Student Loan Refinancing - Customer Insights


Updated on June 12, 2019

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As a part of our regular research on the student loan industry, we periodically surveys student loan borrowers to learn about their needs and motivations for refinancing.

We’re glad to share our conclusions with you.

Methodology

To obtain the survey data, we collected responses from 1,000+ student loan borrowers using Amazon’s Mechanical Turk. Our survey description specified respondents must be student loan borrowers. A total of 1,000+ respondents answered they were responsible for paying back student loans either for themselves or someone else.

Participants ranged in age from 18 to 76, with a mean of 33.04 and a standard deviation of 8.93. Participants were excluded from analysis if they answered attention check questions incorrectly. The data we are presenting rely on self-reporting. There are many issues with self-reported data. These issues include but are not limited to: selective memory, telescoping, attribution, and exaggeration.

Fair Use Statement

If you’d like to include this project’s findings or images on your website for noncommercial purposes, you’re welcome to do so. We simply ask that you provide a link to this page to attribute the authors properly.

2018 Student Loan Refinancing Customer Insights 

Sample of what you will find:

Additional questions answered:

  • Student Loan Responsibility Status
  • Percentage of borrowers that have refinanced their student loans
  • Total student loan debt per person
  • For borrowers who have refinanced, the top reasons why they did.
  • For borrowers who haven't refinanced, the top reasons why they didn't.
  • How long borrowers felt it would take to fill out an application to refinance their student loans
  • Borrowers preferred interaction methods.
  • Borrowers comfort with providing their social
  • And more...

Click here to see all of the survey results...


Sample of what you will find:

Additional questions answered:

  • Percentage of borrowers who stream content by streaming player.
  • Percentage of borrowers who stream content by streaming device.
  • What smart home device(s) borrowers own.
  • Frequency with which borrowers check their personal email account(s).
  • Percentage of borrowers familiar with the term 'pre-qualify' regarding loans.
  • If borrowers could easily compare lenders, how many would they prefer to review.
  • Which options would borrowers consider when researching refinancing options.
  • And more...

Click here to see all of the survey results...


 

Sample of what you will find:

Additional questions answered:

  • Average total debt co-signed for
  • Who is currently paying back the loan you took or co-signed for your child
  • How long it will take for the loan(s) to be paid off
  • Is it a parents responsibility to assist financially with their child's post-secondary education
  • Did your child's choice of major affect your willingness to co-sign their loan
  • Level of familiarity and awareness with the loan process at time of co-signing
  • Was research on different types of student loans done before co-signing
  • Knowing what you know now, would you have advised your child to attend a cheaper school
  • How did you recommend your child offset the cost of their education
  • Ho confident are you that your child can pay back their loan
  • How satisfied are you with the terms of your child's loan
  • Have you had to supplement your income to assist your child financially
  • And more...

Click here to see all of the survey results...

Refinance & Save Today With These Leading Lenders

#1 - Nitro Recommended View More Details

Special offers for medical resident and fellow refinance products

  • Fixed rates: 2.49% - 6.25% APR
  • Variable rates: 1.88% - 6.15% APR
  • Minimum credit: 650
View More Details
Visit Splash View Loan Disclosure

Splash Financial is a leader in student loan refinancing with new rates as low as 2.49% 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.

  • Low interest rates – especially for graduate students
  • No application or origination fees. No prepayment penalties.
  • Co-signer release program - you can apply for a cosigner release form your loan after 12 months of on-time payments
  • Specialty product for doctors in training with low monthly payment

Click here to see more of Splash's offerings and to see how you can save money.

#2 View More Details

Best for borrowers who want to customize their repayment schedule to pay off debt fast.

View More Details
Visit Earnest View Loan Disclosure

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.

  • Commitment-free 2 minute rate check
  • Client Happiness can be reached via in app messaging, email, and phone 
  • No fees for origination, prepayment, or loan disbursement
  • Flexible terms let you pick your exact monthly payment or switch between fixed and variable rates
  • Skip a payment and make it up later
  • Online dashboard is designed to make it easy to apply for and manage your loan

Click here to apply with Earnest and to see how much you can save.

#3 View More Details

For every loan they fund, they contribute to the education of a child in need

  • Fixed rates: 2.83% - 6.74% APR
  • Variable rates: 1.99% - 6.84% APR
  • Minimum credit: 660
View More Details
Visit CommonBond View Loan Disclosure

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.

