Student Loan Refinancing and Consolidation Cheat Sheet

Part 1: What is the difference between Consolidation and Refinancing?

Consolidation is the process of combining multiple loans into one new loan.
Refinancing is the process of issuing a new loan with a new interest rate or term.

When it comes to consolidating and refinancing student loans, you have two options:

Option #1 – Consolidate Federal Student Loans Only

Option #2 – Consolidate AND Refinance Both Private and/or Federal Student Loans

The U.S. Department of Education offers a Direct Consolidation Loan, which combines your federal loans into one new loan. The new interest rate is a weighted average of the interest rates of your old loans. A private lender will combine both private and federal student loans into one new loan, ideally with a lower interest rate and/or a lower monthly payment.
Pros:

  • Easy to qualify as long as you hold certain federal student loans
  • Allows for one convenient monthly payment instead of paying multiple bills
  • Gives you the option to enroll in Income-Driven Repayment Plans and qualify for Public Service Loan Forgiveness
Pros:

  • Typically saves you money during repayment by lowering your interest rate
  • May also lower your monthly payments
  • Can refinance both federal and private loans from all degree types
Cons:

  • Only federal student loans are eligible
  • Since interest rates are averaged, you’ll pay roughly the same amount of interest over the lifetime
  • Income-driven repayment plans can result in more interest over repayment
Cons:

  • If you choose to refinance federal loans, you’ll sacrifice some benefits including Income-driven repayment plans and Public Service Loan Forgiveness
  • Must meet certain eligibility requirements, which can it make it more difficult to qualify

Over the next 4 parts of this guide, we’ll discuss private consolidation and refinancing for a few reasons:

  1. Private student loan refinancing is often a smarter option that can help you avoid unnecessary interest and pay off student loans faster.
  2. There’s a lot to consider when refinancing student loans, but don’t worry – we’re going to guide you through the process and help you make a smart decision.

If you want to compare the immediate benefits of consolidating vs. refinancing for your situation, check out our calculator.

In the next part, we’ll dive into the top reasons you’d want to refinance student loans.

In the meantime, if you’d like to see how much you can save, click to visit one of our lenders below.

LenderVariable APRLoan TypesTermsEligible DegreesEligible Loans 
1.74% – 9.51%1Variable & Fixed5 to 25Undergrad
& Graduate
Private & Federal

Visit Citizens

1.89% – 6.20%2Variable & Fixed5, 7, 10, 15, 20Undergrad
& Graduate
Private & Federal

Visit Laurel Road

2.05% – 5.25%3Variable & Fixed5, 7, 10, 15, 20Undergrad
& Graduate
Private & Federal

Visit Lendkey

1.74% – 7.99%4Variable & Fixed5 to 20 Undergrad
& Graduate
Private & Federal

Visit NaviRefi

2.24% – 7.99%5Variable & Fixed5, 7, 10, 15, 20Undergrad
& Graduate
Private & Federal

Visit SoFi

1.74% – 7.99%6Variable & Fixed5 to 20Undergrad
& Graduate
Private & Federal

Visit Earnest

1.86% – 7.98%Variable & Fixed5, 7, 10, 15, 20Undergrad
& Graduate
Private & Federal

Visit Elfi

1.74% – 7.99%7Variable & Fixed5 to 20Undergrad
& Graduate
Private & Federal

Visit Purefy

2.24% – 9.23%8Variable & Fixed5, 7, 10, 15, 20Undergrad
& Graduate
Private & Federal

Visit Citizens

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

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, 2022.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of April 29, 2021. Information and rates are subject to change without notice.
 


3 Important Disclosures for LendKey.

LendKey Disclosures

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.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 5/17/2022 student loan refinancing rates range from 2.05% APR – 5.25% Variable APR with AutoPay and 2.49% APR – 7.93% Fixed APR with AutoPay.


4 Important Disclosures for Navient.

Navient Disclosures

You can choose between fixed and variable rates. Fixed interest rates are 2.99% – 8.24% APR (2.74% – 7.99% APR with Auto Pay discount). Starting variable interest rates are 1.99% APR to 8.24% APR (1.74% – 7.99% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.


5 Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates range from 3.49% APR to 7.99% APR with a 0.25% autopay discount. Variable rates from 2.24% APR to 7.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.


6 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Student Loan Refinance Interest Rate Disclosure Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.24% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.99% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 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%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. Let us know if you have any questions and feel free to reach out directly to our team.


