Best Student Loan Refinance Companies for September 2024 (2024)

Best Student Loan Refinance Companies for September 2024

Best Student Loan Refinance Companies for September 2024

Earnest has two big factors going for it compared with other lenders. First, it grants you the option to skip one payment every 12 months, provided you’ve made all your payments on time in the interim. But, that doesn't mean it’s not a free pass because that payment is tacked onto the end of your loan, and still accrues interest.

Each time you use it, it reduces the amount of forbearance available by one month. Keep in mind that you only have a maximum of 12 months available at the beginning. This adds extra flexibility to your budget if needed, and that’s always a plus.

Earnest also offers an unparalleled range of options, so it doesn't force you to choose from a few term options at five-year intervals. The company offers several options for repayment terms with intervals as short as one month, which allows you to find a payment amount that better fits your budget.

• Forbearance: Up to 12 months of forbearance during the life of your loan for qualified circ*mstances, such as financial hardship.
• Deferment: You can stop your payments entirely during certain qualified periods, such as if you return to school at least half-time or you’re deployed as an active-duty soldier.
• Biweekly payments: This option splits up your single monthly payment into payments due every two weeks.

• Minimum credit score of 665 or higher for refinance loans.
• In some cases, credit requirements for the student borrower may apply in addition to the normal credit requirements for the co-signer.
• Must be a U.S. citizen or permanent resident.
• Must have at least two months’ emergency fund.
• Available in Washington, D.C., and all states except Nevada.
• Variable-rate loans aren’t available for residents of Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas.

Credible isn’t a lender. Rather, it’s a marketplace that offers personalized prequalified rates with several companies at once.* In other words, it’s a student loan refinancing matchmaking company. It also helps people find other loan types.

Credible is transparent about the lenders it works with so you know which ones to cross off your shopping list. With nine partner lenders in its network, it’s a fast and easy way to get your rate shopping done. It even offers a $200 best-rate guarantee, so if you find a better offer from a non-partner lender, Credible will reimburse you with a gift card.

As with any loan marketplace, the downside is you’ll still need to research each company you’re matched with to see if it offers the features you’re looking for, if anything, beyond the lowest rate.

Repayment options vary depending on the lender that you’re matched with. If you've completed school, you will likely already be in repayment and continue paying immediately after refinancing. If you end up going back to school, options may include:

• Deferment
• Fixed payments
• Interest-only payments
• Full repayment

• Must be a U.S. citizen or permanent resident
• Minimum credit score of 700 or higher, although some lenders may accept lower scores
  

Like Credible, Splash Financial is a student loan marketplace. Splash Financial, however, is specifically geared toward people looking to refinance their loans, and it works with an exclusive set of lenders.

As such, you can compare rates from several lenders at once, although the exact details of which lenders are in Splash Financial’s network aren’t disclosed.

Since Splash Financial only serves as an intermediary to connect you with other lenders, there aren’t too many downsides to using it. However, none of the lenders in its network offer refinancing options to those who have not finished their degree.

• Full repayment: Full principal-and-interest payments are required for most refinanced student loans.
• Medical and dental school repayment: Refinance your medical or dental school loans and you'll only have to make fixed monthly payments of $100 while you're in a residency or fellowship, and for six months after you leave those programs.

• Minimum credit score not disclosed.
• Must be a U.S. citizen or permanent resident.
• Available in all 50 states, Washington, D.C., Puerto Rico, and U.S. Virgin Islands.
• Must have a completed degree

Private student loan lenders don’t have a particularly good reputation for offering many perks, especially when you compare them with federal student loans. SoFi is somewhat of an exception to that because it offers many borrower benefits, including special events, Los Angeles-based SoFi Stadium lounge access, and more.

SoFi is also one of the few lenders that allows graduates to refinance student loans that their parents took out for their benefit in their names, thereby claiming responsibility for repayment.

Be aware, however, that applying with a co-signer can add extra time to your loan approval timeline. And once listed on the loan, there’s no way to remove a co-signer unless you refinance again in your name alone.

• Reduced payment: If you experience a financial hardship, SoFi may be able to work with you on a way to lower your monthly payments.
• Forbearance and deferment: SoFi offers forbearance and deferment options in some cases, such as if you return to school or experience a natural disaster.

• Minimum credit score not disclosed.
• Completed at least an associate’s degree from a Title IV school.
• Available in all 50 states plus Washington, D.C.
• Must be a U.S. citizen or current resident, including non-permanent residents and DACA recipients.

The name Iowa Student Loan might fool you into thinking that student loan refinancing is only available to residents of the Hawkeye State. But, this nonprofit lender is available across the entire country, except for Maine.

Its low rates make it a good refinancing option, but there are a few reasons why it's a strong candidate for people with parent student loans:

• You may be able to opt for a graduated repayment plan that can help make payment easy, especially if you're in the midst of a career transition.
• You’ll also qualify for a reduced rate on your loan if you’re an active-duty military member.
• Unlike most private student loan lenders, ISL offers a loan discharge program if you become permanently disabled or die—similar to federal student loans. No one likes to think about this possibility, but the chances of an unfortunate event happening are higher for parents than newly-minted young grads.

Choosing a loan with these options can better protect you and your family.

• Forbearance: May offer a pause in payments for certain cases such as financial hardship.
• Graduated repayment: Rather than paying a steady payment, start with smaller payments that gradually grow to a larger size to finish repaying the loan in the same amount of time.
• Deferment: ISL offers deferment for certain cases, such as financial hardship or serving in the military, if you’re up to date on payments and provide a budget worksheet.

• Minimum credit score of 670 or higher.
• Must be a U.S. citizen or permanent resident.
• Available in Washington, D.C., and all states except Maine.
• No prior adverse credit events like foreclosures, bankruptcies, accounts in collection, etc.
• No more than two late payments overdue by 30 days (and none past 60 days) in the previous two years.
• Debt-to-income (DTI) ratio under 25% (if you don’t pay rent or mortgage) or 40% (for most others)

Some professions are known for having an especially high price tag, like law and medicine. Laurel Road is one of a few companies that cater to high-balance borrowers, especially people in the medical profession. Laurel Road may offer special rate discounts and affordable $100 repayment plans for medical residents and fellows.

You don’t necessarily have to be a doctor or an x-ray technician to benefit from Laurel Road’s refinancing options. It also offers different ways for others to save.

The lender offers a larger suite of banking services, and if you sign up for these and meet certain requirements (and they’re generally not too hard to meet), you could qualify for even lower rates on your student loan refinance.

• Natural disaster forbearance: Available for up to two months.
• Economic hardship forbearance: Available for up to 12 months, granted in four three-month periods at a time.
• $100 repayment: Available for medical residents and fellows, this plan offers affordable payments, but keep in mind the payments may not cover the amount of interest accruing monthly.

• Must be a U.S. citizen or permanent resident.
• Available in all 50 states plus Washington, D.C.
• Can only refinance loans for graduate studies, undergraduate studies at a four-year institution, or certain associate degrees in the medical field.
• Must have completed your degree unless you’re a parent refinancing student loans for your child, or you’re in your final semester of study with a signed job offer.