CommonBond Student Loan Refinance review

  • Unemployment protections - If you lose your job or decide to go back to school, you can delay your payments for up to 24 months.
  • Social promise - For every loan they fund, they also contribute to the education of a child in need.
  • Hybrid loan option - Offerings include a 10-year hybrid loan with fixed interest for the first five years, and variable interest for the final five.
  • Referral bonus - For every friend you refer who refinances their loans with CommonBond, you’ll earn a $200 cash bonus.
  • Qualification - Borrowers must have graduated at least 2 years prior if they want to apply without a co-signer. And borrowers in 6 states – Idaho, Louisiana, Mississippi, Nevada, South Dakota, and Vermont – cannot currently refinance through CommonBond.

Get a personalized review of your refinancing options with CommonBond today.

#4 View More Details

SoFi is the leading student loan refinancing provider. 

  • Fixed rates: 2.99% - 6.88% APR
  • Variable rates: 2.25% - 6.43% APR
  • Minimum credit: 650
View More Details
Visit SoFi View Loan Disclosure

$30 billion+ in refinanced student loans. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. Some state restrictions may apply.

  • Serious savings: Save thousands of dollars thanks to flexible terms and low fixed or variable rates.
  • No hidden fees, no catch: No application or origination fees. No pre-payment penalties.
  • Fast, easy, and all online: Simple online application and access to live customer support 7 days a week.
  • Access to member benefits: SoFi members get career coaching, financial advice, and more—all at no cost.
  • 98% of surveyed members would recommend SoFi to a friend

Save thousands on your student loans and pay off your loans sooner. Find your rate.

#5 View More Details

Ability to apply for cosigner release after 24 consecutive payments. 

  • Fixed rates: 2.70% - 6.10% APR
  • Variable rates: 2.10% - 5.53% APR
  • Minimum credit: 680 (640 w/ co-signer)
View More Details
Visit NelNetBank View Loan Disclosure

Give Your Life’s Journey a Jump-Start.

If you’re ready to put student loans in your rearview mirror, Nelnet Bank student loan refinancing offers low rates and flexible terms to help you start getting ahead.

  • VARIABLE RATES: Rates as low as 2.70% APR
  • FIXED RATES: Rates as low as 2.10% APR
  • AUTO DEBIT SAVINGS: We’ll knock .25% off of your interest rate when you enroll in auto debit. See Disclaimer
  • NO ORIGINATION FEES: No application, origination, or prepayment fees on Nelnet Bank loans.
  • HARDSHIP PROTECTION: Hardship forbearance helps protect against unexpected loss of income. See Disclaimer

See How Much You Can Save: Estimate your savings with a student loan refinance from Nelnet Bank.

#6 View More Details

Works with 300+ community lenders for higher approval chances

  • Fixed rates: 2.95% - 7.63% APR
  • Variable rates: 1.90% - 5.25% APR
  • Minimum credit: 660
View More Details
Visit LendKey View Loan Disclosure

Connecting student borrowers to a network of over 300 community lenders with low interest rates. 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.

LendKey Student Loan Refinance review

  • Lightning fast rate check - 2-minute rate check with no impact on your credit score
  • More lenders, more options - see the best offers from over 300+ community lenders for higher approval chances
  • Life of loan relationship - With LendKey, your personal information will never be sent or passed on to third parties. Their customer service team is with you from the moment you land on their website until you've completely repaid your loan.
  • Unmatched benefits- Community lenders put people over profits and offer unique benefits like cosigner release after 12 on-time payments, interest only repayment options to keep monthly payments low, the largest unemployment protection period in the market, and more.

Get a personalized quote from LendKey now.

#7 View More Details

16 different loan term options – more flexibility to pay down your loan faster

  • Fixed rates: 3.24% - 5.54% APR
  • Variable rates: 3.34% - 5.69% APR
  • Minimum credit: 680
View More Details
Visit CollegeAve View Loan Disclosure

College Ave Student Loans offers major help and minor stress. We’ll help guide you through the process to find the right loan term and interest rate for you and the family budget.

  • Fast rate check: Get your new rate in 60 seconds 
  • Instant credit decision
  • Super flexible terms: 16 loan terms available from 5 to 20 years
  • No fees to apply

Click here to see more College Ave offerings and to start saving today! 

I reduced my student loan payment by $152 per month, by refinancing thru Nitro

Save Money Now