KeyBank acquired Laurel Road in 2019. KeyBank offers access to a range of banking products including student loan refinancing. A Laurel Road loan can be obtained with a cosigner. Cosigner release is available after 36 consecutive payments. Laurel Road offers a checking account that you can connect to your refinance application. You may be eligible to receive a rate discount for your student loan if you open a checking bank account and make monthly direct deposits. A credit card that gives you up to 2% back and allows you to apply these rewards towards your student loan debt is another unique offer.
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- Laurel Road
- Earnest
- SoFi
- PenFed
- Education Loan Finance
- Laurel Road
Laurel Road offers many refinancing options including federal loans, private parent loans, and parent PLUS loans. Laurel Road offers a way to refinance your student loans while you are still in school. Refinancing associate degrees is not available for certain healthcare-related programs.
- Earnest
Earnest offers many lending products including personal loans, student loans, and student loan refinancing. Earnest will also launch a credit card that can give as much as 3% back to student debt repayments.
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Earnest has additional eligibility requirements that go beyond the standard credit score and income criteria. These include having sufficient savings to cover at most two months of expenses. Earnest wants to know how you manage your money, even though the minimum credit score is only 650. The main problem is that you cannot increase your rate by adding cosigners. However, cosigner releases are not available. If you need a cosigner, you will have to refinance the loan in your name.
- SoFi
SoFi was founded in student loans and has been a household name ever since. However, the company now offers a wide range of investment and banking products as well as student loan refinancing. SoFi is well-known for offering additional benefits to members, such as a rate match, sign-up bonuses, and access to career coaching and financial planning services.
SoFi requires you to refinance at minimum $5,000 If you find a better rate elsewhere, the lender will match your rate and give you $100. SoFi does not offer a cosigner release for private student loans. You can’t release student loans if you have a cosigner if you don’t refinance.
- PenFed
PenFed (or Pentagon Federal Credit Union) offers a range of banking products, in addition to student loan refinance, which is handled by Purefy. PenFed is a credit cooperative so you will need to meet some requirements in order to join. Membership is open to all, unlike other credit unions. You just need to open a share account (a regular savings account or a premium online savings account) and deposit $5.
PenFed student loans refinances are a good option if you have more student loan debt. While the minimum loan amount required by PenFed is $7,500 (which is more than most other lenders), you can refinance any of your loans up to $500,000 with no cosigner. PenFed offers a cosigner release after 12 month, which is shorter than other lenders. However, this can be a problem if you haven’t got a lot of loans. To qualify, you will need a degree and stricter credit requirements.
- Education Loan Finance
SouthEast Bank’s Education Loan Finance division (ELFI), is based in Tennessee. ELFI offers student loan refinance and products. It also manages employer student loan benefits. ELFI provides personalized loan services and is transparent about the process.
ELFI is a great option for students with high credit scores. However, it can be hard to qualify. A cosigner is required or you will need to have at least 680 credit. There are no options for cosigner release. Refinance loans must be at least $15,000. To be eligible, you must have a minimum of a bachelor’s degree. You’re more likely to get a great experience if you meet these requirements.
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How to find the best student loan refinance rates
Every private lender that refinances student loans will have its own rates, just like personal loans. Rates will vary depending on creditworthiness. This means that the lender will determine if you are likely to repay the loan in full and on time. The lender will consider factors such as your credit score, credit history, income, employment status, debt to income ratio, and other factors.
Sometimes, low rates advertised by lenders may not be available to all borrowers. In these cases, your rate may be higher. Fixed and variable rates may be advertised by some lenders. Fixed-rate loans are the rate that you pay when you apply for the loan. This is the rate you will pay for the duration of the loan. Variable-rate loans have a rate that is based on the current market rate and a margin. This rate can change as the market rates change. Variable-rate loans offer lower initial rates than fixed-rate loans of the same amount and terms, but are more risky because your rate and monthly payments could rise in the future.
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Comparing rates from different lenders is the best way to ensure you get the lowest rate. You can compare rates from multiple lenders to find the best rate. Experian reports that even though a lender may require hard credit inquiries to see your rate, some credit scoring models will count multiple hard credits inquiries over a short time period as one inquiry.