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.
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.
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.
Sample of what you will find:
Additional questions answered:
Click here to see all of the survey results...
Sample of what you will find:
Additional questions answered:
Click here to see all of the survey results...
Sample of what you will find:
Additional questions answered:
Click here to see all of the survey results...
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with some of the lowest fixed in the industry 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.
Ability to apply for cosigner release after 24 consecutive payments.
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.
See How Much You Can Save: Estimate your savings with a student loan refinance from Nelnet Bank.
ElFi offers top-rated customer service, some of the lowest rates available, and flexible terms to fit your goals.
Click here to refinance now with ELFI.
SoFi is the leading student loan refinancing provider.
$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.
Save thousands on your student loans and pay off your loans sooner. Find your rate.
Works with 300+ community lenders for higher approval chances
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.
Best for borrowers who want to customize their repayment schedule to pay off debt fast.
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.