Refinancing with Earnest
Refinancing rates from 2.47% APR. Checking your rates won’t affect your credit score.
In 2017, students left college with an average of $39,400 in loans. For millions of people, student loans and high interest rates are a significant burden, and many struggle to keep up with their payments.
Looking into student loan refinancing can be a smart way to get a lower student loan interest rate, reduce your monthly payment, and save money over the long term.
If you’re considering refinancing your debt, Education Loan Finance (formerly ELFI) is one company that can save you hundreds or even thousands of dollars over the life of your loan.
Education Loan Finance review: The basics
Education Loan Finance is a student loan refinancing and consolidation program run by SouthEast Bank, a financial institution based in Tennessee. The company was designed to simplify repaying your loans by combining them into one easy payment.
After you graduate from school, Education Loan Finance helps to make your education more affordable. Many students leave school with a mix of private and federal loans, with multiple payments and different due dates. By refinancing, you can combine them into one easy payment, with one due date.
Education Loan Finance products
Education Loan Finance offers refinancing options for graduates with their own loans, as well as for parents with Parent PLUS loans or private loans. Its refinancing loans have terms as short as five years and as long as 20 years.
With Education Loan Finance, you can consolidate multiple loans together, including federal and private ones. That can make it easier to manage your debt with one easy payment and one loan servicer. Borrowers can refinance loans between $15,000 and $250,000.
Education Loan Finance also performs a soft credit check, so you can find out your eligibility and get a rate quote without harming your credit. That can help you compare offers and find the right loan for you without lowering your credit score.
Interest rate and fees
Education Loan Finance’s interest rates vary depending on the type of loan you want. If you apply for a fixed-rate loan and are approved, the offered loan’s interest rate could range from 3.09% to 6.69%.
For a variable-rate loan, the starting interest rate can range from 2.55% to 6.01%. After that, the interest rate may increase with market changes.
With Education Loan Finance, borrowers are never charged an application fee, origination fee, or prepayment penalty. For late payments, you may be charged 5% of the late amount or $50, whichever is less. If a payment must be returned for any reason, you could be charged $30.
To qualify for refinancing with Education Loan Finance, you must have at least $15,000 in student loan debt, be a U.S. citizen, and obtained your bachelor’s degree or a higher degree from an approved postsecondary institution.
While Education Loan Finance doesn’t cite a specific number, they do say that applicants should have a debt-to-income (DTI) ratio that shows you can pay back the loan.
If you don’t qualify for a loan based on your own credit, income, or DTI ratio, you may need a cosigner.
What we like about Education Loan Finance
There are some significant benefits to refinancing your loans with Education Loan Finance.
If you have good credit or have someone willing to act as a cosigner, refinancing your debt with Education Loan Finance can help you save a lot of money.
For example, say you had a $20,000, 10-year loan at 7.00% interest. Over the length of your repayment, you’d pay back a total of $27,866. Because of the relatively high interest rate, you’d pay over $7,800 just in interest charges.
If you refinanced and qualified for a 10-year loan at 4.50% interest, the difference is dramatic. Over the length of your loan, you’d repay just $24,873. By taking a few minutes to submit your refinancing form, you’d save nearly $3,000.
Use our refinancing calculator to find out how much you can save.
Besides the benefits of refinancing, Education Loan Finance offers other perks, too. Potential borrowers get an added incentive to refinance with their Fast Track Bonus program. If you apply for a loan, submit all the required documentation, are approved, and accept the terms of the loan offer within 30 days of your initial application date, the company will give you $100. That can be a nice way to start making extra payments on your debt.
Additionally, Education Loan Finance’s referral program can be lucrative as well. If you refer a friend, you get $400, and your buddy will get $100. (You get the money as a check to use as you want.)
Best of all, there’s no limit to how many people you can refer. You can post a referral link on your social media pages, your personal website, and more to get the word out and earn cash.
What to keep in mind about Education Loan Finance
There are some drawbacks to refinancing that you should keep in mind, particularly if you have federal student loans.
When you refinance, you’re replacing your federal loans with one private loan. That means you lose out on certain federal benefits, such as access to income-driven repayment plans, the ability to apply for Public Service Loan Forgiveness, and forbearance and deferment options. That can make it more difficult to manage your loans later.
Are Education Loan Finance refinancing loans right for you?
Although there are some drawbacks to consider before submitting your application, refinancing your loans with Education Loan Finance could help you save money or pay off your debt faster. But it’s always a good idea to compare offers from multiple refinancing companies to ensure you get the best deal.
Subject to credit approval. Terms and conditions apply. http://www.elfi.com/terms/
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 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 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.30% 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 Month/Day/Year, 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 08/21/18. 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.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
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.
3 Important Disclosures for SoFi.
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 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 6.30%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.69% – 7.21%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|