Refinancing with Earnest
Refinancing rates from 2.47% APR. Checking your rates won’t affect your credit score.
There it is. Staring in your face, month after month, is your big fat student loan payment. Like a recently retired family member, or a nosy, gossipy neighbor, it never seems to go away. If you’re one of the thousands of student loan borrowers who are unemployed, working part-time, or simply struggling to earn a decent salary after graduation, your monthly student loan bill may feel like an aggravating roadblock to getting financially ahead. The good news is that there are plenty of student loan repayment options for you to get short-term (and long term!) student loan help. Here are 6 ways to help reduce your monthly payment and alleviate some of your financial burden today:
1) Talk to your lender
Seems obvious, no? However, this first step to getting help with your student loans is to ask for it. You may want to start by calling up your lender and asking them about available repayment options for your situation. They may be able to provide you with a high-level snapshot of ways you can reduce your monthly student loan payments. Don’t know your lender? Sign-Up for a FREE Student Loan Hero account here, which allows your to find and sync both federal and private student loans into one easy-to-use dashboard by using the NSLDS, Sallie Mae, and other lenders.
2) Research your federal Income-Based Repayment Options
If you’re a federal student loan borrower and you make less than $60k year income, you may qualify for an income-based repayment program. These plans can help you reduce your monthly payments according to your current income.
3) Refinance Your Student Loans
Student loan refinancing is a great way to lower your monthly payments, accrue less interest, and switch to a new loan servicing company (if your current lender is a pain!). Other benefits might include removing a co-signer from your student loans, and qualifying for a lower interest rate!
Find out how much you can save by using our student loan refinancing calculator.
4) Check out the government’s “Pay As You Earn” plan
Just like income-based repayment options, your monthly payments will be reduced based on how much you make. Under the Pay As Your Earn student loan repayment plan, your payments will max out at 10% of your discretionary income and increase as your income improves in the future.
5) Ask your employer about student loan repayment programs
Some companies offer professional development funds to their employees for professional workshops, training, or travel. And now some employers are expanding their benefits packages to include student loan assistance. If you’re preparing to negotiate a compensation package with a new employer or you already receive a stipend for professional development from your current job, consider asking your employer if they would be willing to help pay for some of your student loan debt. Another opportunity for negotiating your compensation package is if your company offers a 401(k) package. Your employer might be able to swap or match features of the 401(k) program in a student loan repayment assistance program.
6) Consider deferment or forbearance
If you absolutely cannot meet your student loan payment due to limited income or if facing a financial hardship, consider exploring your student loan deferment and forbearance options. You may be able to delay your federal student loan payments for up to 3 years, and, depending on your loan types and job, the government might pay the interest that accrues on your loans during the deferment or forbearance period. Click here to calculate how much student loan deferment interest you will accrue during a deferment period.
7) Earn extra money on the side
If you feel like your current income isn’t enough to pay for your student loans support your lifestyle, it may be time to look for some extra cash on the side. Even earning an extra $100 per month can go a long way in helping you feel in control with your student loan payments This could be as simple as selling unwanted clothing and items on eBay or Craigslist or selling your services online on websites like Fiverr, eLance, and lastly even consider renting out your apartment on AirBnB!
Also, for those with private student loans, some lenders offer alternative repayment options such as student loan deferment and forbearance under certain circumstances. To find out if your private student loan servicer offers deferment or forbearance options, give them a call!
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|