Student loan refinance companies is most discussed topic these days. The graduate seeks to get the student loan to complete their higher studies. But they don’t prefer to go to the bank. Moreover, the students can get into the debt rendering them to owe the huge amount of money to the banks.
A student can save thousands of dollars by choosing to refinance his/her student debt by having a new loan which offers the lower interest rates.
Here is the list of some online student loan refinance companies.
- SoFi Review
It is one of the top lenders for the student debt in the market. It was started by the students of Stanford business school. Initially, their aim was to relieve their peers from the student debts by offering the lower interest rate. It was launched in the 2011 and, it took a fillip in the market.
SoFi offers various loans in refinancing services. It allows the borrowers to select their required loan and refinance or consolidate it. SoFi pays them the amount and later borrower repays it with the new interest. This lender company offers the fixed and variable interest rates. Fixed rate ranges from 3,350 % to 6.70%. And variable rate varies from 2.795 % to 6.720%.
- The Citizen Banks
The Citizen Banks provide various easy and attractive offers to the customers. This company also offers both fixed and variable interest rates. The variable rates range from 2.78% to 3.74%. And the fixed rate doesn’t have any scale. It allows the repayment in 5, 10, 15 and 20 years. The minimum amount that can be refinanced is 10000USD.
Just like other loans refinance companies, the citizen banks don’t apply any charges for the application or prepayment fees. Moreover, the customers can save up to .25% on the interest by the sign up in Auto-pay.
Finding the best private consolidation or refinancing company can take a lot of efforts. Generally, every company has its own criteria for interest rates and duration.
Lendkey is one of the most reliable options among the student loan refinance companies. It brings the local credit unions to the borrowers. This way the customer gets the interest rates option and can save the huge amount of money.
Lendkey is the collaboration of multiple credit Unions and community banks. More than 320, credit union are operating under the Lendkey. The company offers the variable rate starting at 2.67% and a fixed rate at 3.25%.
It was launched in 2015 under the SouthEast Bank of Tennessee, to offer the refinancing and consolidation to students. However, the ELFI has new programs; it has the management of 30 years of experience. So, it gets edge with the other student loan refinance companies.
It offers loan to the graduates and parents with parents PLUS. Additionally, it also offers the loan to the private students. Its variable interest ranges from 2.39% to 6.01% and fixed interest ranges from the 3.19 to 6.69%.
The minimum amount that can be refinanced is 15000USD and maximum of 250000USD. In addition, it offers the repayment duration of 5, 7, 10, 15 and 20 years.
Find some more refinancing companies