Want to lower your student loan interest rate? Most borrowers have 3 options:
1) Sign Up for ACH Payments
By signing up for ACH payments most lenders offer a .25% interest rate reduction on your student loans. ACH allows the bank to automatically deduct monthly student loan payments from your bank account, and decreases the likelihood that you will forget to make a payment.
2) Refinance Your Student Loans
By refinancing your student loans, a bank will pay off existing student loans and issue a new student loan at a new interest rate. The new interest rate can be lower or higher depending on the length of the refinanced student loans.
Banks are able to offer lower interest rates typically when your credit situation has improved, or interest rate conditions in the economy have changed.
3) Get Good Grades
Although uncommon, some lenders offer an interest rate reduction if you receive good grades while obtaining your degree.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Rates (APR)||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!|
|2.75% - 7.24%||Undergrad & Graduate||Visit SoFi|
|2.57% - 6.39%||Undergrad & Graduate||Visit Earnest|
|2.57% - 7.12%||Undergrad & Graduate||Visit CommonBond|
|2.99% - 6.99%||Undergrad & Graduate||Visit Laurel Road|
|2.58% - 7.26%||Undergrad & Graduate||Visit Lendkey|
|2.89% - 8.33%||Undergrad & Graduate||Visit Citizens|
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.