7 Important Disclosures for Purefy.

Purefy Disclosures

Purefy Student Loan Refinancing Rate and Terms Disclosure: Annual Percentage Rates (APR) ranges and examples are based on information provided to Purefy by lenders participating in Purefy’s rate comparison platform. For student loan refinancing, the participating lenders offer fixed rates ranging from 2.73% – 7.99% APR, and variable rates ranging from 1.74% – 7.99% APR. The maximum variable rate is 25.00%. Your interest rate will be based on the lender’s requirements. In most cases, lenders determine the interest rates based on your credit score, degree type and other credit and financial criteria. Only borrowers with excellent credit and meeting other lender criteria will qualify for the lowest rate available. Rates and terms are subject to change at any time without notice. Terms and conditions apply.  


8 Important Disclosures for Citizens.

CitizensBank Disclosures

Education Refinance Loan Rate Disclosure: Variable interest rates range from 2.24%-9.23% (2.24%-9.23% APR). Fixed interest rates range from 4.29%-9.73% (4.29%-9.73% APR). 

Undergraduate Rate Disclosure: Variable interest rates range from 5.37%- 8.81% (5.37% – 8.81% APR). Fixed interest rates range from 5.87% – 9.31% (5.87% – 9.31% APR).

Graduate Rate Disclosure: Variable interest rates range from 2.24% – 8.75% (2.24% – 8.75% APR). Fixed interest rates range from 4.29% – 9.25% (4.29% – 9.25% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 2.24%- 8.40% (2.24%- 8.40% APR). Fixed interest rates range from 4.29% – 8.90% (4.29% – 8.90% APR). 

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 2.24% – 8.75% (2.24% – 8.75% APR). Fixed interest rates range from 4.29% – 9.25% (4.29% – 9.25% APR).

Part 2: The 6 Main Benefits of Refinancing Student Loans

In Part 1, you learned the difference between the student loan consolidation and refinancing options that are available to you.

In this part, we’re going explain the primary benefits of why you’d want to refinance and consolidate with a private lender.

Refinancing is one of the most powerful student loan repayment options available to you. You can lower monthly payments, save thousands of dollars in interest payments, and get out of debt years earlier.

Let’s take a closer look:

Benefit #1: Pay less interest

One of the primary goals of refinancing student loans is to pay less interest by obtaining a new loan with a lower interest rate.

Currently, most lenders offer loans with variable interest rates as low as 2.22% APR and fixed interest rates at 3.25% APR.

For example, borrowers who refinance with Earnest, one of our lending partners, save $17,936 1 on average.

Simply put, lower interest rates = less money you pay towards interest on your student loans.

Benefit #2: Lower your monthly payments

Are your monthly payments too high? Refinancing can help lower your payments, so you don’t have to spend an entire paycheck repaying student loans.

It’s possible to lower monthly payments by 1) lowering your interest rate and/or 2) lengthening your term.”. Keep in mind that by choosing a longer repayment term, you’ll end up paying more interest.

Benefit #3: Reduce the number of bills you pay each month

The average Student Loan Hero user has 8 different student loans across 2-3 different servicers. It can be a pain to make multiple loan payments every month or to contact multiple servicers when you have questions about or issues with your loans.

Instead, consolidating multiple loans into one new loan can make repayment easier to manage.

Benefit #4: Remove a Cosigner

If you want to remove a cosigner from your loans (or would like yourself to be removed as a cosigner), one way to accomplish this is by consolidating into a new loan. When the old loan with a cosigner is paid off by the new lender, the cosigner is no longer on the hook for the new loan.

Benefit #5: Get a New Servicer

You may also wish to switch to a student loan servicer that has better customer service than your current servicer.

Benefit #6: Transfer Parent PLUS loans

Some lenders also allow parents with Parent PLUS loans to refinance these loans into their child’s name.

Next, we’ll explain which types of loans are best for refinancing and consolidation.

Part 3: Which Student Loans Should You Refinance?

In Part 2 we reviewed the main benefits of refinancing. In this part, we’re going to dive into which student loans are best for consolidation.

While you can consolidate all of your student loans into one new loan, that doesn’t mean you should. Typically, it will make sense to refinance a few loans, but not necessarily all of them.

How do you choose? Here’s a quick rundown:

Loan types typically best for refinancing

1. Private student loansPrivate loans are typically the best suited to refinance for a few reasons.

First, private loans tend to have higher interest rates when compared to federal student loans. By refinancing these, you’ll likely be able to get a better rate.

Second, if you have variable interest rate private loans, it might make sense to switch to a low fixed interest rate. A fixed rate loan decreases the risk that your interest rates might rise in the future.

