Refinancing with Earnest
Refinancing rates from 2.54% APR. Checking your rates won’t affect your credit score.
Saving money on student loans isn’t easy. The truth is that there just aren’t very many ways to cut the cost of college debt once you have it. Even so, it’s not impossible.
CordiaGrad is one of the companies out there helping student loan borrowers refinance their loans and reduce the amount of interest they pay over time.
But that’s not the only way CordiaGrad helps its clients save — if you have student loans and would like to save money (who wouldn’t?), find out how CordiaGrad can assist you.
7 ways CordiaGrad can save you money on student loans
CordiaGrad prides itself on being small and borrower-focused. The reliable and personable customer service (including online chat and email options) makes it ideal for those who want quick, convenient, personal attention.
Here’s how CordiaGrad refinancing may change how you save on your student loan payments.
1. Transparency from the start
Comparing refinancing options involves a lot of guesswork. Some lenders will provide only a quick example of a rate you qualify for. Others will make you apply before giving you your new rate.
However, with CordiaGrad, you can learn your new interest rate and payment option with just four questions using their online “Find My Rate” tool, which allows you to see your savings and apply to refinance.
2. Low interest rates
If you’re looking at refinancing, you likely wonder, “How much is this going to actually save me?” CordiaGrad has some of the lowest interest rates available — as low as a variable 3.00% over five years for borrowers with excellent credit.
That kind of reduction can leave a lot of money in your pocket. For example, if you have $25,000 in student loans, at a rate of 8.90% and five years left, you’d pay roughly $512.91 monthly.
By refinancing to CordiaGrad’s lowest rate, your payment would drop to $455.35 and save $3,453.85 over the loan’s lifetime.
3. Shorten your repayment time
Student loan holders looking to get out of debt quickly are often stuck with 12- to 30-year loan terms — leaving them paying it off well into middle age.
CordiaGrad offers three alternative options meant to reduce this payment period. Five-, eight-, and 12-year lifetimes are meant to give you flexibility while also helping those who want to cut down time but still have lower payments. For example, a person with a 15-year loan can refinance to a 12-year term and still save thousands of dollars.
Those who qualify for the five- and eight-year terms also can use variable interest rates (which fluctuate with the market) to save even more. To determine which option is better for you, read our guide to fixed vs. variable interest rates.
4. Extra discount incentives
CordiaGrad offers many extra discounts to your interest rate. One of the best is a 0.50% reduction when you enroll in auto-draft monthly payments from one of their free checking accounts.
In addition, if your credit score exceeds 700, you are eligible for an interest rate discount. Plus, those with advanced or specialized degrees in fields like engineering have even more potential savings waiting to be unlocked.
5. Rewards for sharing
You can also earn money by spreading the word about CordiaGrad.
This program, which gives you $200 per enrollee you refer, is a win-win for both you and the company. CordiaGrad gets to reach additional qualified applicants like yourself, and you can walk away with $200 towards your student loan payment.
Plus, there is no maximum on how much you can earn, so working your network can lead to huge bonuses.
6. Options for parents
Unlike grads, parents do not qualify for programs such as Income-Based Repayment or student loan forgiveness. Luckily, your parents can apply to refinance their PLUS loans through CordiaGrad.
Like student borrowers, parents must have the two-year employment history and a strong credit score. Their rates are quoted at nearly the same (minus the potential discounts for advanced degrees), and they can access bonuses such as the free checking account and rewards referral program.
7. Goodbye fees
Unlike larger banks and lenders who actively discourage you from paying your loans off early, CordiaGrad doesn’t charge a cent for pre-payment penalties.
Instead, you will only be responsible for the amount of interest that has accrued up until the day of your payoff. There are also no fees to open (origination) or apply for an account.
The CordiaGrad breakdown
CordiaGrad aims to attract the best and most qualified applicants when it comes to refinancing student loans. In order to become a refinancer, you must meet the following criteria:
Qualifications for CordiaGrad:
- 23 or older
- At least two years of employment history
- Income of $42,000 or more annually*
- Credit score of 700+*
- $20,000-$350,000 in student loans to be refinanced
*There is a co-signer option for those who don’t meet these qualifications. With the cosigner, the income minimum goes down to $25,000 annually, and the credit score can be as low as 670. The cosigner will be required to apply jointly with you and must be willing to take on the responsibility of your loan should you cease making payments.
Is CordiaGrad right for you?
When you’re shopping for the best refinancing programs, there is a lot to consider. But if you are a well-qualified borrower with a history of making good financial decisions, CordiaGrad can be a great way to save big money on your student loans.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.54% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of March 18, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 0318/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.69% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|