6 Best Banks to Refinance and Consolidate Student Loans in 2017

Finding the right bank to refinance or consolidate your student loans is confusing.

Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation. With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!

When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school). If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation! If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.

Disclosure: Student Loan Hero is a free website to help student loan borrowers. We only evaluate lenders and do not issue student loans. This report was not chartered by or created on behalf of any lender listed below.

OUR TOP 6 PICKS FOR STUDENT LOAN REFINANCING

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

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.


TOP PICKS logo logo logo logo logo logo
Variable Rates
Variable-rate student loans have interest rates that can change during the repayment period. Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR. Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later. Learn more
2.79% - 6.72%2.79% - 6.72%2.67% - 6.31%2.99% - 6.42%2.65% - 6.19%2.78% - 8.13%
Fixed Rates
A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan. Fixed-rate loans often have higher rates than the introductory rates on variable loans. However, borrowers have peace of mind knowing their monthly payments will always be the same amount. Learn more
3.35% - 6.74%3.35% - 6.74%3.25% - 7.26%3.95% - 6.99%3.20% - 6.39%3.74% - 8.24%
Terms
"Term" refers to the length of the loan, typically in years. In general, the shorter the term, the lower the interest rate and the higher the monthly payments. Longer terms will typically result in lower monthly payments but at a higher interest rate. Borrowers may select any term offered by a lender regardless of the current loan term. Learn more
5, 7, 10, 15, 205, 7, 10, 15, 205, 7, 10, 15, 205, 7, 10, 15, 205 to 205, 10, 15, 20
Soft Credit Check
A "soft" credit check allows a lender to check the applicant's credit and provide the applicant with an estimated interest rate without affecting their credit score. This is unlike a "hard" credit check, which may impact an applicant's credit.
Visit SoFiVisit CommonBondVisit LendkeyVisit Laurel RoadVisit EarnestVisit Citizens

REFINANCING PRODUCT INFORMATION

Min. Lending Amount
The minimum student loan balance a borrower must currently have to refinance with the lender.
$5k$5k$7.5k$5k$5k$10k
Max. Lending Amount
The maximum student loan balance a borrower must currently have to refinance with the lender.
No Max$500k$125k undergrad
$250k grad
No MaxNo Max$90k undergrad
$350k grad
Auto-Pay Interest Rate Reduction
Lenders may offer an interest rate reduction for setting up automated monthly loan payments. This reduction is typically already factored into the fixed and variable rates quoted above.
Yes0.25%Yes0.25%Yes0.25%Yes0.25%Yes0.25%Yes0.25%
Average Savings
The average amount borrowers have saved by refinancing with this lender. Unless indicated otherwise, values shown are over the lifetime of the loan. See each lender's website with more details on how this figure is calculated.
$316/month$24,046$15,270$20,200$21,810$132/month
Unemployment Protection/Benefits
If a borrower loses their job through no fault of their own, they may be eligible to receive unemployment benefits with some lenders. If approved for this benefit, the lender will put the borrower's loans into forbearance, suspending their monthly loan payments. Unpaid interest will continue to accrue and will be capitalized (added) onto the borrower's principal balance. Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance.
(up to 12 months)
(up to 12 months)
(up to 18 months)
(up to 12 months)
(up to 12 months)
(up to 12 months)
Interest-Only Payment Option
Some lenders may allow you to make interest-only payments for a period of time during your repayment period.
(up to 4 years)
Discharge Due to Death
Some lenders may discharge the student loan upon the death of the borrower.
Visit SoFiVisit CommonBondVisit LendkeyVisit Laurel RoadVisit EarnestVisit Citizens

REFINANCING PRODUCT INFORMATION CONTINUED

Transfer Parent PLUS From Parent to Child/Graduate
Many parents take out "Parent PLUS" loans to pay for their children to attend college. Some lenders will permit the refinancing of those Parent PLUS loans from the parent's name into the name of the child/graduate.
Origination Fees
Origination fees are added expenses that lenders may charge for granting a new loan.
NoneNoneNoneNoneNoneNone
Prepayment Penalty
Prepayment penalties are fees charged by lenders for paying off the balance of the loan before its scheduled pay-off date.
NoneNoneNoneNoneNoneNone
Refi Parent PLUS Loans
Indicates whether or not the lender allows parents who took out Parent PLUS loans on behalf of their children to refinance their loans.
State Residency
Some lenders may not refinance student loans for residents of certain states.
Any except residents of NVAny except LA, ME, RI, or NVAny except ME, ND, NV, RI, WVAnyAny except AL, DE, KY, MS, NV, RIAny
Previously Defaulted (Now Rehabilitated) Loans Eligible
Indicates whether or not the lender allows loans that were previously in default, but have now been rehabilitated, to be refinanced. Loans currently in default are generally not eligible for refinancing.
Visit SoFiVisit CommonBondVisit LendkeyVisit Laurel RoadVisit EarnestVisit Citizens

ELIGIBILITY REQUIREMENTS

Eligible Degrees
Our partners refinance student loans from both undergraduate and graduate degrees.
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Undergrad
& Graduate
Eligible Loans
Our partners refinance both private and federal student loans. Both types of loans can be consolidated to create a single payment.
Private & FederalPrivate & FederalPrivate & FederalPrivate & FederalPrivate & FederalPrivate & Federal
Min. Credit Score
This is the lowest credit score a lender will consider when determining borrower eligibility. While some lenders do not indicate a specific minimum score, they typically still evaluate a borrower's credit profile to determine eligibility. Learn more
Good or Excellent score needed660680660660680
Min. Annual Income
The minimum annual income a lender is will consider for borrower eligibility.
No minNo min$24kNo minNo min$24k
No Cosigner Required
If checked, this lender does not require that the applicant have a cosigner to apply.
Ability to Apply With a Cosigner
Applicants have the option to add a cosigner to meet eligibility requirements and/or get better rates and terms on their loan.
Visit SoFiVisit CommonBondVisit LendkeyVisit Laurel RoadVisit EarnestVisit Citizens

ELIGIBILITY REQUIREMENTS CONTINUED

Cosigner Release Offered (Existing Loans)
If the applicant's initial student loans had a cosigner, the applicant may have the option to refinance their loans solely in the borrowers name and "release" the original cosigner(s).
Cosigner Release Offered (Refinanced Loans)
If the applicant chooses to add a cosigner to the refinanced loan, the applicant may have the option to "release" that cosigner from the refinanced loan at a later date.
Borrower Can Be Delinquent on Current Student Loans
If the borrower's student loans are currently delinquent (but not in default), they may or may not be eligible to refinance.
Borrower Can Apply While Still Enrolled in School
If a borrower is currently enrolled in a graduate or undergraduate degree program and has not yet earned a degree, the borrower may or may not be eligible to refinance.
Borrower Must Currently Be Employed
If a borrower is currently enrolled in a graduate or undergraduate degree program and has not yet earned a degree, the borrower may or may not be eligible to refinance.
Yes(or signed job offer)Yes(or signed job offer)YesYes(or signed job offer)Yes(or signed job offer)Yes
Minimum GPA Required
Our partners currently refinace student loans regardless of a borrower's graduate or undergraduate GPA.
No minNo minNo minNo minNo minNo min
Visit SoFiVisit CommonBondVisit LendkeyVisit Laurel RoadVisit EarnestVisit Citizens

ADDITIONAL INFORMATION

Avg. Time to Check Rate
An estimate of how long (on average) it will take for a borrower to simply check their refinancing interest rate. For lenders that offer a soft credit check, this will not hurt a borrower's credit score.
< 3 minutes< 3 minutes< 3 minutes< 3 minutes< 3 minutes< 3 minutes
Avg. Time to Apply
An estimate of how long (on average) it will take for a borrower to fully complete a student loan refinancing application.
< 10 minutes< 10 minutes< 10 minutes< 10 minutes< 10 minutes< 20 minutes
Apply on Mobile Device
Indicates whether or not a lender accepts applications from a mobile device.
Interest Is Tax Deductible
Indicates whether or not the interest paid on the refinanced student loan may be eligible for the student loan interest tax deduction (assuming all other eligibility requirements are met). Learn more
Personal Reference Required
Some lenders may require a personal reference in order to apply for student loan refinancing.
NoNoNoNoNoNo
Year Established
The year the student loan refinancing company was established.
201120112007200620131828 / 2014for refi student loans
Visit SoFiVisit CommonBondVisit LendkeyVisit Laurel RoadVisit EarnestVisit Citizens

* Average savings based on lender specific calculations. Please visit their site for more information.


Our Top 6 Picks for Student Loan Refinancing

LenderRates (APR)Loan TypesTermsEligible DegreesEligible LoansMore Info
 logo2.79% - 6.74%Variable & Fixed5, 7, 10, 15, 20Undergrad
& Graduate
Private & FederalVisit SoFi
 logo2.79% - 6.74%Variable & Fixed5, 7, 10, 15, 20Undergrad
& Graduate
Private & FederalVisit CommonBond
 logo2.67% - 7.26%Variable & Fixed5, 7, 10, 15, 20Undergrad
& Graduate
Private & FederalVisit LendkeyApply by phone:Start Application:
1-877-304-9306
 logo2.99% - 6.99%Variable & Fixed5, 7, 10, 15, 20Undergrad
& Graduate
Private & FederalVisit Laurel Road
 logo2.65% - 6.39%Variable & Fixed5 to 20Undergrad
& Graduate
Private & FederalVisit Earnest
 logo2.78% - 8.24%Variable & Fixed5, 10, 15, 20Undergrad
& Graduate
Private & FederalVisit CitizensApply by phone:Start Application:
1-877-573-4829
Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

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.


Finding the right bank to refinance or consolidate your student loans is confusing.

Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation. With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!

When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school). If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation! If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.

Disclosure: Student Loan Hero is a free website to help student loan borrowers. We only evaluate lenders and do not issue student loans. This report was not chartered by or created on behalf of any lender listed below.

Top 6 Banks: In-Depth Reviews

1. SoFi

SoFi logo

Cut the cost of your student loan debt.

Members average savings $316/month.

Get Your Rate
  • Chiara McPhee – Stanford

    Lowest rates without a cosigner!

    I was looking for the lowest rates I could find without a cosigner. SoFi was by far the best.

  • Ali Kahn – Ross University

    Tens of thousands saved!

    It's almost mind-boggling how much money I'll save through refinancing my student loans with SoFi - I'd literally be paying tens of thousands more with my original loans. Now that I’ve refinanced my student loans with SoFi, I see a light at the end of the tunnel. I’m able to put away a little bit more, think about long term goals, save for a house - and I know this burden isn’t going to be over my head for the rest of my life.

  • Barry Malinowski Jr. – Harvard

    Significantly lower rate!

    “With SoFi, I was able to significantly lower my rate, saving me thousands of dollars over the life of the loan. Plus, now I belong to a support group of borrowers and lenders, turning debt that was once only a liability into an assets of sorts. I’m grateful that a friend told me about SoFi.”

  • Taryn B. – New York

    Amazing customer service!

    “Not only does SoFi provide low interest rates, but they have a seamless process, a tech savvy website and amazing customer service. They actually make me feel good about borrowing money from them.”

