While most lenders will allow you to cosign your spouse's refinancing application, the only lender that actually offers spousal loan refinancing—where the loans are consolidated together—is the PenFed Credit Union. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. Interest will not accrue during this time period. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Citizens Bank makes our list of the best places to refinance student loans, as the best large bank. Must have a degree: At least an associate degree for select professions. Borrowers in their last year of undergrad can refinance. Find the best student loan refinancing and consolidation companies. Many or all of the products featured here are from our partners who compensate us. Accessed Oc. SoFi. Rates and offers current as December 15, 2020. Estate is still responsible for loans refinanced by parents if the borrower dies. MBAs in or headed to the private sector should refinance as early as possible to maximize savings. This may influence which products we write about and where and how the product appears on a page. 10 OF THE BEST STUDENT LOAN REFINANCE COMPANIES. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Making any decision that has to do with your finances is a big step and an important task. With Discover, you may qualify for a loan without a cosigner. Fixed interest rates range from 2.97%-8.34% (2.97%-8.34% APR). If you want to know how to refinance student loans, the process is easy. With an emphasis on offering more than just refinancing, SoFi is considered one of the best for overall support … To be eligible to refinance at an attractive interest rate, you'll typically need a history of earnings and a credit score that gives lenders the confidence that you'll be able to repay your student … Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. The important thing is that you have all of the information in one place because … The fixed interest rate is set at the time of application and does not change during the life of the loan. It matches borrowers with a dedicated student loan advisor for the length of the refinancing process. We also considered other loan offerings and features including options, loan limits, repayment, forbearance or deferment policies, and co-signer release. Once you choose a loan, you can complete your application online. Discover is the highest-rated student loan refinance lender we've reviewed that doesn't require borrowers to have a college degree. Fixed rate loans won't change for the whole term of the loan. When you refinance your federal education debt, you'll lose out on federal benefits and protections. You can refinance both federal and private student loans, consolidating them together. Typical credit score of approved borrowers or co-signers: 773. Originally catered to medical school graduates, Splash helps borrowers with any degree refinance their student loans. Say you took a student loan (without a cosigner) 5 years ago with an APR of 9% and you now have both higher credit and the ability to add a cosigner, you will likely be eligible for lower monthly rates. These lenders offer above-average support thanks to services like dedicated loan advisors, in-house customer service teams and multiple contact channels. Accessed July 2, 2020. This free student loan refinance calculator shows you how much money you can save when you refinance student loans. Discover’s student loan refinancing might work best for professionals with a credit history. With Credible, you submit your information just once and get quotes from multiple lenders, without affecting your credit score. "Eligibility Guide." Refinancing dental school loans makes sense if you won’t use federal loan benefits and have good enough credit to qualify for a lower interest rate. Check your credit reports to ensure that the information being reported is accurate. Married couples can refinance student loans into a single loan. Fixed rate options consist of a range from 3.00% per year to 5.00% per year for a 5-year term, 3.60% per year to 5.30% per year for a 7-year term, 4.10% per year to 5.60% per year for a 10-year term, 4.50% per year to 5.65% per year for a 15-year term, or 4.60% per year to 6.20% per year for a 20-year term, with no origination fees. Apart from the lenders listed above, many banks also offer to refinance your student loans. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. With refinancing, you’re taking your private loans (or a mixture of both federal and private loans… SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Student loan payments are tough enough to handle without having to pay higher interest rates on those loans. Both private and federal student loans can be refinanced. 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