Know about the best student loan refinance options
There is an increasing demand for student loans across the country. It is time students consider alternative repayment plans on their loan. Apart from the interest rate, it is the repayment plan which needs consideration. Students who have a good credit history might be eligible for student loan refinance. If you choose to refinance your student loan, you will enjoy a lower interest rate, which will help you save thousands of dollars.
Consider the financial institutions that refinance private student loans and choose the one that best fits your needs. Here is a list some of the top 10 leading players in this area:
- SoFi
One of the 10 best student loan refinance plans, SoFi has an online pre-approval application which allows you to choose the repayment plan. It has competitive rates as well as flexible repayment tenures. It is available for a period ranging from 5 years to 20 years. It only refinances loan for graduates with a Bachelor’s degree.
- CommonBond
CommonBond offers borrowing services if you wish to consolidate the undergraduate loans. It has a wider refinancing option and helps refinance private student loans as well as parent loans. It is suitable for students with a high credit score. The loan duration ranges from 5 to 25 years.
- Earnest
It offers to refinance student loans and looks at your income in addition to your credit score. It looks at how well you may manage the expenses and how easily you may save. You may choose your own monthly payment and terms related to the same. It has a personalized term, ranging from 5 years to 20 years.
- Citizens Bank
One of the most preferred options from the 10 best student loan refinance plans, Citizens Bank offers full service to the students. It does not require a degree from a specific school and is available from 5 to 20 years. It has a fixed starting and variable rate.
- U-fi
The rates offered by U-fi are slightly higher as compared to the other plans, but you get a discount if you add a co-signer. It partners with different banks and you are required to fulfill the loan requirements. Its tenure ranges from 5 to 20 years.
The rates keep changing from time to time. Hence, it is advisable to compare the rates and research well for the best refinancing options. Make a well-informed decision so as to save money with a low-interest loan.