  • Refinancing and consolidation of private and federal student loans
  • Must have completed an eligible undergraduate or graduate degree program
  • Available for both undergraduate and graduate school student loans
  • 2.79% APR to 6.72% APR (with autopay) variable rates, capped at 8.95% to 9.95% APR
  • 3.35% APR to 6.74% APR (with autopay) fixed rates
  • 5, 7, 10, 15, 20 year repayment terms
  • No origination fees or prepayment penalties
  • Unemployment protection – loan payments are paused and they help find new job
  • Career support – complimentary coaching for SoFi members
  • Entrepreneur program – qualified applicants can receive loan deferrals and mentorship
  • Important Disclosures

    SoFi Disclosures

    1. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636.  (www.nmlsconsumeraccess.org)
    2. Student Loan Refinance: Fixed rates from 3.35% APR to 6.74% APR (with AutoPay). Variable rates from 2.79% APR to 6.72% APR (with AutoPay). SoFi rate ranges are current as of July 1, 2017 and are subject to change without notice. Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. Lowest variable rate of 2.79% APR assumes current 1 month LIBOR rate of 1.22% plus 1.57% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
    3. Lifetime Savings Disclaimer: ​**​Member Lifetime Savings – Average member lifetime savings calculation of $22,359 is based on all SoFi members who refinanced their student loans between 8/16/2012 and 6/30/2016. The savings calculation is derived by taking the estimated lifetime cost of existing student loans minus the lifetime cost of SoFi loans upon refinancing for SoFi members who refinanced their student loans. SoFi’s lifetime savings methodology for student loan refinancing assumes 1) members’ interest rates do not change over time (PROJECTIONS FOR VARIABLE RATES ARE STATIC AT THE TIME OF REFINANCING AND DO NOT REFLECT ACTUAL MOVEMENT OF RATES IN THE FUTURE) 2) members make all payments on time 3) members make monthly payments for the full duration of their loan 4) members take advantage of AutoPay, which enables them to lower the APR of their loan by 0.25%. SoFi’s average savings methodology for student loan refinancing excludes refinancings in which 1) members elect SoFi loans with longer maturity than their existing student loans 2) the term length of the member’s original student loan(s) is greater is than 30 years 3) the member did not provide correct or complete information regarding his or her outstanding balance, loan type, APR, or current monthly payment. SoFi excludes the above refinancings in an effort to maximize transparency on how we calculate our average lifetime savings amount and to minimize the risk of member data error skewing the average lifetime savings amount.

2. CommonBond

CommonBond logo

See your rate in two minutes

Save over $24,046 on average

Your loan funds the education of a child in need

No Fees

Get Your Rate
  • Chan – Binghamton, NY

    Very easy application!

    It was very easy to go through the CommonBond website and apply for the loan.

  • Grace – Detroit, MI

    Tailored, one on one service

    Looking at the math and the rates, it was an easy choice for me. It's just a very personal, tailored, one on one service.

  • Andrew – Grand Forks, ND

    Save Thousands of Dollars

    I am going to save thousands of dollars and some portion of that is going to help other people involved in education right now.

  • Mariana – Lansing, MI

    How could I live without this?

    You know that moment when you find out about something you didn't know existed, and you think how could I ever live without this?

  • Dan M – San Francisco, CA

    Very innovative

    It's a very innovative approach to student financing.

  • Tom – Seekonk, MA

    Commitment to financial literacy

    Their committment to financial literacy education is also very important.

  • Dan S – East Hampton, CT

    Support a great organization

    It's an opportunity to support an organization with a really great message about the community and people.

  • Refinancing and consolidation of private and federal student loans
  • Available for undergraduate, graduate, and Parent PLUS student loans
  • 2.79% - 6.72% APR variable rate refinancing (with autopay)
  • 3.35% - 6.74% APR fixed rate refinancing (with autopay)
  • 3.81% – 6.25% APR hybrid rate refinancing (with autopay)
  • 5, 7, 10, 15, 20 Year Repayment Terms
  • 0.25% Interest Rate Reduction with automatic payments via ACH
  • Unemployment protection – loan payments are paused and it helps eligible graduates find new jobs and also hire them for short-term consulting projects
  • Access to CommonBond Community – Borrowers are connected to events in their cities, networking opportunities, and lifestyle perks
  • Social good – for every fully funded degree through CommonBond, it funds the education of a student in need abroad for a year through Pencils of Promise
  • No application, origination or disbursement fees

3. LendKey

LendKey logo

Loans funded by community lenders.

See refinancing rates from our network of 300+ lenders in 2 minutes without impacting your credit score.

Members average $15,270 in savings.

Get Your Rate
  • Megan – Wartburg College

    I feel like I can breathe again!

    I have been very impressed with my application process with LendKey! Their customer service team is prompt in responding to any inquiries via email and very helpful on the phone! The application process was easy to follow and very user friendly! With LendKey's help, I'll be saving nearly $400 per month on my student loans! I'm absolutely thrilled and feel like I can breathe again knowing how much this is going to help me financially and the ability to pay my loans off faster. Thank you LendKey!

  • Tyler – Grand Valley State University

    Thanks LendKey!
    I checked multiple companies for student loan refinancing and LendKey was by far the easiest and had best rates. Save yourself time and just go with LendKey.

  • Michelle – San Jose State University

    Easy, friendly, and approved!!

    I found the application process easy, the customer service when I called always friendly and helpful (minimal automated phone assistance!) and I was approved quickly! Highly recommend refinancing your student loan w/Lendkey!

  • Tyler – Harvard

    Customized repayment plans

    I liked the repayment program that was offered. Lower payments in the beginning and as I moved along in my career and earned more, I could pay more.

  • Gregory – Rutgers

    Fantastic customer service!

    The customer service was fantastic and the network of credit unions was incredible. At the time when I was looking to consolidate my loans, I could not find many other opportunities like the one presented by you guys.

  • Abigail – Western Michigan University

    Much easier than the alternatives!

    I had outstanding loans from Sallie Mae with an extremely high interest rate. It would have taken me over 30 years to pay my college debt. You guys were the only program that allowed me to consolidate my private student loans for one easy payment. They are much easier and nicer to work with then Sallie Mae.

  • Higher chance of approval with LendKey’s network of not-for-profit lenders
  • Check real refinancing rates in 2 minutes with one form and no impact on your credit score
  • No handoffs – you’ll be with our fully trained customer care team from your application to your final payment
  • Refinancing and consolidation of private and federal student loans
  • Available for both undergraduate and graduate school student loans
  • Fixed rates from 3.25% ARP to 7.26% APR (with autopay)
  • Variable rates from 2.67% - 6.31% APR (with autopay)
  • 5, 7, 10, 15, 20 year repayment terms
  • 0.25% Interest Rate Reduction – available to all borrowers when making automatic payments
  • Unemployment protection – longest period (18 months) of paused loan payments while in-between jobs
  • Cosigner release – available after 12 on-time payments
  • Minimum balance to refinance: $7,500
  • Minimum income of $24,000/year
  • No application or origination fees, and no prepayment penalties
  • Keep payments low with interest only repayment available for initial four years of some 15yr term loans

4. Laurel Road

Laurel Road logo

Refinance up to 100% of outstanding federal and private loans at
super low rates.

Clients save on average $20,200.

Get Your Rate
  • Samantha C. – Columbia

    Cut monthly payment in half!

    I am so pleased with Laurel Road. At any point during the application process I was able to connect with a Laurel Road professional. My Laurel Road loan has reduced my monthly obligation by almost half. I was able to extend the maturity… while locking in more favorable rates and releasing my guarantor.

  • Nicholas B. – Still

    Best financial decision!

    Refinancing my student loans with Laurel Road was one of the best financial decisions I have made. The Laurel Road staff was there for me every step of the way. I will end up saving tens of thousands over the life of my loan.

  • Refinancing and consolidation of private and federal student loans
  • Must be an alumni of a bachelors or graduate degree program (e.g. MBA, Law, post-residency Medical/Dental, Physician Assistant, Advanced Degree Nursing, Pharmacist, Engineering, PhD, etc.) who meet the underwriting criteria
  • Laurel Road also offers parents of Bachelor degree holders the opportunity to refinance student loans they took out to finance their child’s education as long as their child has graduated and is working. Parents can refinance Parent PLUS loans in their own name or their child’s name.
  • 2.99% - 6.42% (with autopay) variable rates
  • 3.95% - 6.99% (with autopay) fixed rates
  • 5, 7, 10, 15, 20 year repayment terms
  • Maximum variable rates capped at 9% for 5-10 year terms. For greater than 10 year term, maximum rate cap is 10% APR
  • No origination fee or prepayment penalty
  • .25% Interest Rate Reduction with automatic payments via ACH

5. Earnest

Earnest logo

Clients save on average $21,810.

Get your rate in 2 minutes.

Get Your Rate
  • Sara Hathaway – UBC

    Not just another statistic

    These are real people who actually care about my needs as a person; I'm not just another statistic to them, I'm a relationship.

  • Refinancing available for undergraduate or graduate student loans from both private and federal lenders
  • Rates start at 2.65% APR variable (with autopay) and 3.20% APR fixed (with autopay)
  • Radical flexibility to pick any monthly payment and term between 5 to 20 years – saving you more than standard rates and terms
  • No set income requirements – Earnest looks at thousands of data points to evaluate financial responsibility and deliver the lowest possible rate
  • Commitment-free 2 minute rate check
  • Earnest never passes you off to a third party – their on-site team is your customer service partner for the life of your loan
  • Ability to change your loan as your life and needs change – refinance your loan for free, change payment dates, even skip a payment once a year and make it up later
  • Unemployment protection to pause your monthly payments when in between jobs
  • No origination fees, application fees, or prepayment fees
  • Must have completed undergraduate or graduate degree or expected graduation within 6 months
  • Must be currently employed or with an employment offer starting within 6 months
  • Must be a U.S. Citizen or permanent resident

6. Citizens Bank

Citizens Bank logo

Average customer savings $132/month2

No application, origination or disbursement fees.

Get Your Rate
  • David C

    You truly helped change my life!

    Thank you so much for all your help Citizens! You've truly helped change my life!

  • Derek F

    I had an overwhelmingly positive experience

    After hearing about the student loan refinance options at Citizens Bank, I was interested to learn more and submit an application. However, I was unaware of what the process required. I was very fortunate to be assisted by your phone agent during the application process. He was extremely patient, professional and knowledgeable. He was able to clearly answer my many questions and provide guidance as I put together the required information for the application. I had an overwhelmingly positive experience and because of it, will be referring my sister for this product as well. I look forward to finishing the process and having a better student loan finance option. Thank you!

  • Chad B

    I appreciate everything Citizens has done

    The loan department emailed me last night and I finished up all the docs. It's so sweet to finally get out of the clutches of my old loans.  I feel like I just walked out of prison. Take care!

