Top Student Loan Refinance: Refinancing can help you save on interest rates if your current loans carry higher-than-usual rates and you qualify for better rates. Before considering this option, however, make sure you have secure income as well as an excellent credit score or cosigner before beginning.
Lenders typically require that applicants meet minimum income and debt-to-income ratio requirements before being considered eligible for financing by them. Furthermore, many may stipulate additional eligibility requirements such as having earned a degree.
Should You Refinance Your Discover Student Loan? Here’s What You Need to Know
Top Student Loan Refinance Companies: Get Instant Loan
1. SoFi
SoFi, known for calling its customers “members,” offers a range of financial services tailored specifically towards millennial customers, including personal loans, mortgage loans, student loan refinancing solutions and unsecured credit lines as well as savings accounts called SoFi Money.
SoFi uses a selective underwriting model that screens applicants based on education, career trajectory and income potential – keeping rates lower than many of its competitors.
SoFi provides its borrowers with additional perks, such as free access to financial planners and membership events. Furthermore, SoFi is one of the few lenders who offers refinancing products tailored specifically for medical, dental, and law school students.
2. Yrefy
Yrefy is a student loan refinancing company that turns loans into income streams for investors. Their services specialize in refinancing student loans that have fallen into delinquency or default and helping private borrowers regain their credit score through monthly payments.
Borrowers can prequalify and view their rate without going through an in-depth inquiry process with Yrefy, which does not charge an origination fee and offers a forbearance program.
As with other consumer finance companies, Yrefy is subject to regulation by the Consumer Financial Protection Bureau (CFPB), with their public complaint database available online.
3. Citibank
Citibank recently sold their student loan portfolio to Firstmark and, if you were one of their borrowers, should receive information from your new loan servicer on how best to repay.
Refinancing student loans combines multiple existing private and federal debts into one new loan with one monthly payment. To be eligible, a refinance requires a credit score in the high 600s as well as enough income to support your monthly loan payments; cosigners could help facilitate qualification too.
4. Bank of America
Bank of America boasts an expansive branch presence and offers a comprehensive suite of banking services, such as savings accounts, checking and retirement accounts, mortgages, loans, credit cards and investment products. Furthermore, its mobile app Erica features to streamline customer experience.
Bank of America has been sued multiple times by the Consumer Financial Protection Bureau for misusing customer information to open accounts without authorization and withhold promised rewards from credit cards, incurring millions in settlement costs.
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5. BBVA Compass
BBVA Compass, a Spanish multinational corporation with global operations and presence, is an established financial institution within the US Sunbelt region with more than 700 branches and an outstanding deposit base of $49 billion.
The company’s new online banking product boasts features designed to assist customers in managing their money more effectively, and provides several channels through which customer service agents can be reached no matter where customers may be located.
It has also earned recognition for its expertise in Small Business Administration (SBA) loans, becoming the fifth most active lender under the 7(a) program nationally.
6. Wells Fargo
Wells Fargo is one of the country’s premier banks, boasting more than 64 million customers nationwide and founded in 1852. Since its conception, Wells Fargo has seen many mergers and acquisitions.
Recently, this company was fined by the Consumer Financial Protection Bureau for creating fake accounts and mistreating its auto and mortgage consumers. Furthermore, they run various community banking centers.
Wells Fargo takes advantage of Sprinklr’s Employee Advocacy platform to engage its employees in spreading positive conversations about the brand on social channels, thus increasing positive discussions surrounding Wells Fargo.
7. Fidelity Investments
Fidelity Investments is one of the largest mutual fund companies in the US with over 150 physical investor centers and offers retirement accounts, brokerage services and other financial products for millions of customers.
Fidelity Investments is an established name in investing, with customer assets protected through both the Federal Deposit Insurance Corporation (FDIC) and Securities Investor Protection Corporation (SIPC).
Financial products aside, this company also provides employee benefits and services. For more information, visit their website.
8. Credit Union of New York
Credit Union of New York was established in 1916 to serve municipal workers. Now the oldest credit union in NYC, they offer their members a comprehensive selection of financial services.
Financial services provided by Credit Unions include loans and savings accounts as well as competitive mortgage rates – making them an excellent way to save money and strengthen finances.
To join LES People’s FCU, individuals must open a savings (share) account and fulfill certain criteria: they must reside in either Lower East Side or Central Harlem communities and graduate of their “Getting Ahead” financial management class.
9. Bank of America Student Loan Refinance
Student loan refinancing options are abundant, offering competitive rates, borrower-friendly terms and payment assistance programs.
Most lenders provide prequalification loans without damaging your credit score, and allow you to shop around and compare rates before applying.
Prior to applying, it’s essential that you determine what you expect from your student loan refinance application. Refinancing can save money on interest costs while helping you to become debt free more quickly; however, not everyone should do it.
10. Sallie Mae
Sallie Mae is a private student loan lender offering competitive interest rates and flexible repayment plans at highly competitive interest rates. Borrowers can find loans that cover undergraduate, graduate, MBA, law, medical, dental and career training programs.
Students can make payments using auto debit, online payment portals or phone payments. Students can also take advantage of the free Sallie Mae app to manage their loan on the go. Note that this lender does not provide prequalification; their application process involves hard credit inquiries which could temporarily harm your score.