Third, many private lenders have inflexible repayment options, so switching to a new lender can offer better repayment options.

2. Federal Grad and Parent PLUS loansFederal Graduate and Parent PLUS Loans for the 2014–15 school year came with interest rates of 7.21% — ouch! Historically, these loans have had the highest interest rates among federal student loans, making them a good target for refinancing.

In addition, graduate degree holders and parents are often in a stronger financial position to refinance due to a stable income and established credit history.

3. Other federal loansUnsubsidized Direct loans have the next highest interest rates among federal student loans. For loans issued between 2006 and 2013, the interest rate was 6.8% APR.

Refinancing rates currently start at 2.22% APR for variable rate loans and 3.25% APR for fixed rate loans. This means even if you have a loan that has an interest rate between 4% and 5%, you still might be able to save some money.

Loans you might not want to refinance

1. All loans with super lower interest ratesMany federal loans already have low interest rates. It’s possible you have subsidized federal student loans with rates as low as 3.40% APR. If so, you might not be able to get a lower interest rate.

In addition, federal student loans have flexible repayment options, like Income-Driven Repayment and certain deferment or forbearance options, that might not be available when you refinance with a private student lender.

2. Federal loans that you want forgivenIf you’re planning to have your student loans forgiven through programs like teacher student loan forgiveness, Public Service Loan Forgiveness, or Pay As You Earn, you don’t want to refinance these loans. Any federal student loans you choose to refinance will no longer be eligible for forgiveness.

Next, we’ll talk about how you can apply and increase your chances of being approved for student loan refinancing.

Part 4: How to Qualify For Student Loan Refinancing

In Part 3 we reviewed which student loans to consolidate and refinance, and which ones not to consolidate.

In Part 4, we’re going to discuss what you need to know before you apply for refinancing.

Who can refinance?

Getting approved for student loan refinancing isn’t guaranteed, just like when you apply for a new credit card. After you apply, the lender will review your financial situation to make sure you meet their eligibility requirements.

Getting approved is typically based on a blend of the following factors:

  1. Your income – Most lenders require a steady job with annual income of at least $24,000 or an employment offer.
  2. Your debt-to-income ratio – Most lenders do not disclose a range. However, we estimate lenders require a debt-to-income ratio below 45%, which is similar to most mortgage lenders.
  3. Your credit score – Most lenders require a minimum score of 680, although the minimum can be lower with a co-signer.

These aren’t strict requirements, and you don’t have to meet every single one in order to apply. Requirements vary from lender to lender, and you can often apply with a cosigner if you don’t meet the qualifications on your own.

Many borrowers apply with a few lenders to get the best possible interest rate. Keep in mind, it’s best practice to apply to multiple lenders within a 30-day window. This approach is known as “rate shopping” and won’t negatively affect your credit score according to myFico.

If your application isn’t accepted, find out why simply by asking the lender. By law, they are required to send you an “Adverse Action” notice, which should explain exactly why you weren’t approved. You can then create a plan to fix any financial or credit related problems and reapply when you’re ready.

In the final part of this crash course, we’ll take an in-depth look at student loan refinancing lending options and how to compare different lenders before you apply.

Part 5: How to Find the Best Refinancing Options By Comparing Lenders

In this final refinancing crash course, we’ll discuss how to choose a lender.

A few key things when comparing:

1. Interest rates

Interest rates vary based on the type of loan you’re looking for (fixed or variable), the length of the loan term (5-20 years), and the rate assigned to you based on your credit.

Generally, variable rate loans have lower interest rates than fixed rate loans. But the downfall of a variable rate loan is that your rate can go up or down over time. This can mean a super low interest rate today, but with the chance of the rate increasing in the future.

In comparison, fixed rate loans allow borrowers to lock in one rate over the lifetime of the loan.

As a rule of thumb, we often recommend variable rate loans, which tend to have the lowest interest rates, to folks who plan on aggressively paying off their loans (5 years). For those who plan to finish repayment over a longer period (15-20 years), it is less risky to choose a fixed rate loan even though the interest rate will likely be higher than a variable rate loan.

Also, if you’re interested in a variable rate loan, we recommend choosing a lender that has a “maximum variable interest rate cap.” Most caps on variable interest rate student loans are roughly 8-9%, which can help decrease the risk of a rising interest rate.

2. Loan Term

Most lenders offer loan terms from 5 to 20 years.

A shorter term, such as 5 years, will likely increase monthly payments. This will help you get out of debt faster than planned and also help you avoid paying additional interest.