  • Limited-time offer!
    Save up to $500
    when you refinance your student loans with Citizens Bank between 9/5/17 and 10/15/17.*
  • Refinancing and consolidation of federal and private student loans with an Education Refinance Loan® from Citizens Bank®1
  • Citizens Bank private student loan customers have saved an average of 15842
  • Fixed rate student loan refinancing featuring an interest rate as low as 3.74%4 APR to 8.24% APR (with autopay)4 for eligible candidates3
  • Variable interest rates range from 2.78% APR - 8.13%4 APR (with autopay)4 and will fluctuate over the term of your loan with changes in the LIBOR rate3
  • 5, 10, 15, 20 year repayment term options
  • Loyalty Discount: 0.25 percentage point interest rate reduction on a new Education Refinance Loan if you or your co-signer (if applicable) has a qualifying account in existence with us at the time of application4
  • Automatic Payment Discount: 0.25 percentage point interest rate reduction by authorizing our loan servicer to automatically deduct your payments each month from any bank account4
  • Co-signer Release: Co-signer may be released from loan responsibility after making 36 consecutive, on-time principal and interest payments5
  • No application, origination or disbursement fees
  • Minimum Loan to Refinance: $10,000
  • (See disclosure and repayment examples)
  • Important Disclosures

    Citizens Bank Disclosures

    1. Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2017, the one-month LIBOR rate is 1.23%. Variable interest rates range from 2.78%- 8.13% (2.78%-8.13% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.74%-8.24% (3.74% – 8.24% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible applicants, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
    2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
    3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
    4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
    5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
    6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
    7. Average savings based on 57,772 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 6, 2014 and January 31, 2017. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.
    8. * Principal Balance Reduction Offer: Offer available from 9/5/17 – 10/15/17. To qualify for the offer, the borrower and co-signer (if applicable) must submit a completed application between 9/5/17 and 10/15/17, including authorizing us to review the credit request for an Education Refinance Loan. Qualified borrowers will receive a reduction in their principal balance equal to one percent (1%) of the disbursed loan amount or $500.00, whichever is less. The Education Refinance Loan must be active and in good standing at the time the Principal Balance Reduction Benefit is applied. Only one Principal Balance Reduction Benefit is allowed per applicant. Principal reduction will be applied with an effective date equal to the loan’s disbursement date. Principal reduction may take up to 2nd billing cycle to display on monthly statement. The Principal Balance Reduction Benefit will be processed as a reduction of principal to the Education Refinance Loan and will not impact the required monthly payment amount or the payment due date for the loan. The value of the Principal Balance Reduction Benefit may be reported to the IRS. You are solely responsible for any taxes that may be owed as a result of the principal balance reduction earned. Please consult your tax advisor. Citizens Bank, N.A. does not provide tax advice. Citizens Bank Student Loans reserves the right to modify the terms of this offer at any point in the future for new applications.

Find this information helpful? Please share it with others! :)

  • Pingback: 5 Tips For Repaying Your Student Loans Like A Boss | The Financial Diet()

  • Pingback: Variable Interest Personal Loans | Discover More About Money()

  • Pingback: Should You Lower Your Student Loan Payments? Here's How to Decide | Refinance and Consolidate Your Student Loans | Student Loan Hero()

  • Spencer Thompson

    Hi,

    I attended graduate school in Scotland at the University of Edinburgh. I’ve been trying to refinance my Sallie Mae loans. And the trouble I’ve been having is that a lot of these refinance companies don’t refinance out of country student loans. Even those loans given out through Sallie Mae. Do you have any suggestions for myself and others in this position who attended graduate school overseas? I’d really love to refinance and get a lower interest rate. Sallie Mae, now Navient, was no help. The one company I found willing to work with me, SoFi, was so incompetent in their customer service that I felt hesitant to trust them with my credit score, after reading that others were billed twice or not at all and then thrown to credit agencies for reported non payment. I’d love to hear a suggestion of a reliable company that will work with me to refinance student loans racked up by attending an overseas school. Thank you very much for your help, it’s very much appreciated.

    Sincerely,

    Spencer Thompson

    • Hi Spencer!

      Thanks for your question.

      Most lenders are willing and able to refinance both federal and private student loans that you obtained to attend a “Title IV” school. FYI – You can search for Title IV schools here: https://fafsa.ed.gov/FAFSA/app/schoolSearch

      I did a quick search and it appears the University of Edinburgh is a Title IV school. You can see the Title IV school information here: https://fafsa.ed.gov/FAFSA/cycleNeutral/faces/MoreInfo.faces?schoolCode1=G06839

      From a school eligibility standpoint, all of the lenders listed on our website should be able to work with you. (With the exception of CommonBond, as they don’t support your school yet.)

      Sorry to hear about your experience with SoFi, we’ve heard from several other customers who are extremely satisfied with their customer experience. If you want me to connect with the SoFi team on your behalf, please email me: andrew [at] studentloanhero.com

      Please let us know if any of our recommended lenders are unable to work with you, based on the school you attended.

      Cheers,
      Andy Josuweit
      CEO/Founder of Student Loan Hero

  • Frank Castle

    My graduate school student loans have interest rates at 5.41% and 6.21%. I’m still in school, but the interest keeps adding on to the principle. Can I refinance and consolidate these graduate school student loans while I’m still in school?

    • Hi Frank,

      Generally you cannot refinance loans until you have completed a degree. One option could be to make interest-only payments while you’re still in school to prevent additional principal from being added to your loans.

      Cheers,

      Jeffrey
      Student Loan Hero

      • Matt

        What would you pay the interest with? More loans? Wouldn’t the new loans just add additional principal?

        • Hi Matt,

          Some students who have a job while they’re attending school choose to pay interest on their loans rather than allow it to be added to principal. Otherwise, the interest gets added to principal amount and you’re now paying interest on the new balance with the interest added on. While I know not all students are able to afford this, it’s a strategy to consider if you can.

          Does this make sense? Let me know if you have other questions.

  • Sean M.

    Is there a way you could list out minimums and maximums each company would be willing to take on?

    Also what are your thoughts on getting different quotes from each one? Will is drastically affect my credit score possibly? I despise signing up for sites I might not use but I don’t see a way to get a quote without fulling signing up as they require.

    • Hi Sean,

      Not all of our lender partners publish this information, so we generally only publish this if they do. You can see minimums for Citizens and LendKey above. In general, minmums are between $5,000 – $10,000 depending on the lender.

      Our lending partners do not generally have maximums for refinancing (although some do).

      In terms of how applications affect credit, myFICO reports that”rate shopping” should not negatively affect your credit as long as you choose a loan within 30-45 days (depending on the credit scoring model used) of applying. See here for more info: http://www.myfico.com/crediteducation/creditchecks/inquiries.aspx

      Cheers,

      Jeffrey
      Student Loan Hero

      • Eric

        Hi Jeffrey,

        I understand what rate shopping is, but when I followed the myfico.com link it only mentioned student loans, but nothing about student loan refinancing (which I assumed would be a bit different). I called their customer support and they told me that refinancing would not fall under this category. Perhaps there is a misunderstanding?

        • Hi Eric,

          Thanks for your question. Our understanding is that although this is a different type of loan than a student loan this would still apply for student loan refinancing. Rate shopping is available for various types of loans.

          I will look into this more closely and report what I find.

          Best,

          Jeffrey
          Student Loan Hero

  • Jeff Sisson

    I have 5 Loans right now that equal around $30k.. interest rates are 3 Loans @ 2.3% & 2 Loans @ 6.5%… Would it be in my best interest to consolidate all of these into just 1 Loan with just 1 Interest rate?

    • Hi Jeff,

      Assuming we’re talking about consolidation and refinancing with a private lender, here’s what you should consider:

      2.3% is a very low interest rate. Many borrowers with interest rates this low would not seek to refinance these loans as it might not be possible to find interest rates that are any lower.

      6.5% is still pretty low, but it’s possible to get a lower interest rate. However, if these are federal student loans, keep in mind that you will lose some of the repayment options. You can read more about this here: https://studentloanhero.com/featured/should-you-refinance-your-federal-student-loans/

      In any case, when you refinance and consolidate, you have the option to choose which loans you want to include in the new loan.

      Hope this helps. Let us know if you have other questions.

      Best,

      Jeffrey

  • DJ O

    Hi,

    Is it smart to just concentrate on paying my highest interest loans first (~7%), while paying just minimums on lower interest loans (~3.5%).

    Does it really matter that interest is been capitalized on the lower interest rate loan? I know it does, but not as much as on the ~7% loan. That is my strategy for now.

    I also do not see the benefit of consolidating my federal loan with the education department for now, since all they do is average out you interest rates. I will wait until i find a bank that will refinance the entire loan. I just graduated a few months ago and will be starting a new job soon.

    Thanks.
    Dj

    • Hi Dj,

      Yes, that’s a strategy that many borrowers use by focusing on paying the highest interest loans first while paying minimums on the lower interest loans.

      You’re right about consolidating your federal student loans into Federal Direct Consolidation loan. Once you do this, you will lose any ability to use the above strategy. Consolidating your loans in this way does not save money, but is merely used for simplifying the repayment process (as well as a few other benefits).

      Best of luck with your new job and paying off your loans. Sounds like you’re off to a great start!

      Cheers

      Jeffrey

  • Hi Matt,

    Thanks for your thoughtful response. I can tell you’re pretty passionate about student loan debt, just like we are.

    When we give advice, we like to acknowledge that our readers come from a variety of backgrounds. In this case, there are times when someone may be attending school part-time while working a job. Perhaps they do not have enough money to pay their entire tuition bill at once (a significant cost to man), so they take out loans to cover these costs.

    However, they still may be able to afford interest-only payments on their loans, which often aren’t too high.

    For example, monthly interest on $35,000 worth of student loans at 6.21% interest (last year’s graduate student rate) is only about $180/month. Some students will opt to take out student loans and pay interest charges each month.

    You can read more about why this is a good idea here on US News: http://www.usnews.com/education/blogs/student-loan-ranger/2014/05/14/3-benefits-of-making-interest-only-student-loan-payments

    Just to be clear, we would never suggest taking out a new loan to make interest-only payments on another loan. This strategy wouldn’t help save money.

    I hope this clears things up. Let us know if you have any other questions. Thanks for stopping by!

    Jeffrey

    • Diane

      Hi Jeff, i am in real trouble here, we have loans that we need to consolidate but since we have so many out there I don’t know where to start . we owe $103,000.00 and salllie Mea and navient just keep adding interest rates. it is a very sad long story but the thing is that i need to start thIs ASAP we were coned to get these loanes. I HAAATE SALLIE MEA AND NAVIENT!!!
      PLEASE HELP!!!

      • Max Power

        Diane,

        I would start looking into refinancing options but the one I personally went with was Citizens. My debt load was about 15% of yours, however I would think about a variable rate. My play is on the widely held belief Fed rates will not normalize for at least the next twenty years (assuming the USD still exists as-is and isn’t replaced). So in my case, my original rate I believe was 2,25% (citizens customer + autopay = .5% off), so even if you could pull off 2.5% its probably half of what you’re paying now in terms of interest.

        • AJ

          Rates are going to be going up. Be careful with variable rates. Fiscal stimulus=higher rates

  • Alex

    does a technical school degree qualify for any of these banks?

  • kousik

    Would any on the above said organization refinance a student loan worth 20K USD to a non US citizen pursuing masters in USA ?

    I’m pursuing masters in Food Science at U of Wisc. I’d graduate in dec 2015. I’ve taken a student loan worth 21K USD from a bank in India. The APR is too high and I’d like to refinance with a banking organization here in USA.

    I have landed an internship and have a full time offer in hand. gg.

    would you offer a loan to a non US citizen ?

    • Hi Kousik,

      Unfortunately, all of the lenders we partner with require that borrowers are either a U.S. Citizen or Permanent Resident of the U.S. at this time.

      Best,

      Jeffrey

      • kousik

        Jeff,
        Thanks for your input.
        Would it be OK if the burrower be a US citizen as a cosigner ? or does the student need to be citizen too ??
        Thanks.

        • The borrower has to be a U.S. Citizen or Permanent Resident regardless of the cosigner’s status. I wish we could be of more help, but we don’t make these rules. It’s up to the lenders.

          Best,

          Jeffrey

  • Danielle A.

    “If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.”

    …Except that I am worried for this exact reason. I have no one who can cosign a loan for me (my grandfather, who cosigned my original student loans with me, has since passed away and there is no one else in my life capable or willing to co-sign.)

    What is someone in my position supposed to do? I don’t meet credit history requirements (not always necessarily because of the number itself, but the length – I was told by Citizens Bank, for example, that my credit history isn’t sufficiently long to be approved without a cosigner). I don’t meet the debt-to-income ratio requirements with $100k in student loans, well above my annual salary. I am in a situation where I make enough to consistently and responsibly pay my heavy monthly loan payments at their high current interest rates (I’ve been doing so since my payments began in January 2014, after graduating with a bachelors in May 2013), yet not enough to qualify me for the ability to refinance and get a better rate with any bank I’ve spoken to. It feels as though I am stuck in a financial purgatory.

