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Do you have an EdFinancial loan and wish you had a lower interest rate and monthly payment? If so you might be thinking about refinancing ... but if you're like a lot people, you probably don't know where to start.
There are a lot of benefits to refinancing. And while you can't refinance directly with EdFinancial, the process is still easy. You just have to go through a private lender. Let's talk about what you need to know.
What is refinancing?
The first thing to know is that you can't directly refinance your EdFinancial loans directly with EdFinancial. As a federal loan servicer, EdFinancial services your existing loan, but it has no authority to change your interest rate.
To refinance, you need to move your student loan to a private lender. This lender pays off your old debt and issues you a new loan with new loan terms.
The main benefit of refinancing comes from your lower interest rate.
Is refinancing worth it?
Getting a lower interest rate can lower your monthly payment or save you money over the life of your loan.
On average, people who refinance lower their payments by $253 per month, or save $16,000 over the life of their loans. Refinancing can also allow you to shorten or extend your loan term.
To find out how much you can save by refinancing, check out our Student Loan Refinancing Calculator.
There are a few considerations to make before refinancing your EdFinancial loans, however.
Refinancing a federal loan with a private lender means that you'll lose federal benefits like Public Service Loan Forgiveness, forbearance, and income-driven repayment options. However, not everyone is eligible for these benefits or intends to use them.
Compare refinancing lenders
You can research and compare lenders' rates and loan terms by visiting Best Options in 2018 to Refinance Student Loans. Some lenders also offer special financing deals for specific degree programs and have other perks.
Here are the lenders we're recommending at the moment. Click on each lender name to get an in-depth look at the pros and cons of each:
- LendKey
- Laurel Road
- College Ave.
- ElFl
- Splash Financial
- CommonBond
- SoFi
- Citizens One
You should also consider completing an initial inquiry with your top two or three choices. This will help you get an idea of what your interest rate might be with each lender, and this initial step doesn't affect your credit score.
Apply for refinancing
Now that you've chosen a lender that's a good fit for your situation, you can apply for refinancing directly on their website. You'll need to fill out basic information about your loan or loans, as well as your finances (such as proof of income). Your interest rate is based on a number of factors, like your income and credit history.
Refinancing usually a quick process, but you should keep making payments to EdFinancial until you get confirmation from the private lender that your refinanced loan has been approved.
Once you're ready to start your refinancing journey, start by comparing rates and loan terms on our lender page.
Want to know more? See also: Everything You Need to Know About Refinancing Student Loans
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Special offers for medical resident and fellow refinance products
- Fixed rates: 1.99% - 7.84% APR
- Variable rates: 1.74% - 7.49% APR
- Minimum credit: 650
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.
- 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.
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Ability to apply for cosigner release after 24 consecutive payments.
- Fixed rates: 4.49% - 8.44% APR See Disclaimer
- Variable rates: 4.54% - 11.05% APR See Disclaimer
- Minimum credit: 680 (640 w/ co-signer)
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: 4.54% - 11.05% APR See Disclaimer
- FIXED RATES: 4.49% - 8.44% APR See Disclaimer
- 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.
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ElFi offers top-rated customer service, some of the lowest rates available, and flexible terms to fit your goals.
- Fixed rates: 3.39% - 6.99% APR
- Variable rates: 1.86% - 7.98% APR
- Minimum credit: 680
Discover our low rates and fast, no-fee application process for refinancing your student loans or financing your college education.
- Some of the Lowest Rates Available – We believe in rewarding financially responsible borrowers by providing some of the lowest refinancing rates available.
- Expertise That’s Second to None – Our ELFI management team has over 30 years of expertise in student loans and student loan refinancing.
- Fast and Easy Process – Secure your personalized student loan or refinancing options in just a few short minutes.
- Personal Loan Advisors – Our award-winning customer service team will guide you every step of the way.
- Service Coast to Coast - ELFI private student loans and student loan refinancing are available across the entire U.S. and Puerto Rico.
Click here to refinance now with ELFI.
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SoFi is the leading student loan refinancing provider.
- Fixed rates: 3.49% - 7.99% APR
- Variable rates: 1.74% - 7.99% APR
- Minimum credit: 650
$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.
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Works with 300+ community lenders for higher approval chances
- Fixed rates: 2.49% - 7.75% APR
- Variable rates: 1.90% - 5.25% APR
- Minimum credit: 660
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.
- 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.
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Best for borrowers who want to customize their repayment schedule to pay off debt fast.
- Fixed rates: 2.44% - 7.99% APR (with 0.25% autopay discount)
- Variable rates: 1.74% - 7.99% APR (with 0.25% autopay discount)
- Minimum credit: 650
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.
I reduced my student loan payment by $152 per month, by refinancing thru Nitro