A longer term such as 15 or 20 years will likely lower monthly payments. This will help increase your free cash-flow, so you can afford rent and groceries, build an emergency savings fund, and potentially start investing.

But remember, you’ll likely end up paying more interest over repayment by choosing a longer term.

3. Extra benefits

In addition to saving money, refinancing student loans can come with some additional benefits.

Several of our partners offer unemployment protection if you lose your job. For example, with SoFi you can request to defer payments for up to 12 months (in 3-month increments) if you become unemployed. SoFi will also help you find a new job.

Other lenders allow you to release a cosigner on your loan after a certain number of on-time payments. For example, Citizens Bank allows cosigner release from a loan after making 36 consecutive, on-time principal and interest payments.

These are just a few examples of different things to compare when shopping for student loans. You can find even more information on our student loan refinancing page.

Congrats, you made it! You just finished our Student Loan Refinancing and Consolidation Cheat Sheet.

Still have questions? Don’t hesistate to contact us here.

Best of luck with your student loans.

Interested in refinancing student loans?

Here are the top 9 lenders of 2022!
LenderVariable APREligible Degrees 
1.74% – 9.51%1Undergrad
& Graduate

Visit Splash

1.89% – 6.20%2Undergrad
& Graduate

Visit Laurel Road

2.05% – 5.25%3Undergrad
& Graduate

Visit Lendkey

1.74% – 7.99%4Undergrad
& Graduate

Visit NaviRefi

2.24% – 7.99%5Undergrad
& Graduate

Visit SoFi

1.74% – 7.99%6Undergrad
& Graduate

Visit Earnest

1.86% – 7.98%Undergrad
& Graduate

Visit Elfi

1.74% – 7.99%7Undergrad
& Graduate

Visit Purefy

2.24% – 9.23%8Undergrad
& Graduate

Visit Citizens

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

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, 2022.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of April 29, 2021. Information and rates are subject to change without notice.
 


3 Important Disclosures for LendKey.

LendKey Disclosures

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.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 5/17/2022 student loan refinancing rates range from 2.05% APR – 5.25% Variable APR with AutoPay and 2.49% APR – 7.93% Fixed APR with AutoPay.


4 Important Disclosures for Navient.

Navient Disclosures

You can choose between fixed and variable rates. Fixed interest rates are 2.99% – 8.24% APR (2.74% – 7.99% APR with Auto Pay discount). Starting variable interest rates are 1.99% APR to 8.24% APR (1.74% – 7.99% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.


5 Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates range from 3.49% APR to 7.99% APR with a 0.25% autopay discount. Variable rates from 2.24% APR to 7.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.


6 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Student Loan Refinance Interest Rate Disclosure Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.24% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.99% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 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%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. Let us know if you have any questions and feel free to reach out directly to our team.


7 Important Disclosures for Purefy.

Purefy Disclosures

Purefy Student Loan Refinancing Rate and Terms Disclosure: Annual Percentage Rates (APR) ranges and examples are based on information provided to Purefy by lenders participating in Purefy’s rate comparison platform. For student loan refinancing, the participating lenders offer fixed rates ranging from 2.73% – 7.99% APR, and variable rates ranging from 1.74% – 7.99% APR. The maximum variable rate is 25.00%. Your interest rate will be based on the lender’s requirements. In most cases, lenders determine the interest rates based on your credit score, degree type and other credit and financial criteria. Only borrowers with excellent credit and meeting other lender criteria will qualify for the lowest rate available. Rates and terms are subject to change at any time without notice. Terms and conditions apply.  


8 Important Disclosures for Citizens.

CitizensBank Disclosures

Education Refinance Loan Rate Disclosure: Variable interest rates range from 2.24%-9.23% (2.24%-9.23% APR). Fixed interest rates range from 4.29%-9.73% (4.29%-9.73% APR). 

Undergraduate Rate Disclosure: Variable interest rates range from 5.37%- 8.81% (5.37% – 8.81% APR). Fixed interest rates range from 5.87% – 9.31% (5.87% – 9.31% APR).

Graduate Rate Disclosure: Variable interest rates range from 2.24% – 8.75% (2.24% – 8.75% APR). Fixed interest rates range from 4.29% – 9.25% (4.29% – 9.25% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 2.24%- 8.40% (2.24%- 8.40% APR). Fixed interest rates range from 4.29% – 8.90% (4.29% – 8.90% APR). 

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 2.24% – 8.75% (2.24% – 8.75% APR). Fixed interest rates range from 4.29% – 9.25% (4.29% – 9.25% APR).

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