    • Hi Danielle,

      Sorry to hear that you’re in a tough position. You’re certainly not alone as we hear from many others who are experiencing the same difficulties repaying their student loans.

      If you aren’t able to get approved for refinancing now, we recommend working on increasing your ability to get refinancing in the future. This includes continuing to build good credit and improve in the other financial criteria. If your financial position changes, you can apply again in the future.

      I wish I could be of more help right now, but I hope you’re able to get approval in the future.

      Best,

      Jeffrey

  • abagnale

    Are there options for borrowers who did not graduate undergrad?

    • Hi,

      Unfortunately, at this time there are not any refinancing options for borrowers who have not completed a degree.

      Cheers,

      Jeffrey
      Student Loan Hero

      • Lisa

        It appears Citizens Bank refinances/consolidates loans if you did not graduate but are not in school. Is that correct?

        • Hi Lisa,

          I apologize. I made a mistake in the above comment, which I’ve now fixed. Yes, you are right. With Citizens you may apply if you are not currently in school and you have made 12 consecutive on-time payments.

          Sorry for the mixup. Let me know if there’s anything else I can do to help.

          Best,

          Jeffrey

  • Hi Rochel,

    Sorry to hear you’re having trouble. Have you asked any of the lenders if they can refinance the loan into your name? I know some do this for Parent PLUS loans, so they may also do so for private student loans.

    Cheers,

    Jeffrey
    Student Loan Hero

  • Hi Uriel,

    Citizens Bank and LendKey allow loans in the state of Nevada. I believe DRB does as well, but you may want to check with them before applying.

    Hope this helps.

    Cheers,

    Jeffrey
    Student Loan Hero

  • Donna Davis

    Great post! I could really benefit from the info. thank you!

    • Thanks, Donna! Glad we could help. Let us know if you have any questions.

  • Trevor

    Hello! Just wanted to ask what are the best steps to take to get my father’s Parent PLUS loans refinanced under my name? I’m trying to apply for loan forgiveness programs but always get denied due to companies looking at my father’s income and not mine (even though my loans are automatically taken out of my bank account). Any suggestions would be greatly appreciated!

    • Hi Trevor,

      Do you mean you’ve tried with loan refinancing companies already? If you’ve been turned down, have you asked about having them transferred to your name?

      Currently, you’re able to apply to have the loans transferred to your name with SoFi, DRB, and CommonBond. Give those lenders a shot if you haven’t already, and let us know how it goes.

      Best,

      Jeffrey

  • Charlotte

    Can I still use the Public service forgiveness program with these banks???

    • Hi Charlotte,

      You cannot use Public Service Loan Forgiveness on any federal loan that you choose to refinance.

      However, if you have both federal and private loans, you can choose to only refinance the private loans and leave the federal loans alone. In this case, the federal loans would still be eligible for PSLF.

      Hope this helps. Let us know if you have other questions.

      Best,

      Jeffrey
      Student Loan Hero

  • Linda Gehrkens Gambino

    My daughter has approximately $47,000 in private and federal loans which she would like to refinance. She graduated in May of 2015 with a B.S. and is taking a GAP year until fall of 2016 in which she will enroll in a Physicians Assistant Program. She is looking to refinance the loans she presently has with a deferment upon entry into her graduate program. Which banks would offer this?

    • Hi Linda,

      Thanks for your question. Our lending partners typically require the borrower/applicant to be employed and have a steady income in order to be eligible for refinancing. Second, the borrower must typically be finished with school or near finished. So in your daughter’s case, it may be best for her to wait to apply until after she’s finished her graduate program.

      I hope this helps. Let me know if you have additional questions.

      Best,

      Jeffrey
      Student Loan Hero

    • Linda Gehrkens Gambino

      What does she do with her present loans once she is enrolled full time in grad school?

      • Hi Linda,

        When she returns to school, if she does not or cannot make payments on her present loans, she’ll likely want to request deferment. She can do so by contacting her student loan servicers and making this request once she is enrolled in grad school.

        You can read more about deferment and federal student loans here: https://studentaid.ed.gov/sa/repay-loans/deferment-forbearance

        Her private loan servicer(s) should also have more information on this as well.

        Hope this helps. Let me know if you have other questions about the process.

        Best,

        Jeffrey

        Student Loan Hero

  • Hi Andy,

    Thanks for your question. I think you may be over-analyzing the situation a bit 🙂

    If you’re looking to save the most money on interest, paying off loans with the higher interest rates first is basically always going to save more, regardless of what the balance are.

    With this in mind we typically encourage borrowers to pay off loans with the highest interest rates first.

    One other method people use to pay off debt is called the Debt Snowball method. This is when you target the loan with the lowest balance first, regardless of interest rate. The idea here is to gain a psychological advantage by paying off loans. However, this doesn’t apply in the case you’ve supplied above.

    I hope this helps. Let us know if you have other questions.

    Cheers,

    Jeffrey

  • Great post, will keep for future reference.

    • Thanks, Antionette! Let us know if you have any questions!

  • Barb D

    I’m 55 and still have over $100k in student loans. I have a BA and Assoc degree and I’m 3 months behind on my payments and Sallie Mae is driving me nuts with all the calls. Can I still consider refinancing?

    • Hi Barb,

      Sorry to hear you’re having some trouble. As long as your student loans aren’t in default, you should still be able to apply for refinancing. You can get started using the links above.

      Hope this helps. Let us know if there’s anything else we can do.

      Best,

      Jeffrey
      Student Loan Hero

  • Ruthy Evora

    What would you suggest for someone in massive student loan debt but hasn’t graduated?

    • Hi Ruthy,

      Are you currently taking classes now? If so, you typically need to wait until you graduate or you reach your final semester to consider refinancing.

      If you’re no longer taking classes and have made 12 consecutive on-time student loan payments, you can apply with Citizens Bank (see above).

      In either case, our lending partners are typically able to refinance any amount of debt (assuming you meet their eligibility criteria)

      Hope this helps. Let us know if you have other questions.

      Best,

      Jeffrey
      Student Loan Hero

      • Meg

        I read in your post to Ruth Evora …. “If you’re no longer taking classes and have made 12 consecutive on-time student loan payments,….”? Is this the key to getting an approved consolidation loan with one of these lenders- 12 months of payments?

        I am 22 y/o . I recently graduated with my bachelors in 5/2015. I started a full time job 2 weeks after graduation and have banked almost $6,000. I have two private student loans (Americu-25 y/term and Sallie Mae 12 y/term) and then 4 yrs worth of sub/unsub Fed Loans which I used to pay for the 4 years of private tuition (not a smart move). They are all coming due this month and next. After the the 3 student loan and 1 car payment is made, I am literally left with $350 a month (the $6K I saved will not get me very far). My parents are unable to help me with the loan payments, but I do live at home without any cost and they pay my car insurance.

        I am embarrassed to say how much my loans total (4 yrs of private school all paid for with student loans = over 100k). I am in the process of submitting an application to consolidate my Fed Loans. I previously submitted an application to SOFI for the total combined amount of all 3 loans, but was denied- even with a co-signer. I just now tried to get a rate with Earnst for half of total combined loan amounts, and was given a message that said they need an actual application before they can provide me with any rate information….looks to me like another denial 🙁 Should I wait until 12 months of payments have been made before trying to get consolidation through these lenders? I am sick to my stomach about this. I had no clue the monthly payments would be so high and unless I want to add to the interest, neither private lender will work with me.

        I also see that you mentioned a financial adviser in one of your posts. Do you think one would be beneficial to me in my particular situation?

        • Hi Meg,

          Thanks for your question. Congrats on graduating!

          In terms of how much you owe, you’re certainly not alone! I know it must feel like a huge uphill battle. We’re happy to help all we can.

          In terms of the “12 months of payments” comment, that was specifically in reference to borrowers who have dropped out and not earned a degree.

          Borrowers who have a degree can apply any time.

          In terms of getting rejected from SoFi, can you tell me the reason for this? Lenders are required to notify you in writing if you apply and are rejected. So knowing that reason should shed some more light on what you can do.

          In terms of keeping your federal student loan payments manageable in the meantime, have you looked into income-driven repayment options? If not, you can learn more here: http://studentloanhero.com/featured/complete-guide-income-driven-repayment-plans-federal-student-loans/

          In terms of meeting with a financial advisor, I think that’s generally helpful for anyone who’s looking to get on sound financial footing.

          Hope this helps. Let me know if you have other questions!

          Best,

          Jeffrey
          Student Loan Hero

  • John

    Hello,

    This is extremely helpful information, thank you. My wife and I are having a difficult time figuring out what the best approach for us is and would greatly appreciate any insight. She has about 165k debt in federal loans which consists of two 70k loans, one with 6% fixed and the other with 7% fixed and a few other smaller loans with around 5% fixed… I am pretty confident that with our 740 plus credit scores and both having full time jobs with annual salaries around 60k each that we could at least refinance the 70k loan with 7% to a lower fixed rate.

    When we first applied through Earnest, we included the entire amount of debt (165k) and our result was about what the federal government rates are now (6.44% $2,005/month payment, 9.4year payoff).. it required that my wife apply with just her income and would not consider a co-signer/household income.

    To minimize our total interest paid: Would you recommend trying to refinance just the 70k loan with 7% fixed in just her name through someone like Earnest? Or are we better off going through someone like DBR who allows co-signers/household income to be considered? Any other suggestions would be greatly appreciated!!

    One more thought is that we are also interested in keeping the student loans just in her name… the intent being that i could apply for a mortgage on my own as i have no debt and could get a much more favorable mortgage rate with a better debt/income ratio with all the loans remaining under name.

    Thank you!

    • Hi John,

      Thanks for your questions.

      It’s tough for us to give recommendations on specific situations as it really comes down to your personal preference and what you think is best. There are a lot of factors in play here, so it’s pretty hard to say in your case.

      Generally, for very specific and personal cases, we recommend meeting with a Certified Financial Planner who can really dig into your personal situation.

      However, terms of trying to decide which lender to refinance with and how to get the best rates, we do recommend shopping around and applying with multiple lenders. Perhaps that will give you a clearer picture as to what rates you’re able to get with another lender and will help you make a more clear comparison.

      I hope this helps. Let us know if there’s anything else we can do.

      Cheers

      Jeffrey
      Student Loan Hero

  • Ashley B

    I have bother government and private loans totaling more than 100K. My grace period is over in a few weeks and my private loan monthly payments (about $800) plus my government payments (about $300) are too much for me to handle as a recent grad. I am considering consolidating my loans so that my payments can be little more manageable. What should I do? I’m in desperate need of help

  • Vincent Snow

    I could use some help. Jeff, is there anyway you can spare some time on the phone or send me to a good source

  • Nathan Dalechek

    Do all of these loan companies do a Hard Credit Check before showing you their rate that they can offer? I feel like in a perfect world, I would be able to see what fixed rate each loan company can offer me. I am a Psychiatry resident, recently graduated from Medical School, and currently have federal loans of $230,000 at about 5.8% interest and another $40,000 at about 9.5% interest. I won’t be doing PSLF. I want to get the fixed rate from each loan company, but I don’t think I can do that without taking a hit on my credit score on each one. Am I supposed to just guess which one has the best rate for my situation? What do you recommend?

    • Hi Nathan,

      That’s a great question. You’re typically allowed to “rate shop” during a certain period (ranging from 14-45 days). During this time, if you’re applying for a loan, all your inquiries will typically only be counted as one inquiry.

