If you have an AES student loan (or loans), you've probably wondered how to get a lower interest rate. The bad news: AES will not your lower your interest rate, even if you call and beg.
But there's good news, too. You can refinance your AES student loan through a private lender. Doing so can yield you a lower monthly payment or massive savings over the life of your loan. Let's talk about the steps you need to take to refinance your AES student loan.
When you refinance your student loans, you choose a new lender to service your loans. That lender purchases your old loans and creates a new loan agreement with you — with new terms and a new, lower interest rate.
That lower interest rate can save you some serious cash. In fact, the average borrower who refinances may be able to lower their payments by $250 a month, or save more than $16,000 over the life of the loan.
Only you can say whether you should refinance, but refinancing does have some big benefits:
You can refinance federal student loans, but refinancing is only available through private lenders.
If you're counting on federal benefits — like income-driven repayment programs or the Public Service Loan Forgiveness Program — then you may want to consider federal loan consolidation instead.
Consolidating all your loans into one through the Direct Consolidation Loan Program will result in a single monthly payment, but it will not reduce your interest rate. You will technically get a different interest rate, but it will simply be the weighted average of your current interest rates rounded up to the nearest 1/8th percent.
If you don't need the federal loan benefits and you're looking to save some money, then you can absolutely refinance your federal student loans with a private lender. In fact, if you have both federal and private loans, you can save time and money by refinancing them all together.
Shopping around for a lender can feel intimidating, so we've done some of the leg work for you. We researched the best interest rates from the most credible and innovative lenders in the industry. See our picks for the best banks for student loan refinancing.
Once you've chosen a few to compare, ask these questions:
Most lenders have a refinancing calculator online to help you calculate your savings. To save time, use ours, where you can compare rates from several lenders all in one place.
Competition among lenders results in some pretty great benefits for borrowers. You could have the option to:
The purpose of refinancing is to save money, so find out whether they offer any special discounts. For instance, while most lenders will knock 0.25% off your interest rate for automatic payments, Citizens will reduce your interest rate by another 0.25% if you sign up for a bank account with them.
Many lenders are now moving beyond the lending process to make positive impacts in their borrowers' lives, their communities, and around the globe.
At some point in every consumer relationship, you have a question. Will you be able to talk to someone on the phone? Read reviews online and consider giving the lender a call to get a sense of their service.
You should be able to refinance for free with any reputable lender. Steer clear of lenders that require an origination fee.
So how much could you save on your AES student loans by refinancing? Find out if you're Refi Ready.
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.
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.
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.