When selecting a student loan refinance company, you’ll want to look for a variety of features and benefits. For example, most student loan refinance companies offer a five-year term, but some are capped at 15 years. Additionally, you should find out about customer service and contact options. Not all student loan refinance companies have customer service available online, and you may have to meet certain criteria in order to qualify. These may include a specific FICO score, a minimum income, or a certain type of degree program.
CommonBond
If you have a large student loan debt, CommonBond may be able to help you pay off your loan faster. This company offers a 0.25% interest rate reduction for borrowers who set up automatic payments and participate in their referral program. In order to qualify, you must have a bachelor’s degree, income, and a PayPal account.
If you meet the minimum eligibility requirements, CommonBond can help you find the best refinance option for your student loans. The company doesn’t charge any origination fees, application fees, or prepayment penalties. In addition, you can get pre-qualified before applying for a loan. This way, you’ll know exactly what interest rate you’ll receive, and how long you’ll have to repay it.
The application process is simple and can be done online. The company also offers guides and frequently asked questions. Once you’re approved, you’ll be notified of the approval or denial of your application. You’ll have a few days to pay off your old loans before you start repayment on the new one.
Depending on your financial situation, CommonBond can offer fixed or variable interest rates. You can also choose between five different repayment plans. The company also offers a job placement program called CommonBridge. This helps jobless borrowers find new employment. This helps the company meet its charitable mission of helping jobless college students.
CommonBond is a great choice if you’d like to refinance your student loans. The company has a charitable mission, and funds one year of tuition for students in need through their Pencils of Promise program. Additionally, the company charges no application fees or prepayment penalties. The company also offers a fixed payment option for undergraduate and graduate students.
PenFed
PenFed is a student loan company that offers competitive rates and generous underwriting options. However, consumers should note that PenFed does not offer forbearance options. Though the company does work with borrowers in exceptional circumstances, forbearance does not mean borrowers can avoid making payments. Interest continues to accrue during this period. As a result, borrowers should utilize income-based repayment options through the Federal government. Moreover, borrowers must understand that they’re responsible for any missed payments as well.
The basic requirements to qualify for a loan through PenFed are that you have to be a member of a credit union, have a credit score of at least 670, and have a minimum income of $25,000 per year. If you’re a member of the military, you can also qualify. You must also have a bachelor’s degree.
PenFed offers low fixed and variable interest rates for its loan programs. If you don’t have a cosigner, you can use a prequalification tool to determine what rates are available. This will not affect your credit score, but it may be necessary if you don’t have a high credit score. In such a case, you’ll need a cosigner to qualify for lower rates. However, you can request a cosigner’s release after 12 consecutive on-time payments.
PenFed’s rates are competitive, but you may want to check your income and credit score before applying for a loan. For a loan of $300,000, you’ll need to make a minimum of $50,000 per year, but you can qualify if you make at least $25,000 per year with a cosigner. PenFed also offers fixed-rate refinance loans without application, origination, or prepayment fees. As long as you’re able to make 12 on-time payments on your current loan, you should have no problems getting approved for a loan with this company.
Earnest
If you are looking to refinance your student loans, you can choose to work with Earnest. This company can provide federal and private loans, and offers both prequalification tools and a soft credit check. The soft credit check may affect your credit score, but will not have a lasting impact. The company also performs eligibility and rate checks. Refinancing to a longer term or a lower interest rate can help you lower your monthly payments. However, it is important to consider the total cost of refinancing your student loan.
Earnest has a good rating with the Better Business Bureau. It has relatively few complaints and tries to address concerns quickly. Additionally, it has a strong rating on Trustpilot, where its customers praise its customer service. This can make it an attractive option for those with a low credit score or low income.
Another perk of using Earnest to refinance your student loans is the flexible loan terms. In addition to low interest rates, customers can skip one payment a year without paying extra. The company also offers an application process that is easy and has a good reputation. Furthermore, you can customize the loan terms and monthly payments to suit your needs. You can choose the number of years your loan will last and what the payment amount will be every month. In addition, the company offers a 0.25% interest rate reduction for enrolling in auto-pay.
The only other thing to keep in mind with Earnest is that it requires you to have a good credit history to qualify for their refinancing program. The company also does not allow borrowers to apply with a co-signer or apply with a parent-plus loan. However, this does not mean you can’t apply with Earnest if you want to refinance your student loan.
EDvestinU
If you are a student who has trouble making payments on your student loan, EDvestinU can help you refinance your debt. The company offers several types of refinancing options, including fixed or variable interest rates. Rates vary by loan amount and term, as well as creditworthiness.
EDvestinU is a nonprofit direct lender that is a member of the Higher Education Assistance Foundation Network in New Hampshire. The company offers competitive rates on fixed and variable student loans. It also offers an auto-pay discount of 0.25 percent or higher for New Hampshire residents.
Another option offered by EdvestinU is loan deferment. This option is not offered by most private lenders. EDvestinU offers students a 6-month period to make their payments. The benefits of this option are not universal, however. Students must be enrolled at least half time to qualify for a loan deferment.
EdvestinU offers refinancing for both federal and private student loans. This is a good option if you need to reduce your loan balance to qualify for loan forgiveness programs. In addition to low interest rates, the company offers a $1,000 bonus for signing up for autopay.
The company requires borrowers to provide information on their income and employer. Repayment options are decent, though the loan amount may be too high for some borrowers. It also charges a late fee, which can be a disadvantage. Customers may also like that EdvestinU allows cosigners to release their duties after 36 consecutive on-time repayments.
When looking for a student loan refinance company, interest rates are a very important consideration. With a few clicks of the mouse, applicants can compare real rates from 15 different lenders. The application process takes a few minutes and the results are instant. However, it may take some time for the loan to process. Applicants can speed up the process by requesting debt payoff letters from their current lenders and loan servicers.
Education Loan Finance
If you want to finance your education, you should look into Education Loan Finance companies. These companies offer a variety of private and federal student loans. Many of them have good reputations and have flexible repayment terms. They also offer special rate discounts. Their funding can cover up to 100% of school-certified costs, up to $100,000. If you are interested in applying for a loan, make sure you have enough information.
If you are planning to attend college, make sure you find a lender that has repayment options that include in-school installments. This will reduce the debt burden. Private lenders should also offer multiple repayment options, including a grace period, to encourage early repayment. You also want to make sure that they don’t charge application or origination fees, as these will increase your interest. Many lenders offer other perks, such as autopay discounts.
To apply for a private student loan, you must be a U.S. citizen or a permanent resident. You need to complete a short application form on their website, and they will confirm your identity and your credit history. Once you submit your application, they will determine which loan products will best fit your needs. The lender will also determine whether you will qualify for a lower interest rate.
Education Loan Finance companies provide loans for students with a wide range of needs. Sallie Mae, for example, offers private student loans to students with less than perfect credit. The company also has special military student loan programs and has an education loan center portal that offers educational resources. Another popular loan company is Citizens Financial Group. It started as the High Street Bank in 1928. The original Citizens Savings Bank was founded in 1871. Since then, the company has been acquired several times, and in 2015, it became a publicly-traded company.