      You can read more about this related to FICO here: http://www.myfico.com/crediteducation/creditchecks/inquiries.aspx

      Some of our lending partners (SoFi, Earnest, CommonBond) will do a soft inquiry first to give you an estimated rate as well.

      Hope this helps. Let us know if you have other questions.

      Best,

      Jeffrey
      Student Loan Hero

  • Raj

    I’ve taken an edu loan from India and I would like to know if banks/cu provide options to refinance the loan even though it’s in another country. I have a co-signer who is a permanent resident of the US.

    • Hi Raj,

      Thanks for your question.

      All of our lending partners require the borrower to be a U.S. Citizen or permanent resident of the U.S.

      If you meet this requirement, your school must also be on this list here: http://ifap.ed.gov/ifap/fedSchoolCodeList.jsp

      I hope this helps. Let us know if you have other questions.

      Best,

      Jeffrey
      Student Loan Hero

  • Dustin

    Must you have graduated to refinance? I got a good job offer before I finished school and no longer need a degree.

  • Meghan

    My family’s situation makes it difficult to consolidate my private loans.. Because my parents recently bought a business, our debt to income ratio is incredibly high, which resulted in being denied by two of the places listed above.

    At this point, I make less than what I have to pay each month but would be able to make the payments if I could consolidate my debt, which is endlessly frustrating.

    Are there banks out there, or listed here, that would take such a consideration?

    • Hi Meghan,

      Thanks for your question. I certainly understand how frustrating this can be!

      Unfortunately, I’m not sure there’s a solution for this if you’ve been denied other than to work on improving your debt-to-income ratio over time and reapplying once you do. Virtually all lenders take debt-to-income into consideration with your application.

      Are you unable to qualify without your parents cosigning? I ask because you mentioned their high debt load.

      Sorry I can’t be of more help. If you have any other questions, let us know!

      Best,

      Jeffrey
      Student Loan Hero

    • Brittany

      Meghan, for any federal or state loans, make sure you check out the “pay by income” option– it will allow you to at least lower those payments based on the amount of money you are currently making. Hope that helps a little!

  • Anastasia82

    All of these don’t require that you actually have a degree, right? I
    have student loans in a court reporting school. I didn’t get the degree,
    but I’m still a successfully working stenographer with super high
    student loans unfortunately.

    • Hi Anastasia,

      Unfortunately nearly all lenders do require you have a degree. The one option out of those listed here that doesn’t is Citizens Bank. You can apply with Citizens if you are no longer in school and if you have made 12 consecutive on-time payments.

      Hope this helps. Let me know if you have any questions.

      Best,

      Jeffrey
      Student Loan Hero

  • Mary

    Before I refinance, I am trying to figure out if I am eligible for Student Loan forgiveness because I taught in Title I public schools for ten years. Do you have any thoughts on this? Thanks!

    • Hi Mary,

      You may be able to qualify for teacher student loan forgiveness. You can see options here: http://studentloanhero.com/featured/student-loan-forgiveness-for-teachers/

      In terms of qualifying for Public Service Loan Forgiveness, you would not potentially be eligible until at least October 2017. The reason for this is that only payments made after October 1, 2007 qualify.

      I hope this helps. Let us know if you have other questions!

      Best,

      Jeffrey
      Student Loan Hero

  • Lydia

    How do I reason with my private loan company on lowering my monthly bill? They say the only way they could help me is if I was apart of the uniformed services but I honestly think that is terribly unfair to those who truly cannot afford the monthly bill and it eventually becomes a revolving door of late payments and plummeting credit score.

    • Hi Lydia,

      Sorry to hear you’re having trouble. Unfortunately it can be difficult to get assistance from private loan companies in this situation. They are not required to lower your monthly bill, and many are unwilling to do so regardless of your situation. Typically any assistance you can get would be from explaining your situation and asking how they can help (which it sounds like you’ve already done).

      One option is to apply to refinance your student loans using the lenders on this page (http://studentloanhero.com/featured/5-banks-to-refinance-your-student-loans/) This can help lower your monthly payments on private loans.

      I hope this helps. Let me know if there are any other questions we can answer.

      Cheers,

      Jeffrey
      Student Loan Hero

  • Manny

    Instead of paying back your loans in full, why not save 60% of the balance?

  • Katie

    Hi,
    I have roughly 60,000 dollars in private loans and about 50,000 in federal loans. I am looking to consolidate my private loans because I am unable to live on the current payments. While each private loan payment is about 150-200 dollars, because I am paying 5 different private loans, the monthly overall payment is difficult to live off of. I have been able to make all payments so I have good credit and good status with all loans companies. The problem is that I cannot find ANYONE to help me with my private loan consolidation. I just got off the phone with SoFi who kept trying to get me to consolidate my federal loans but said they could not help me with my private loans.

    Is there any where I could go to get some help? Any one else that could help consolidate my loans (I live in MA)? Any one I could speak with for advice? I am the first person in my family to attend college and I have no one to help me figure this out. I can’t get my own apartment or a new car because all of my income is going towards these loans, and mostly just interest at that. Please help.

    • Hi Katie,

      Sorry to hear you’re having trouble. I know it can be extremely frustrating.

      Have you tried any of the lenders on this page (other than SoFi)? I’d start there if you’re looking to refinance.

      You can also check out CordiaGrad: studentloanhero.com/cordiagrad-student-loan-refinance-review/

      In terms of getting advice, we often recommend meeting with a Certified Financial Planner (CFP). While they won’t be able to directly help you get a student loan refinance, they will be able to help you get your student loans and money in order and hopefully refinance your student loans now or in the near future. You can search for one here: http://www.letsmakeaplan.org/choose-a-cfp-professional/find-a-cfp-professional

      I hope this helps. Please let us know if there’s anything else we can do.

      Best,

      Jeffrey
      Student Loan Hero

  • Raylor Toy

    I’m trying to decide if I should consolidate my loans or keep paying the different interest rates of my current mix of loans. All of my loans are through Great Lakes and there are interest rates ranging from 3.4% to 6.8% on nine different loans. There are three at 6.8% and the rest are either 3.4% or 4.8%.

    There are pros and cons to consolidating or sticking with what I currently have but which one will result in paying out less? Refinancing results in me losing the safety net the government provides for student loans but if I pay less overall with refinancing then I see it as a reasonable risk. So which way should I go? Thanks!

    • Hi Raylor,

      Great question. You’re correct in your reasoning on the pros and cons.

      In your case it might make sense to refinance only some of your loans. You do not need to refinance all of your loans and instead can choose which ones you want to refinance. So in other words, you could keep the lowest interest rates loans as federal loans and the low rates as well.

      If you’re most interested in saving money and paying the least amount possible, lowing your interest rates and/or making extra monthly payments will result in the most savings. The federal repayment options you can use, like Income-Based Repayment, are definitely helpful to have available. But keep in mind that they often result in higher lifetime payments in loans as more interest accrues.

      I hope this helps. Let us know if you have more questions.

      Best,

      Jeffrey
      Student Loan Hero

  • Shane

    Hi, looking for some advice. I have a loan in default with Chase (around $17k). They are offering to resolve the debt if a reduced payment in full is made ($13k). I have a good job but if I had $13k in the first place, I would not be in default. They will not negotiate a new monthly payment with me. I want to get this loan off my credit asap. What steps should I take?

    • Hi Shane,

      Sorry to hear you’re in a tough situation. It’s unfortunate they won’t allow you to get on a new monthly payment plan. It’s possible they may send you to collections and then you it’s possible you could get on a payment plan, but it’s not for certain.

      Here’s a post that may help a bit: studentloanhero.com/featured/preventing-and-dealing-with-student-loan-default/

      Otherwise, the only recommendation I have is to continue talking with Chase about your options.

      Sorry I couldn’t be of more help. Let us know if there’s anything else we can do.

      Best,

      Jeffrey
      Student Loan Hero

  • Fe

    Is it possible to apply to each of these places to see what the rate will be or will that severelyhurt your credit score?

    • Hi Fe,

      Thanks for your question.

      According to myFICO, you’re typically allowed to “rate shop” during a certain period (ranging from 14-45 days). During this time, if you’re applying for a loan, all your inquiries will typically only be counted as one inquiry.

      You can read more about this related to FICO here: http://www.myfico.com/crediteducation/creditchecks/inquiries.aspx

      Some of our lending partners (SoFi, Earnest, CommonBond) will do a soft inquiry first to give you an estimated rate as well.

      Hope this helps. Let us know if you have other questions.

      Best,

      Jeffrey
      Student Loan Hero

  • Earl Griffiths

    Hey There, I have pretty bad credit(500 range) from being inconsistent with paying back by student loans due to paying four different lenders. I recently applied to SoFi and they denied me due to my credit and payment history. I plan on contacting the other companies listed here but do you suggest anything else for someone in my situation?

  • Jerry Benson

    Am here to give a great Testimony I have tried a couple of other platform all in search of a good loan company that will help me with a loan unfortunately for me I meet 3 loan company who were only after what I could give them and not helping me they took money from me and did not give me any positive response all I got was stories. Then I found a publication from a loan service and just decided to Email and hear what they have got to say but then I discovered that they spoke well and sounded real I taught about it and gave it a trial. Finally I got the loan just 24 hours after negotiations as if that was not all I got to meet the loan in my account the next evening of the day I contacted them. wow! finally same thing that took me years to get from other loan company too me just 24 hours to get from them. Since then I have decided to help publicist and advertise them for people who meet be in the shoes I was or for persons who need the service here is there company Email: goodnewsloaninvestment001@gmail.com give them a trial and thank me later they do not even know I am doing this. just a little way of saying thank You.

  • Stephanie Gregory

    I am curious to know what happens if you refinance and you die? With federal student loans these do not have to be paid from the estate.

  • Andrew Grogan

    Very frustrated with Darien Rowayton Bank. Just went for the entire loan process with them to be turned down partialy based on my income. They said the minimum annual income must be at least 55k. This is listed nowhere on their site and they knew my annual salary when I filled out the original application and still approved me to proceed.

    • Noone Holmes

      the exact same thing happened to me! avoid DRB

      • Mike Keleher

        I had the same issue with Drb. There was no communication other then emails. They requested and re-requested items. After calling in mutiple times I finally received confirmation I was denied due to my debt to income ratio. The best part they requested more items, after I was already denied. They may seem tempting by the rates they have on paper, but their customer service is non existent.

  • Wes Strawn

    Jeffrey, I have a few questions. We are buying a home and my wife’s score is a little low. She is a nurse and has around 50+K in debt, the lender asked if we thought about consolidation. So if we consolidate what are the factors we should consider and will it ruin any type of forgiveness she could be eligible for as an RN. Other nurses at her hospital told her to just pay the minimums for like 10 years and she can get the rest forgiven… any advice is appreciated! Thank, Wes.

    • Hi Wes,

      Thanks for your question. In terms of forgiveness, refinancing and consolidating federal student loans with a private lender will, unfortunately, make these loans ineligible for any federal student loan forgiveness plan.

      It sounds like the “10 years’ plan the other nurses are referring to is Public Service Loan Forgiveness. This program only applies to federal student loans. (You can read more about it here: https://studentloanhero.com/featured/public-service-loan-forgiveness-do-you-qualify/)

      If you’d like to learn more about refinancing and consolidation in general, I recommend checking out our “Cheat Sheet.” You can get it by signing up for our email list on this page: https://studentloanhero.com/start-here/

      I hope this helps. Let me now if you have other questions.

      Best,

      Jeffrey
      Student Loan Hero

  • Hi CC,

    Your best bet may be to try lenders like Earnest and SoFi that may be able to give you a decision in 2 minutes without a hard credit pull. Head over to the websites to do this.

