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Student Loans / Private Student Loan Refinancing

Private Student Loan Refinancing

Private Student Loan Refinancing is the process of finding a new loan at a new interest rate. Well, you can refinance both federal and private student loans, by paying off your old loans and obtaining a new one with different repayment terms, monthly payment amount and a better interest rate. Refinancing could result in a lower interest rate or a lower monthly payment.

  • Pay off education debt faster
  • Lowering your interest rate
  • Reduce your monthly payment
  • Combine multiple loans to simplify your payments
  • Change your repayment term
  • Remove a cosigner from your student loan
  • Switch to a new lender offering better customer service
  • Consolidate student loans for easier management
How does a Student Loan Refinancing Work?

Saving money is an obvious motive for refinancing. Student loan refinancing allows borrowers to replace existing education debt with a new, lower-cost loan through a private lender. With a new lower interest rate and repayment terms, the borrower will make a monthly payment to a new lender.

  • Shop around to find the best lender for refinancing
  • Compare rates from different lenders
  • Fill up the application form for refinancing
  • Provide your loan details and all the needed documents
  • Once approved, sign a few documents and indicate the loans you’d like to refinance
  • Your new lender will pay off old loans, and you’ve a new refinanced student loan
Which are the major players involved with Refinancing?

Refinancing an existing student loan can seriously reduce your monthly payments and even the total cost of your loan. Earnest, College Ave, Citizens Bank. As you student loan refinancing loans from multiple lenders, you could consider these lenders- Earnest, College Ave, Citizens Bank for competitive rates and additional benefits. You can go with one of these or find another lender to get the best deal that fits your needs.

Steps in Refinance your loan?

If you are struggling with student loan debt or wish to make it more manageable, refinancing your student loans can help your financial situation. You will need to follow these four steps for refinancing.

  • Gather information on the loans to refinance
  • Apply for student loan refinancing
  • Read promissory note carefully and sign your application
  • Wait for your application to be evaluated by the lender

Once you’re approved, your new lender will pay off old loans and you’ve a new refinanced student loan at a lower interest rate

From Our Partner Lenders

Compare comprehensive options
Year of Establishment 2005 2001 2013
Student Loan Size $22.9 Billion $26 Billion $4.5 billion
Loan types Undergraduate, Career Training, Parent Loans, K12 Loans, MBA, Medical School, Medical Residency, Dental School, Dental Residency, Law School, Bar Study, Graduate All Graduate/Undergraduate studentswith atleast half-time enrolled in a degree program at an eligible institution. Undergraduate, graduate, MBA, law, dental, medical, international, refinancing, parent refinancing
Rate types Fixed and Variable Fixed and Variable Fixed and variable
Interest Rates* "Variable: 2.75% - 10.65%, Fixed :4.74% - 11.85%" Variable: 3.14% - 11.88%*, Fixed:4.09%- 13.03% * Variable: 2.74% ( Starting), fixed : 4.39% ( Starting)
Loan terms (Years) 5, 10, 15 5, 10, 15 5, 10, 15
Loan amounts $1000 up to the cost of attendance $2,000 to $200,000 $5,000 to school-certified cost of attendance
Application or origination fees No Fees No Fees No Fees
Discounts Autopay Autopay Autopay
Repayment Options - In-school interest only - in-school fixed -in-school deferment - immediate repayment "In-School Interest Only, Pay Deferred Repayment Minimum Payment ($25)" Yes, options available
Deferment or forbearance hardship options Available Available Available
Co-signer release ( Months plus timely payment) 12 Months 24 Months No Cosignor release
BBB rating A+ A+ A+

*As per last Update on 3/13/2020

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