By Trish Sammer
When it comes to student loan refinancing, there
In our estimation, SoFi is definitely worth a look for anyone hoping for a better deal on their student loans. SoFi’s track record speaks for itself. This online lender and wealth management firm has refinanced the most student debt in the U.S.
What’s their strategy? They don’t have hefty costs like brick-and-mortar financial institutions, so savings are passed on to members. Let’s dig in a little deeper to see what you can expect from SoFi student loan refinancing.
SoFi looks beyond credit scores and debt-to-income ratios and considers factors like a borrower’s estimated
While other lenders charge higher rates to account for the possibility that borrowers won’t pay back their loans, SoFi has a unique underwriting process that helps ensure that members can make their payments. That translates to some of the most competitive interest rates in the industry.
SoFi may be a digital company, but they value making personal connections. Members are invited to networking dinners in their
Then there are other perks, like a $300 referral bonus for bringing others
Beyond that, fixed interest rates start at 3.69% and variable rates as low as 2.43% when you enroll in AutoPay. There are no origination fees and no prepayment fees.
Plus, members are eligible to get a 0.125% rate discount on a new loan for a different product type with SoFi.
SoFi offers student loan refinancing for undergraduate and graduate studies. It also has special offerings for Parent PLUS refinancing, as well as medical resident refinancing.
Select from loan terms of 5, 7, 10, 15 or 20 years.
Fixed rate loans range from 3.69% APR to 8.074%.
Variable rate loans range from 2.43% APR to 6.65%.
(Rates are as of June 2019 and include AutoPay discount.)
Enrolling in AutoPay gets borrowers
Members are eligible to get a 0.125% rate discount on a new loan for a different product type with SoFi.
Go to SoFi.com and click “Find my Rate.”
You can apply for student loan refinancing with SoFi in just four steps.
You’ll be asked to provide information about your school, your job, and your current loans.
Choose between saving on your monthly payment or saving on total student loan interest.
Upload your information and then sign your paperwork electronically.
Once you’re approved, SoFI will pay your loan servicer(s) and issue you one new student loan. Be sure to continue paying on your old loans until you have verified that they have been paid off by SoFi.
Whether you want to refinance private or federal student loans, pay off loans sooner, or lower your payment, SoFi is a solid choice to help you achieve your goals.
Works with 275+ not-for-profit community lenders for higher approval chances
LendKey operates student loan programs for over 275 not-for-profit and community lenders across the country. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.
Offers unemployment protection and career/coaching/networking
SoFi, which stands for “Social Finance,” was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. They set out to change the student loan industry and help borrowers like themselves to get lower interest rates. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, it has no maximum amount you can finance. However, Nevada residents can’t currently refinance with SoFi. Minimum loan balances are higher in Arizona, Massachusetts and Pennsylvania due to state laws. Additional state restrictions may apply.
For every loan they fund, they contribute to the education of a child in need
CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.
Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.
Get a personalized review of your refinancing options with CommonBond today.
Earnest empowers people with the financial captial they need to live better lives.
Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.
Click here to apply with Earnest and to see how much you can save.
Operates in all 50 states; 2nd largest student loan refinancing lender
Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.
Click here to see more of Splash's offerings and to see how you can save money.