    However, I think it’ll be unlikely you’ll qualify with a credit score that low. Most of our lenders are looking for a credit score of at least 680 (though that’s not always the case). SoFi actually doesn’t use credit scores now, but they still look at other financial information on your credit history.

    I hope this helps. Let us know if you have other questions.

    Best,

    Jeffrey

  • Hi David,

    Thanks for your questions.

    All the lenders we work with now will consolidate both private and federal loans and will combine them if the borrower chooses to do so. So no, you don’t need to select a different bank for each loan type.

    Once a borrower consolidates the loans, the old loans should show up as paid in full and closed loan accounts on a credit report. So no, it shouldn’t show up as showing you have double the amount of debt (I’ve never heard of this happening to anyone either).

    I hope this helps. Let me know if you have other questions.

    Best,

    Jeffrey
    Student Loan Hero

    • David Romero

      Thank you for clarifying.

  • cnccnc

    Be aware that you lose significant benefits from the Federal government by consolidating Federal loans to private:
    * Income Based Repayment
    * Public Service Loan Forgiveness
    * 20-25 year loan forgiveness
    * Forbearance
    * Deferment

    Often better and more flexible loan servicing. You can get lower rates with Private financing if you have great credit, but otherwise, it may not be worth losing the benefits.

  • Kurt Cornejo

    How about those who incurred student loans from for profit colleges such as The Art Institutes? Can we refinance as well using any of there services? Is there application fee as well and how much?

    • Hi Kurt,

      The general requirement in most cases is the school has to have Title IV designation. I see “Art Institutes International Minnesota” on the list. Is that your college?

      In any case, many lenders will ask you which university you attended at the beginning of the application. Typically all eligible institutions are listed there.

      There is no application fee for any of the partners we work with (which are listed on this page).

      I hope this helps. Let us know if you have other questions.

      Best,

      Jeffrey
      Student Loan Hero

  • Matt

    Do any of these work on private loans that were taken out to complete an associates degree?

    • Hi Matt,

      Yes, assuming you meet other eligibility requirements, you can apply with both LendKey and Earnest with an Associate’s degree.

      I hope this helps. Let me know if you have other questions.

      Best,

      Jeffrey
      Student Loan Hero

  • James Batchelor

    Hi! I have a very unique situation and I need some real advice ;-/ I’ve finished grad school (masters) and now I’ve got about $100,000 in student debt. I am an American citizen but I live and work in France, and every month I transfer money from my French to my American account to pay my debt.

    I’ve got too many banks, the interest rates are high, I have both private and federal loans, and the banks don’t give me a payoff date. I have an ok credit score in the USA (620), but because i don’t live in the States I have no property or cars. My yearly income is about $30k.

    I really want to refinance my loans and have 1 payment with 1 payoff date. But banks are reluctant to even consider me because of my situation. Would you have any advice at all by chance? No one’s ever been able to help me out ;-/

    • Hi James,

      Unfortunately, I do not think you’ll be able to refinance given your current income and credit score. Both are a bit on the low end based on our partners’ requirements.

      Sorry I can’t be of more help right now. But I’d definitely check back if your financial situation improves in the future.

      Best,

      Jeffrey
      Student Loan Hero

  • Matthew Conners

    Filled out 2 apps that could not be processed because they don’t do business in my state. Why don’t they ask that first before wasting time making me fill out the entire app? Another one was shot down because debt to income ratio too high. Will keep trying!

    • Hi Matthew,

      Sorry for the confusion regarding eligible states. We really wish that this information was more readily available before borrowers fill out the entire application.

      Please let us know if there’s anything else we can do to help!

      Best,

      Jeffrey
      Student Loan Hero

  • Katie M

    Hello,

    I have three student private loans. Each one has a separate co signer. I am eligible next month to release my co signers. Will releasing my co-signers have any effect if I am planning to consolidate these loans in the near future?

    • Hi Katie,

      I can’t think of any ways that this would impact your plans to consolidate these loans in the near future. Private lenders that are refinancing your current loans are typically just paying off these loans regardless of your cosigner status.

      Best,

      Jeffrey
      Student Loan Hero

  • Matt

    Hi does anyone know of any private relationship banks that will refi medical school debt? I know First Republic has a 3.75% 15 yr fixed program but you have to live in a big coastal city to qualify and I’m in Chicago. Thanks.

    • Hi Matt,

      Any of the lenders on this list should be able to refi medical school debt. But as you may be hinting at, the rates may be higher than 3.75% on a 15-year loan.

      I can’t say I know of any others that have an offer like that, but if I come across any I’ll be sure to let you know.

      Best,

      Jeffrey
      Student Loan Hero

  • Jake L

    Recently submitted loan apps to SoFi, CommonBond and DRB. Of those 3, CommonBond was clearly the best.

    Both SoFi and CommonBond got back to me with quick decisions, decent rates and overall treated me well. CommonBond has incredible customer service and personal touch. SoFi messed up details of my loans multiple times (likely due to a very buggy online application interface). It seems like SoFi is exploding in growth and having a tough time keeping up with the customer experience.

    Avoid DRB at all costs. I had heard rumor they could give the best rates, but it’s not worth the hassle. They require you to submit a ridiculous amount of application forms or ID, as well as really odd requests (a 45 day payoff period on my loans… really?). The application interface is incredibly limited and their customer service seems like an outsourced call center staffed by people who are obviously sick of dealing with angry customers. To top it off, I withdrew my application after not receiving a decision for a month and a half. I called once or twice a week to check, but it was always “in process” and there was nothing I could do. DRB is absolutely awful.

  • Hi Devon,

    Thanks for your question. Many private lenders will not adjust your monthly payments. That’s why we recommend borrowers look into student loan refinancing with one of the lenders on this page. Borrowers who refinance are often able to reduce their interest rates and thus reduce their monthly payments as well.

    If you’d like more information on refinancing, check out our Cheat Sheet by signing up at the bottom of this page: https://studentloanhero.com/start-here/

    I hope this helps. Let us know if you have other questions.

    Best,

    Jeffrey
    Student Loan Hero

  • Burc

    I had a great experience with Earnest. They were quick and very responsive throughout the process. It took a few weeks to finalize and sign. I highly recommend it.

  • Hi Phil,

    No, none of these have an affiliation with Nelnet that I’m aware of.

    Best,

    Jeffrey

  • Hi Pat,

    The one option out of those listed here that doesn’t is Citizens Bank. You can apply with Citizens if you are no longer in school and if you have made 12 consecutive on-time payments.

    I’m not sure if your income will be enough to qualify. However, you can check with Citizens to find out.

    Hope this helps. Let me know if you have any questions.

    Best,

    Jeffrey
    Student Loan Hero

  • Justin

    DO NOT WASTE YOUR TIME WITH DRB!! I wish I had read the posts below before applying, looks like I’m not the only one that feels this way. Definitely tempting because of their slightly lower rates, but all the hidden “guidelines” for minimum income and the way they calculate the Debt to Income ratio will leave most with denials (even with my 800+ credit score).

    After a LOT of digging, I found out that their DTI percentage is inflated and won’t reflect your actual debt or income, and the 40% they claim you have to be under isn’t accurate either. When asked specific questions about where the numbers came from or what DTI percentage is needed for approval since that was the only reason for denial, they were not able to produce any information.

    Hard inquiry on my credit report for no reason. DRB should be taken off of this list, they are far from being the best bank.

  • Hi Dylan,

    That’s a great question. Typically isn’t not possible to refinance these loans while you’re still attending school. However, I’d advise looking into it one you reach your final semester.

    Best of luck!

    Jeffrey

  • Hi Dustin,

    Based on the scenarios you provided, it would likely impact both as you typically pay less interest per month after refinancing.

    However, it’s highly likely the the interest savings you get from refinancing will outweigh tax breaks you get from the interest deduction on your taxes. I can’t really speak to the healthcare as I’m not sure how that will impact it.

    Hope this helps. If you have other questions, let me know.

    Best,

    Jeffrey

  • Hi Ashley,

    That’s correct. If you refinance your student loans, they are no longer eligible for Public Service Loan Forgiveness.

    However, if you have private loans, which are not eligible for PSLF, you can choose to only refinance those if you’d like.

    Cheers,

    Jeffrey

  • Hi Pete,

    The best way to get ahold of us is here: https://studentloanhero.com/support

    We’ll respond to any questions you have there (which may come from me).

    Cheers,

    Jeffrey

  • Hi Rachael,

    That’s a great question. In this case, I recommend contacting one or several of the lenders directly. They each have phone numbers you can call.

    The easiest way to get ahold of them is to just click the links in this post and call the number on this site.

    I hope this helps. If you have other questions, let me know.

    Best,

    Jeffrey

  • Hi stuckdad,

    Sorry to hear about this. Unfortunately, private lenders typically don’t have to and don’t want to help borrowers like your son.

    These lenders do offer cosigner release. However, they often attach several conditions to it. It sounds like in his case they will not release the cosigner since he’s struggling to pay.

    I’m not sure there’s a lot that can be done in this case, unfortunately. If he gets in a better financial situation and you’re willing to cosign, you may be able to refinance.

    But in the meantime, you probably just need to work with the lender directly or figure out a way to pay.

    Sorry I couldn’t be of more help. If you have other questions, let me know.

    Best,

    Jeffrey

  • Hi Brien,

    Sorry to hear about your trouble. The best way to lower payments on private loans is through student loan refinancing. You can apply to do that with one of the lenders on this page.

    Otherwise, there unfortunately aren’t a lot of options when it comes to private loans.

    If you have other questions, let me know!

    Cheers,

    Jeffrey

  • Hey Garetto,

    Sorry you didn’t have a good experience with SoFi. While SoFi is one of our most popular lenders, they don’t always offer the best terms compared to other lenders.

    I am glad to hear that you shopped around and found a better deal. If there’s anything else we can do to help, let us know!

    Best,

    Jeffrey

    • Francesa

      You really should vet SoFi a little bit more. They may be popular but they are ridiculous and not at all as they claim —apparently throwing out a bucketload of FALSE advertising of their interest rates. I doubt anyone gets offered less than 6 percent.

  • Hi,

    Thanks for your question. None of our lenders will work with borrowers who are currently enrolled. You must first complete your degree (or be in your final semester of school) and then apply.

    Please check back once you’re about to graduate. We’ll be here 🙂 In the meantime, let us know if there’s anything else we can do.

    Best,

    Jeffrey

  • Hi Chris,

    Typically no, refinancing does not impact your ability to get the student loan interest deduction. You will typically still be eligible.

    As far as student loan relief, I’m just not sure as nothing has passed yet. We hope so, but we’ll have to wait and see!

    If there’s anything else we can do, let us know!

    Cheers,

    Jeffrey

  • Hi Maddy,

    Sure! You can send us a message here: https://studentloanhero.com/support/

    Cheers,

    Jeffrey

  • Hi SN,

    Unfortunately, you likely cannot refinance without the borrower’s help. Your only option may be to pay off the student loan in some other way, be it another loan you’re able to obtain or with your own money. Unfortunately that’s why we often don’t recommend cosigning.

    Let us know if there’s anything else we can do to help.

    Cheers,

    Jeffrey

  • Cindy Holovacs

    I am presently looking at about 60,000 in parent plus loan and my son has about 30,000 in Stafford loans. Is it best to refinance all in my sons name. He currently has a good job and we are looking for the best option.

    • Hi Cindy,

      That’s a good question. I’m not sure if there’s any advantage in terms of the rates or terms you’d get if you refinance them all in his name. This might be worth testing by checking rates with each option through the lenders above. Several of them have tools that let you check the rate without a hard pull or applying.

      I hope this helps. If you have other questions, let me know.

