Refinance Student Loan rates starting at 1.88% APR
|1.88% to 6.15% 1VARIABLE APR|
|1.88% to 5.64% 2VARIABLE APR|
|2.50% to 6.85% 3VARIABLE APR|
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of June 1, 2021.
2Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.
Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.48% APR to 5.79% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.88% APR to 5.64% APR (excludes 0.25% Auto Pay discount). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 36% (the maximum allowable for these loans). Earnest variable interest rate student loan refinance 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 2.04% and 5.8% to the one month LIBOR. Earnest rate ranges are current as of 6/8/2021, and are subject to change based on market conditions.
Auto Pay Discount Disclosure
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
Student Loan Refinancing Loan Cost Examples
These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest. com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit earnest.com/licenses for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.
One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.
© 2021 Earnest LLC. All rights reserved.
3Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. 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 0.15% effective Jan 1, 2021 and may increase after consummation.
- Variable APR
Student loan consolidation and refinancing are supposed to be boons to your repayment, providing you either the lower monthly payment or reduced interest you desire.
But if you sought the rewards without considering the risks, you might already be regretting your decision to consolidate or refinance your debt.
Unfortunately, these measures are almost always irreversible once complete. Still, you could problem-solve your way out of a regrettable situation.
When it’s not too late to undo consolidation or refinancing
Consolidating your student loans with the federal government is different from refinancing them with a private lender. But one commonality between the loan management strategies is that it’s usually impossible to nix your decision.
Can you cancel your consolidated loan?
A direct consolidation loan groups your federal loans into one new debt with a weighted interest rate. It could help you switch to a fixed rate, choose a new loan servicer and even cap your monthly payments via newly eligible repayment plans.
After applying for consolidation, you should receive a notice from the U.S. Department of Education giving you an opportunity to confirm which loans you want to consolidate. (If your regret is simply not including all your federal loans on your application, you have up to 180 days after your consolidation loan is made to add other eligible debt.)
The only gray area could be the amount of time it takes for your old loans to be paid off and transitioned into new debt. If you haven’t heard from your new consolidation servicer, it might not be too late. Contact the servicer as soon as possible to see if you beat the deadline.
Once your consolidation is done, however, it’s done. The loans that you consolidated were already paid off and, as a result, no longer exist.
You’d have more leeway if you indicated on your consolidation application that you wanted to delay the loan’s processing until after the completion of your grace period. But once your grace period expired, you’d likely be out of luck.
Can you cancel your refinanced loan?
Like with consolidation, refinancing pays off your old loans and creates a new one.
Believe it or not, there’s more of a reprieve in this process when working with some banks, credit unions and online lenders.
Once you’ve refinanced, you might still be able to undo it — if you act quickly. Here are some examples of lenders that offer a quick, escrow-like period after you sign your loan agreement:
Beating the clock — canceling with CommonBond in nine days, for example — would help you reset your student loan situation.
If you’re unsure about your refinancing lender’s “right to cancel” policy, review the promissory note you signed. Also, seek clarification via customer service.
If it’s too late revert your refinanced loan, you could refinance again with the same (or another) company.
Of course, refinancing yet again might not solve your problem.
What to do when it’s too late to undo consolidation or refinancing
Although it might be past the point for a do-over on your newly consolidated or refinanced education debt, you could find ways to improve your new reality.
Start by asking yourself why you regret the decision. That explanation should lead to the best next step for your repayment.
|Decision||Reason for Regret||Possible Solutions|
|Consolidation||Hating your new loan servicer||Either complain to the Federal Student Aid Ombudsman Group or, if you have another eligible loan, consolidate a second time with a new servicer|
|Consolidation||Paying more interest over time on your new income-driven repayment (IDR) plan||Either switch repayment plans (for free) or make extra payments whenever possible|
|Consolidation||Losing progress toward Public Service Loan Forgiveness or cancellation at the end of an IDR term||Survey other student loan forgiveness programs offered by the federal and state governments, as well as employers, that won’t penalize you for consolidating|
|Refinancing||Despising your new lender||Refinance a second time with a new bank, credit union or online lender with a stronger customer service record|
|Refinancing||Choosing a variable interest rate||Refinance again, choosing a fixed rate this time|
|Refinancing||Missing federal loan protections such as forbearance and IDR||Ask your refinancing company about the safeguards it offers, as some lenders offer the chance to pause or reduce payments, albeit in a more limited fashion|
Before enacting a new solution for your consolidation or refinancing regret, double-check that it’s the right measure to take.
If you’re stuck with a variable interest rate on your newly refinanced debt, for example, don’t jump at the first fixed-rate offer from a refinancing competitor. Take the time to shop around for the lowest possible fixed rate, taking a break from the search — if necessary — to improve your credit or find a willing cosigner.
You’d also be wise to calculate the cost of your repayment under the new rate to ensure it won’t be more expensive than sticking with your current variable rate.
For every repayment problem — whatever yours is — there’s a solution. To find it, you might have to reset your student loan expectations.
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