      Best,

      Jeffrey

  • Melanie Graves

    Hi Jeffrey,

    My sister is leaving her job and going to be doing some other things through self-employment. I am trying to help her refinance her loans as she is currently paying $376 each month on interest alone! I am trying to find a way where she can have an income based payback but also have a lower APR. Is this possible? I refinanced my own loans with SoFi and LOVE LOVE LOVE them. However, they do not have an income based repayment plan. Do you know if any of these companies mentioned above do that type of repayment plan?

    • Hi Melanie,

      Thanks for reaching out. Unfortunately, none of the lenders we work with offer an income-based repayment option when you refinance. This is something unique to federal student loans currently. While it may be possible to get lower payments with a lower interest rate or by choosing a longer repayment term, there aren’t any plans based on income.

      However, one option could be to refinance some of her loans and leave the others alone. Each of the lenders above lets you pick and choose which to refinance.

      Hope this helps! If there’s anything else we can do, let me know.

      Best,

      Jeffrey

  • Hi Aymee,

    To my knowledge, the only bank that doesn’t refinance in Idaho that’s listed here is Earnest. Were you told by other lenders that they do not?

    Based on the information I’m looking at, Idaho residents should be eligible for DRB, SoFi, Citizens, LendKey, and Commonbond.

    Best,

    Jeffrey

  • Hi Bryan,

    Great question. These two types of consolidation are completely different. To read about the differences and find which is right for you, check this out: https://studentloanhero.com/featured/consolidation-vs-refinancing-student-loans-which-is-right-for-you/

    Best,

    Jeffrey

  • Hi Rickie,

    Yes, you have options. You can apply to refinance your loans with any of the lending partners on this page. If you’re approved, they’ll simply pay off your loans with Navient and you’ll repay the new lender.

    Hope this helps. If you have other questions, let me know.

    Best,

    Jeffrey

  • Hi Rick,

    That sounds like a frustrating situation. Unfortunately, none of the lenders we’ve partnered with will refinance a loan that’s currently in default or collections.

    Citizens, Earnest, and CommonBond will consider refinancing loans that were in default in the past and have now been rehabilitated.

    If there’s anything else I can do, let me know.

    Best,

    Jeffrey

  • Hi Rickie,

    We recommend all of the banks here, and typically recommend borrowers apply with a few different banks to find the best rates.

    Federal student loans are discharged if the borrower dies. However, this is not always the case with private lenders. You can read more about death discharge here: https://studentloanhero.com/featured/what-happens-to-student-loans-when-you-die/

    DRB, SoFi, Earnest, and Citizens offer some form of death discharge. Some of the details vary from lender to lender, so be sure to read the fine print.

    Best,

    Jeffrey

  • Hi Valfreya,

    Thanks for your question. Unfortunately, I do not know of a lender who will do this as part of their normal process. I’ve heard that some borrowers may have had luck getting lenders to approve on a case-by-case basis, but that would require reaching out to the lender directly to find out.

    And you’re right in terms of the personal loan. It’s likely tough to get a low enough interest rate to make it worth it, and some lenders do not allow borrowers to use a personal loan to pay off student loans.

    Sorry I couldn’t be of more help. If there’s anything else I can, let me know.

    Best,

    Jeffrey

  • Hi Avinash,

    Yes, it may help more if your husband is willing to cosign the loan with you. Some lenders will allow you to add a cosigner, which can strengthen your application in some cases.

    If there’s any other way I can help, let me know.

    Best,

    Jeffrey

  • Hi Jessica,

    If you’re no longer taking classes and have made 12 consecutive on-time student loan payments, you can apply with Citizens Bank (see above).

    This is the only option for lenders we work with right now.

    Best,

    Jeffrey

  • Hi,

    Yes, some of our lenders should accept applications from Wyotech as it is listed as a Title IV school. Have you had trouble finding one that does list Wyotech?

    Best,

    Jeffrey

  • Hi Kristina,

    Are you sure this was the case? CommonBond does a soft credit pull (i.e., one that does not affect your credit) first to estimate your rate.. Typically borrowers who are not eligible will not have a hard credit pull done.

    From CommonBond’s FAQ section:

    “We perform what’s known as a “soft credit pull” to estimate your rate, and this will not affect your credit score. In order to provide you with your actual rate, we must perform a “hard” credit inquiry, which will show up on your credit report and may have an impact on your credit score. This allows us to review your credit profile and determine your actual rate.”

    https://commonbond.co/faqs/refinance

    Best,

    Jeffrey

    • Courtney Strause Yoe

      Jeffrey, the same thing just happened to me. They said they have a minimum income of $60,000.00/year

  • Jesse

    Good evening,

    My wife has about $20,000 left in student loan debt with an 8.4% interest rate. She’s a stay-at-home mom now so she’s not employed (though she works harder than I do). Does anyone have a recommendation for a refinance company that looks at household income (or co-signer income) instead of personal income? I’d like to try and cut the interest rate down for the remainder of the loan. Thank you!

    • T

      Hi, I am a stay-at-home mother who just refinanced loans that I took out both as a parent (private parent loan) AND in my daughter’s name (trying to keep interest rate down while she was in school because we have 3 in school at the same time). CommonBond did the refinance. I put my income in as $0. They then asked for a cosigner. My husband is the cosigner. This way the debt is still in my name and we have a lower rate. It may not be as low as if I had an income, but it is still lower than what we were paying.

  • Hi Chris,

    Great questions! We generally recommend getting rates from a few different lenders to help you decide.

    Citizens Bank is actually the only lender on this page that doesn’t currently offer a quick rate check with a soft credit pull (no impact on credit). So you can do this check without a hard hit at other lenders and compare.

    That’s where I’d start!

    If there’s anything else we can do, let us know!

    Best,

    Jeffrey

  • Karen

    My ex and me were together for Two years and 4 months, we were very happy to be husband and wife, last month we went to california and stayed with his family, after we got back he started acting distant, then he started hanging out with a girl, and kept sneaking off to go hangout with her, so i got upset, i could not endure, i tried to do everything to please him but it got worst, one day he left the house and never came back, i tried reaching him but no way i could reach him, because of the heart break he has put me into, i went into search of a real spell caster but I was scammed several times, but I never relented in my search because I want a happy life with my boyfriend, when i saw testimony about spell caster Mr Robinson buckler on the internet, so i contacted him and to my greatest surprise robinson.buckler@yahoo.com restored my relationship, my boyfriend came back to me, i took him back and I am now settled with my him by the magic power of Mr Robinson buckler spell

  • Hi Matthew,

    Thanks for your question. Unfortunately, private lenders rarely do much to help borrowers in your situation.

    Just so I’m clear, you completed an Associate’s degree? If so, there are only two refinancing lenders who may work with you: Earnest and Lendkey. However, I’m not sure if they accept applicants from your school.

    It’s likely best to check with them directly. You can find them both here: https://studentloanhero.com/marketplace/refinancing

    if there’s anything else I can do to help, let me know.

    Best,

    Jeffrey

  • Hi MK,

    Don’t lose hope! I agree that that’s definitely a tough situation to be in. While there might not be a ton you can do right now, you can re-apply for refinancing in the future if/when you have stable employment.

    While we don’t know what changes are ahead, it’s possible the federal government will offer more assistance to borrowers as well.

    Worst case, your student loans go into default. While this is something you want to avoid, it’s not the end of the world if it happens. Many borrowers are in default now, so you certainly wouldn’t be alone.

    I’m sorry there’s not much more you can do right now, but please hang in there!

    If there’s anything else I can do, let me know.

    Best,

    Jeffrey

    • HankHill/Back the Badge

      I was in a similar situation just 3 years ago but I am down to 45k and refinanced with Citizens bank. My interest rate is 4.15% down from a variable 5.5% and 6.99% with AES who kept increasing my rate every month. I tried Sofi a year ago and they were terrible to deal with. Citizens was a much smoother transaction and I wrapped up my refi loan in 5 business days all electronic. Never lose hope. I started off with $134k three years ago and I will be done with my loans in less than 5 yrs. My salary is only $54 btw.

      • collectedtalker

        I would like to know as well?

  • mike

    I am with Navient right now and been with them since they took over loans from sallie mae…..I went to big state college for 4 years but never graduated…left school in 2000 and then went back to a tech college 3 years later to get an AA degree….but have $33k in student loans form the years I went to state college….now been stuck on a payment plan past 8 yrs or so where APR has been at 6.25%….does anyone have advice as to what other companies would be better in refinancing at smaller APR in reference to an not finishing the degree….or if that matters when it comes to refinanacing?? I’ve been in law enforcement for past 12 years….so its not like my employment would be a question….

  • Hannah

    I just applied for 3 of the above lenders and they all denied me because my credit was too low.. does anyone know the minimum they require? I’m at a 650 right now
    .

  • Imelda

    Does anyone have experience with college Ave ? Is it trustworthy?

  • Adam Jones

    hello, I only have about $4,500 in private loans that I want to refinance due to high interest rates. can someone tell me which banks will refi for me on this amount. I have had a few tell me it has to be over 5K to process loan?

  • Hi Jose,

    Sorry to hear you’ve been unsuccessful. Unfortunately, the lenders do have some fairly stringent requirement in terms of who they allow to refinance. We hope that more borrowers will be eligible to refinance in the future.

    In the meantime, I’d recommend trying to improve your credit score to increase your chances of approval. You can find some tips here: https://studentloanhero.com/featured/easy-ways-improve-your-credit-score-that-you-can-start-today/

    If there’s anything else I can do, let me know.

    Best,

    Jeffrey

  • Melissa Servedio

    Have about $42,000 left in private loans via NJCLASS loans through HESAA – Credit score at 750 – not a large salary – probably need a co-signer. but who would be my best option to go with to consolidate?

    • Hi Melissa,

      Thanks for your question. We always recommend checking out multiple lenders and seeing where you can find the best rates. Currently, all our lenders on this page (with the exception of Citizens) allow for a quick rate check with just a soft credit pull. So you should be able to compare multiple lenders pretty quickly without filling out full applications for each.

      Hope this helps! If you have other questions, let us know!

      Best,

      Jeffrey

  • Greg

    When consolidating loans, does the minimum amount apply to each individual loan, or the total of all loans to be consolidated?

    • Hi Greg,

      Great question! It’s the total of all the loans you wish to consolidate.

      Cheers,

      Jeffrey

  • Tulsi

    Common Bond’s web application system was awesome! Got a better rate and term from Common Bond than SoFi. Thankful to all of your that in reading your posts they prevented me from making a wrong decision. I also think Navient is as a bad as a loan shark, and/or sub prime lender. They rip students off using capitalized interest that no creditable bank lender is allowed to use anymore. Make sure that your student loan lender uses the simple interest calculation method. It works like this, a portion of your monthly payment that you make each month goes to accrued interest and the remainder to principle,which lowers our principle balance. Also, with simple interest loans if you make a payment each pay day, the principle balance reduces by that payment, less any daily calculated interest since your last monthly regular payment, thus interest is charged on the declining principle balance. Let’s all refinance our loans away from Navient, the loan sharks! Sadly, until we all get out and vote the do nothing republican senate and house members out of their 20 plus years $175,000 annual salaries that block any legislation to reform the student loan industry. Best to all!

  • Hi Trish,

    That’s a great question. To be honest, I’m not 100% sure if lenders would allow you to refinance that particular loan, and it may vary from lender to lender. I’d recommend reaching out to lenders individually with that question to find out.

    If there’s anything else I can help with, let me know. Best of luck!

    Jeffrey

  • gottwins2@yahoo.com

    any lender refinance private loans if no degree was earned and no longer in school?

    • Hi,

      If you’re no longer taking classes and have made 12 consecutive on-time student loan payments, you can apply with Citizens Bank (see above).

      This is the only option for lenders we work with right now.

      Best,

      Jeffrey

  • James D. Clingerman

    Hello Ryan,

    Citizens Bank is able to refinance Bar Study Loans as well as Residency Loans. If you have more questions on it please feel free to contact me @ James.D.Clingerman@citizensbank.com.

    Regards,

    Jimmy

  • Hi Earl,

    If you’re no longer taking classes and have made 12 consecutive on-time student loan payments, you can apply with Citizens Bank if you have not earned a degree (see above).

    This is the only option for lenders we work with right now.

    Best,

    Jeffrey

  • I’ve heard great things about SoFi, Earnest, and LendKey, but I’ll have to check out the rest. Thanks for sharing!

  • Max Power

    I think Citizens put me in at 2.2% with a 798 FICO (when the lowest rate was 1.9) and didn’t seem to take degree in consideration (b.s. vs m.s. at least). i think the lowest rate is a farce, a simple come on to get you in akin to the car dealer having one example of the “deal” car they advertise in media.

    • Peggy Johnston

      A 2.2 percent rate is excellent! I’m paying in excess of 6 percent! Why are you complaining? Go for it!

      • Max Power

        I think its 2.45 now with the Fed’s move last Dec, but yes still halfway decent. (I did it in the fall of 2014 btw). My thought is with a variable rate, the Fed will have to normalize rates for you to meet or exceed 5% which I believe will not happen in the next fifteen years, if ever. So depending on the debt load (say <40K) the risk is worth the 2.5% saved reward (or thereabouts).

      • Max Power

        I did this in the Fall of 2014, so I already did go for it. Citizens gives a .25% if you are a customer (I still had their CC) and .25% for autopay, so my rate was actually 2.8 – .5 for those discounts.

    • Ray S.

      2.2% is excellent. I agree with Peggy’s comment. Before 2009 most of the rates were in the 7-9% rate and they’ve gone down substantially.

  • P Sullivan

    DRB is the worse experience I have had with a loan company ever. took them 4 months to even make an offer and everytime I called I was told I had to communicate through email (needed a written record) and they said they never got the emails even though I sent them to different places many times. Eventually they said I had to start the process all over because it had been too long since I started the application process.

  • Max Power

    Citizens, and yes (although I did this last fall, it may have changed).

  • Francesa

    You are absolutely right! they are a complete joke… I have the additional criteria you noted and they STILL offered a laughable APR

  • glmoore0001

    I was filling out a rate request form for Earnest, went thru about 6 pages, then stopped when it asked for my acct number and PASSWORD for my primary checking account. I called the company and spoke to a woman there who said they would not even give me a rate quote without the password to my checking account so they could see where the money was going. I told her I wasn’t giving her that information for a loan quote and she told me I would have to go elsewhere.
    This is very intrusive just to get a quote. Is this common practice?

  • glmoore0001

    I just posted about this. Invasive is the word! Or maybe Abusive would be a better one. I have never heard of any company asking for a password to my checking account to give me a loan quote. That is ridiculous.

  • K Meusel

    What about parents wanting to refi Parent Plus Loans? Which are the best companies for that situation?

  • Awesome article it was exceptionally helpful I simply began in this and I’m becoming more acquainted with it better! cheers. keep doing awesome.

  • We are really grateful for your blog post. You will find a lot of approaches after visiting your post. I was exactly searching for. Thanks for such post and please keep it up. Great work

  • Karen

    What is up with companies not letting me refinance my fed loan based on my school (possibly because my university is for profit)? My credit union that had wayyy better rates than the ones here, Common Bond and LendKey would not even accept my application. I got pre-approved by Citizen’s Bank but it gave me such bad rates there was no sense refinancing. The only other one that pre-approved me is SoFi which I think offered me the published lowest rates. Looking to refi $26K for grad school (earned my degree), credit check last week was 777, make $100K+/yr. Will likely go with SoFi because although I will pay about $30 more a month, I will shorten my loan term by abt 2 years.

  • Max Power

    Mine is variable rate. No rate normalization in Bernanke’s lifetime (he was quoted as saying).

  • Emily Mahoney

    I see that the last comment on here was 6 months ago but I am still hoping to get a reply. I am looking to consolidate my loans from undergrad however I need to defer them while I get my PhD (for which I will accrue no additional debt). The program I am enrolled in doesn’t start until September of 2017 and usually takes 5 years to complete. I haven’t been able to find a company that will allow me to defer my consolidated loans while in school. Does anyone have any advice on this? I feel like I have looked into every company without any luck.

    • Hi Emily,

      Thanks for your question. Unfortunately, I don’t know of any lenders who will do this either. All of the lenders that we’ve partnered with generally require you to complete your degree and have a steady income first before you’re able to refinance.

      I’m sorry I can’t be of more help. If there’s anything else I can do, let me know.

      Best,

      Jeffrey

  • Steve LaVoie

    I need some help and I’m hoping someone on here has been in a similar position and can guide me through refinancing. I have two degrees with seven years of education currently totaling around $125k. My federal loans are on forbearance and were previously on income based repayment and are in good standing. My private loans are a different story. I had trouble paying them and was on the verge of default when I finally caught up with them earlier this year. The problem is even though I was paying some of what they wanted each month, they hit my credit report eight times (one for each individual loan) with a missed payment. I thought this was grossly unfair since I was paying them just not as much as they wanted. I am now in good standing with them and my credit score is recovering but I’m having trouble finding a lender. I’ve been turned down by online sources because I was delinquent. I don’t make much money and if I had to pay both lenders I’d be broke. I need to find a solution to stop my debt from growing further. Is there any lender who takes into account that you are working to get back on track? Help!

  • Casey

    Hello, I’m looking to refinance my Federal Student Loans. They each have varying degrees of fixed rates between 3.4-6.8%. My outstanding balance is only $14,500 and I will have no issue qualifying for the lowest published rates. Citizens is attractive because I would qualify for their loyalty discount and I’d be fine with the auto payment discount too, so essentially an extra .5% discount. My question is what has been the history of variable rates? Is it recommended to just go with the variable rate? Has the Prime Index shown to adjust on a monthly basis significantly or has it remained level? I’d probably only have the refinanced loan for ~3 years although the loan term will be 5 years. Any insight is greatly appreciated.

  • Karol Mooney

    SOFI doesn’t refinance Associates level, you have to have a Bachelor’s or above. Thanks for wasting my time.

  • Cassondra Johnson

    Can so

  • Cassondra Johnson

    Can someone help me.. I have a huge issue. I took medical leave from school 6months ago signed by my psychiatrist. I am not planning on going back.
    My loans are through Sallie Mae, they are $38000+. They don’t do income based repayment. I can’t consolidate my loans through any bank or company I’ve tried because I don’t have have a degree.
    Sallie Mae wants me to pay$400+ a month and that is MUCH more (about 4X more) than I can afford.
    Do I have any options??

    • Hi Cassondra,

      Sorry to hear about this. Unfortunately, I don’t know of anything that can help with this situation if you’re unable to get help from your lenders. Many private lenders do not offer help like this simply because they don’t have to.

      If there’s any other way I can help, let me know.

      Best,

      Jeffrey

    • VegCG

      Hey very sorry to hear about your situation. Can’t imagine what you must be going through. A total and permanent disability (TPD) discharge might be an option for you. See if you qualify here at the governments portal here : https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/disability-discharge

  • Jacob S.

    Can I refinance my loans with the big private lenders as opposed to the guys listed here? For example, I have loans from Navient and FedLoan…if Nelnet offers me better terms, can I refinance with them? I haven’t seen anything on their site about this and am curious if it’s something they just don’t do, or if there’s regulation in place preventing it, etc. Thanks!

    • Hi Jacob,

      Thanks for your question. The answer is that it’s just not something they do. Keep in mind they’re also typically not the lender if they hold federal loans (the Dept. of Ed. is). Navient and FedLoan just service the federal loans on behalf of the federal government.

      Hope this helps! If you have other questions, let us know.

      Best,

      Jeffrey

  • Hi Jacob,

    Glad I could help! Yes, any of the lenders above can handle just about any kind of federal or private student loan. The only exception is that some do not refinance Parent PLUS loans.

    I’m a little confused by what you mean with “I just can’t refinance them TO another big private lender.” Do you mean you can’t refinance them to another student loan servicer? I’m asking because I’d consider SoFi to be a private lender as well as Citizens Bank, etc.

    Cheers,

    Jeffrey

  • Casey Leab

    Has anyone had any problems with refinancing with Earnest? I completed my loan docs and accepted the loan almost 4 weeks ago and Earnest has not done anything to send my payoff to my current servicer (nelnet). I’m not making payments on the Earnest loan and only still paying Nelnet at the moment but they’re just not sending out the payoff check for me to start the loan. Its been almost 4 weeks now since I accepted and signed the loan.

  • Aubrey Eyre

    Can someone explain to me why not a single one of these options, plus many others, doesn’t lend in Nevada? What the heck is going on with that?!

    • TC

      I have the same question!!

    • Lil25

      My husband has $48K in student loans. We are looking to buy a house and have enough money in savings to pay off the loans entirely and also for a 5% downpayment on a $400K house and closing costs. However, doing this would wipe out most of our non-retirement savings. Our current DTI, even with nearly $1,000/month in student loan payments, is currently within lender guidelines, but we want to be rid of the high interest rate federal grad school loans before taking on a mortgage. Our only debt is the student loans and the minimum payments on our credit cards, which we pay off in full every month. My husband’s FICO is currently in the 790-800 range. It looks like paying off the student loans entirely before applying for a mortgage will harm his credit. The question is, will it harm his credit enough that we will no longer qualify for a good mortgage rate?

      • Hi Lil,

        Thanks for your question. Honestly, it’s really impossible for me to say what impact this will have for certain and how it will affect eligibility. If you have concerns, a financial professional familiar with mortgages would likely be better able to help you determine this.

        If there’s anything else I can help with, let me know.

        Best,

        Jeffrey

  • Jn Louis Denise

    Did you accept the refi with WSFS? What was your overall experience with LendKey?

  • M

    So commonbond won’t let parents refinance unless they have a college degree. So much for first generation college students.
    It doesn’t matter how much your working class parents make, they’re not eligible even if they have 850 credit and make $45/hour. psh

  • Julia

    I have student loans through Federal Loans (about $40,000). They use my tax returns to determine my monthly payment. My husband and I filed jointly for 2015 because thats the year we got married. My payment went from $150 to $400 a month! Ive been round and round with reps from Fed loans, and they can’t give me a straight answer! I am forced to file separate from my husband so they can use just my income to calculate my monthly payment. I am wondering if other companies do the same thing or is it wise to get my loans to another company that will just take MY INCOME into consideration, even if my husband and I file jointly? PLEASE HELP, I’m really confused on what to do!

    • Hi Julia,
      Thanks for writing in, and sorry to hear about this. Unfortunately, this is how payments are calculated for all borrowers who file taxes jointly, regardless of which servicer the loans are with. You can read a bit more about this here (see #2): https://studentloanhero.com/featured/student-loans-and-marriage-4-facts-before-tying-the-knot/

      It’s likely the only potential fix would be to consider filing your taxes separately from your husband and weighing the tradeoffs.

      Best of luck with this, and let me know if there’s anything else I can do to help.

      Best,

      Jeffrey

  • Hi Washington,

    To my knowledge, none of them do. But I’m not 100% sure about that. You may want to contact them directly to find out if it’s possible.

    If there’s anything else I can do to help, let me know!

    Best,

    Jeffrey

  • Dreg navarro

    Good posts